x
Everything seems to be getting smart these days. It shouldn’t surprise you, then, that contracts are not an exception. But what are smart contracts, why do we need them, and how do they stack up against traditional pen-and-paper agreements? If you’re one of those who don’t stay stick to old established patterns, then the time has come for you to explore the promise of smart contracts technology. Here’s a walkthrough of what smart contracts are and how you can benefit from doing business on the blockchain.
Smart contracts (otherwise known as self-executing or blockchain contracts) are growingly proving that they have what it takes to provide tangible business value. If you’ve read our primer on blockchain technology and its potential uses, you know how its disruption is affecting different industries. Now if blockchain is a cake, smart contracts are the icing on top of it.
Ever since blockchain graced the tech world with its presence, smart contracts have been its most ground-breaking killer app. In fact, they have rapidly become a must-have innovation for businesses. This amazing piece of technology allows you to conduct transactions, make transparent deals, automate processes, exchange money, property, or anything of value – all without lifting a finger.
We sign many different types of deals throughout our lives, be it a mortgage, a purchase and sale agreement, or any other legal document. But why do we even need contracts in the first place? Well, obviously, people simply want some kind of reassurance that the other party will keep their end of the bargain. This is where contracts really come in handy.
The problem, though, is that drafting a written document takes a lot of time, paper-shuffling and probably a roomful of legal eagle lawyers (who don’t come cheap). We go to the hassle of detailing every term and condition of the agreement, only to find out later that it has become a source of business conflict. Argh!
As if that wasn’t enough, as trading and transactions are moving into the Internet realm, traditional deals just don’t work anymore. Many online arrangements occur between anonymous parties, and you never know if a seller won’t run away with your money. Now blockchain contracts are decidedly ‘smarter’ than their old-fashioned paper-based predecessors, making the whole process a lot less of a burden.
Suppose you had a legal agreement that could ‘understand’ and execute its own terms. Instead of writing a contract on pen and paper, you simply code it, and it makes transactions or sends products according to specified conditions and time frames. This is the world of smart contracts. These pieces of software can automate a good deal of the contracting process. And it’s all thanks to their ultimate ‘superpowers’.
Blockchain contracts allow people to credibly bind themselves by setting a deal up as digital code. Participating parties agree on the terms of the agreement, sign it digitally and push it to the blockchain. The contract is now supervised by the network of computers and so can’t be changed or modified.
Smart contracts allow assets to be transferred between parties. Let’s say, you need to pay $20 for some service at the end of each month. You define these terms in a self-executing agreement, and it does the rest of the job for you. The contract ‘remembers’ to transfer funds on the very date specified, just like clockwork.
These digital agreements run automatically, without anyone intervening and telling them what to do. They are programmed to trigger transactions once certain predefined conditions are satisfied. The ‘If/Then’ principle also implies that obligations are attached to the contract. So, if a supplier fails to deliver on their promise, a client doesn’t pay. If contract requirements are not met, it charges a penalty fee or terminates a service. What’s more, smart contracts have an escrow service built in. When buying a property, money and the ownership right are both stored on blockchain and will pass to the seller and the buyer at exactly the same time.
This one is a biggie! The strongest link of every business relationship is trust. Because there’s often a lack of it between parties to a deal, we traditionally need the oversight of reliable intermediaries. Smart contracts can also establish trust, but there’s an interesting twist to them. The thing is, they can perform middlemen functions themselves. Everything that estate agents, credit companies or banks do, can be pre-coded into a smart contract. As goods and services can now be traded in a fair way, trust is no longer an issue, and there’s no need for third parties, expect to save big money on deals. No more expensive lawyers or go-betweens!
You probably couldn’t help but notice that Ethereum, which is behind smart contract technology, has now joined the hype mania. But what do we know about Ethereum smart contracts and how are they ‘smarter’ than the usual ones?
Bitcoin was the first to support basic smart contracts, but it only allows for peer-to-peer payments between users. Ethereum is a totally different beast. It took the utility of Bitcoin to the next level by implementing programmable contracts that can be simple or complex, depending on what they are designed to do. Unlike Bitcoin, Ethereum is not limited to the currency use case only. It’s a platform that allows decentralized apps (Dapps) to be built on it. Ethereum replaces Bitcoin’s restrictive coding language with its very own Solidity. This programming language is Turing-complete, which is tech jargon for “it can do pretty much everything”. To top it all off, in the Ethereum protocol, not only the parties involved can see the contract, but the transaction is witnessed and validated by hundreds of people. If someone you deal with goes back on their word, you know the entire community will stand up for you.
So, to recap, Ethereum smart contracts are pretty much the answer to “why do you need Ethereum when you have Bitcoin?” They are really like night and day, that’s why!
These are exciting times we live in! We may still be at the dawn of smart contracts technology, but programmable agreements are already proving to be a viable alternative. If blockchain contracts fulfill their promise, perhaps one day we will wake up to the world free of middlemen and commission.
Smart contracts will stir upheaval in business, no doubt about it. The question is, will YOU join the mix? If it’s a “yes”, we are here to help you set your business on the right track. If you dream it, you might be able to blockchain it!
