Smart Contracts Whats the Point of them ?

When researching this I had a real belly laugh when I seen one headed "Smart Contracts The Blockchain technology that will replace lawyers" Nice one Ameer Rosic. If you don't want to over complicate the explanation of what one is then read on.

What is a Smart Contract?

Well before them there was of course Blockchain and if you read my other posts here at gocryptosales.com you will see that I am a big fan of the blockchain. I digress though back to Smart Contracts think of the simple vending machine where you go to buy a soft drink be it fizzy, soft or just good old-fashioned water, well each brand has it's own place in the machine the fizzy drinks are along the top in sections a1,a2,a3 etc. The soft drinks are in b1,b2,b3 and son and the water is in C1,c2.c3. If you want a fizzy drink and you put in your £1 or $1 you then choose A1 and providing you have paid the right amount out pops your fizzy drink. That in essence is a smart contract, of course that is a simple explanation but we are all not fully versed in the tech world and that just helps me understand it betters and I hope it helps you but for the sake of fairness here is the proper definition
A smart contract, also known as a cryptocontract, is a computer program that directly controls the transfer of digital currencies or assets between parties under certain conditions. ... These contracts are stored onblockchain technology, a decentralized ledger that also underpins bitcoin and other cryptocurrencies. I like the first one better though lol.

What is the purpose of a Smart Contract

The easiest way I can explain it is that it is that it is a computer program that controls a digital asset,They cut out the middlemen making them quicker and cheaper to carry out a specific task. The great thing about them is they are trackable and without the middlemen there are no mess ups along the way.Ethereum is a prominent smart contract framework. The main properties of a smart contract are Autonomy,Decentralization and Auto-suffiency.

Why Invest in Smart Contracts?

Well it's not widely used at the minute and that statement alone to me is a reason as more and more companies especially financial institutions are not only doing research but are actively getting involved with Smart Contracts now. No doubt like anything else in the cryptocurrency markets there will be a lot of volatility and it could be some time before it settles down if ever. The bubble could burst at any minute, no one really knows because no one really seen it coming either so if you are brave or mad enough to dip your feet in the hot water I wish you luck my final word on the matter is I believe Smart Contracts like everything else to do with cryptocurrency is here to stay. I am still of the belief that cryptocurrency,Bitcoin Blockchain are the future of money
What do you think? I would love to know so leave a comment,voice your opinion, join the community it certainly will be an adventure
Cheers Gerry gocryptosales.com

 


 

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