What is Event Trigger?
Let's find out Event Trigger meaning, definition in crypto, what is Event Trigger, and all other detailed facts.
An Event Trigger is a term used to describe the event that’s activated in order to execute automated commands.
Before we dive into this term, you first have to understand what exactly is an event.
When it comes to the crypto sector, events are responsible for carrying out crucial tasks within the blockchain. Generally speaking, events enable communication between various smart contracts.
In essence, a smart contract is a program with automation abilities. It takes the terms and conditions of the agreement between the buyer and the seller and turns them into code. This code is responsible for the response with user interfaces (UI).
This allows smart contracts to produce events and track and store transaction logs once a transaction has been mined. Then the front end of the blockchain can process it.
In most cases, users have to interact with the blockchain and sign a transaction manually in order to call a smart contract. Automation that’s implemented within smart contracts is utilized to make this process simpler.
Pre-determined triggers remove the need for user’s to carry out specific actions themselves. Automation tools have the ability to recognize events and set off the pre-determined triggers that activate the built-in processes of smart contracts.
Event triggers are especially useful when trying to make a specific process more efficient. Let’s take a look at a few examples:
- Blockchains, where users experience slow transaction speeds or increasing gas fees, can benefit from implementing event triggers such as notifying users when the threshold for gas fees is reached due to congestion within the network;
- Notifications regarding suspicious activity can be applied in crypto holder’s wallets;
- Trade markets can introduce specific action triggers when the price of a cryptocurrency fluctuates to a certain level.