The following systems even give you a head start, saying they pay you to engage in benefitting from blockchain and smartcontracts.
ZoloUs has already started to turn visions into reality by offering ZoloUs members Universal Basic Income, being the first community in the world which actively offers UBI to all its members. Hydra was created on the 14th of May 2020 with 21,000,000,000,000 Hydra (HDA) total supply.
You will also receive 380 Hydra (HDA) daily for doing nothing.
Hey! I’m inviting you to join us. You can get digital money daily to do what you love. Sign up with my link and get 500 Hydra: http://hive.pe/1Iu
I just signed up recently, and I have 4,160.00 HDA already, which is worth $2,496.00. For each Referral you will get 500 Hydra..
We must STAY on the LEARNING CURVE.
Stocks, Bitcoin, ETFs, Gold and more. All from one retirement account.
If you consider yourself a bitcoiner, but don't own bitcoin in your retirement account yet... you're leaving sats on the table - don't be in the 7.1
https://t.co/hSFwPeG1mq?amp=1
Sign up for a choice IRA to hold tax-advantaged #bitcoin plus much more in your retirement account ☔Smiling face with sunglasses☔????
https://t.co/hSFwPeG1mq?amp=1
Earn Free Sats When You Open a Retirement Account.
7.1M HODLers have retirement accounts with dollars, but not bitcoin in them. We're on a mission to change that, help us.
Be rewarded by sharing the Bitcoin Black free coin airdrop with your friends.
1. Get FREE coins.
2. Share the news about the airdrop effortlessly with your friends (1 click to share on Facebook, Twitter and many other social platforms)
3. 3.6 Billion coins rewarded through The Bitcoin Black Rewards Program. Be rewarded with your friend's friends too.
The top 10 people who share the free coin airdrop with the most friends will receive 180 000 000 coins each (USD value per person $1 800 000)
Positions 11-110 will receive 18 000 000 coins each (USD value per person $180 000)
Be rewarded by sharing the Bitcoin Black free coin airdrop with your friends.
1. Start and Get FREE coins.
2. Share the news about the airdrop effortlessly with your friends (1 click to share on facebook, twitter and many other social platforms)
3. 3.6 Billion coins rewarded through The Bitcoin Black rewards Program. Be rewarded from your friends friends too.
https://lnkd.in/dvVBHkz
The top 10 people who share the free coin airdrop with the most friends will receive 180 000 000 coins each (USD value per person $1 800 00
Positions 11-110 will receive 18 000 000 coins each (USD value per person $180 00
Get your free wallet, with 63 euros of value in it:
wallet.geton
MOVE FAST -- MOST FAST
BRANDNEW affiliate program --- (started August 1st)
DON'T MISS this opportunity, it will not exist for long
https://lnkd.in/dk4JB6s
63€ for #FREE just for signing up
Earn up to 18% of your referrals.
A good START and POSITIONING is important in any business.
Your chance to be one in the top 10 levels worldwide.
Gramfree
How easy it is?
It is trustworthy as is the Blockchain protocol (TRON) on which it is based.
1.Signup or signin via Google or via Facebook.
http://hive.pe/1G9
2.ROLL (SPIN).
3.VIDEOS to watch.
4.SMART CONTRACTs to sign and to confirm.
358,9 Gram = 358,9 x $1.82 (change rate) = $......
#TRON blockchain protocol, has replicated wisdom of nature. Try the power of TRON: http://hive.pe/1G9 Inside your backoffice there is a lot of information you should read to understand how real the blockchain power is.
Why although so many opportunities, still people do not get it right?
Old saying can help you understand: "Forget not that the earth (fundamentals) delights to feel your bare feet and the winds (politics) long to play with your hair."
Which means: "Technology can help you understand the fundamentals of how to add value, while politics can make you doubt about what you are able to do on your own."
It is easier than most think, even on smartphone
In November 2019, entrepreneur and early cryptocurrency enthusiast Thomas Norberg founded Miny with the vision of making mining earnings accessible to everyone around the world. We provide a huge amount of computing power for any type of miner, leading you to enormous economical growth!
- Mining crypto is hard.
- Investing in crypto is risky.
- Too many of us are left out of the cryptocurrency revolution.
Mine Pi: http://trckapp.com/s37s3frp
1. The First Digital Currency You Can Mine On Your Phone
2. Start earning cryptocurrency today with our free, energy-light mobile app
3. Pi makes crypto mining easy
4. Breakthrough tech allows you to mine on your phone without draining your battery.
Why do we fear to make the next step?
- Singapore to Attempt Blockchain Food Safety System
- NASA is Funding a Blockchain Solution for Space Communication
My mentor showed me, that the solution is, be part of the worlds biggest block-chain community and interact with people in the process of learning how to turn things over: http://hive.pe/1G1
I wanted to understand and be with #Serial_Innovators!
SERIAL INNOVATORS HOLD ALL THE ACES - THE DIFFERENT DIMENSIONS OF INNOVATION EXPLAINED
