What Are Smart Contracts? Guide For Beginners

What are smart contracts for?

Imagine that you need to sell a house. It’s a rather complicated and daunting process which entails a lot of paperwork, communication with different firms and people as well as a high levels of various risks. That’s why the absolute majority of house sellers decide to find an estate agent, who deals with all the paperwork, markets the property and acts as an intermediary when the negotiations begin, overseeing the deal until it’s closed.

Moreover, the agency provides an escrow service, which is especially useful in such transactions, as the sums involved are normally quite big and you can’t really fully trust the person you will be dealing with. Nevertheless, after the successful deal, the seller’s and the buyer’s agents will share around seven percent of the sale price as their commission. This amounts to quite a substantial financial loss for the seller.

It’s situations like this where smart contracts could really come in handy and effectively revolutionize an entire industry, all the while making the process a lot less of a burden. Perhaps most importantly, they would solve a trust issue. Smart contracts work on an ‘If-Then’ principle, which means that the ownership of the house will be passed on to the buyer only when the agreed upon amount of money is sent to the system.

They also work as escrow services, meaning that both the money and the ownership right will be stored in the system and distributed to the participating parties at exactly the same time. Moreover, the transaction is witnessed and verified by hundreds of people, so the faultless delivery is guaranteed. As trust between the parties is no longer an issue, there is no need for an intermediary. All the functions that an estate agent does can be pre-programmed into a smart contract, while simultaneously saving both the seller and the buyer considerable amounts of money.

And this is just one example of potential uses of smart contracts. They are capable of facilitating an exchange of money, property and anything else of value, ensuring the complete transparency, avoiding the services and accompanying charges of a middleman and eradicating the question of trust between the parties. The code of a particular smart contract includes all the terms and conditions agreed upon by the parties, and the information about the transaction itself is recorded in a Blockchain, a decentralized, distributed public ledger.

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8 Best Blockchain Explorers (Tested And Reviewed)

Bitcoin explorers are essential tools to look up your transactions on the blockchain. In a recent article, we’ve shown you how to use the transaction ID (TXID) to locate your blockchain-based operation on any blockchain. But what is the best blockchain explorer out there? As humans, we’re constantly looking for the best alternatives.

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Hard Forks vs. Soft Forks

The topic of soft forks vs hard forks always results in intense debates among developers, as well as uncertainty and concern among speculators and traders. But what do cryptocurrency forks really mean? You’re about to find out! Simply put, soft forks and hard forks are for blockchains what regular updates are for common computer applications.

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TradeSanta

Automated Crypto Trading Made Simple

TradeSanta is a cloud cryptocurrency trading software that lets you take advantage of crypto market fluctuations. Connect TradeSanta to your exchange and trade 24/7 without making it a full-time job.

At this website, you may access software that enables you to trade and invest in cryptocurrencies by means of an automatic crypto trader bot – of which you solely control. Please consult with our Policies and Disclaimer before starting any trading.

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Hyip Investment Strategies

Hyip Investment Strategies

Dear visitor. Please read all of the TIPS mentioned in Post ( Hyip Investment Strategies ) before making any investments

While the nature of this business may seem simple, there are some points that ignoring it will make you fail. It is very important to decide what strategy to pursue this business. In this post we will share what we have learned and experienced so that you can experience the success of this business.

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Smart Contracts: Wallet Training

Smart Contracts: Wallet Training

The purpose of this article is to educate you on how to make and use the wallets that is used in Smart Contract projects. But what are smart contracts?

I don’t want to make it difficult to grasp the complex terms, and I’ll deal with it just as we need it in our business. Smart contracts have a lot of applications in our area of ​​business where we can define and develop collective investment projects using smart contracts. These contracts are written in a scripting language that is somewhat similar to JavaScript. These contracts are uploaded to the China Ethereum blockchain platform and no one, even the project manager, can make or modify the code. Therefore it can be said that investing in Contract-based smart projects can be done with greater confidence and security because the project defined by the project manager cannot be changed and the project manager cannot withdraw the funds invested. The project manager will have no option in closed the project. In the following article, we will introduce and train validated wallets on Windows, Android, iOS. Stay with us.

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