Free moon

  • The fact is that the blockchain concept used in cryptocurrencies presupposes storage in each operation of information (data chains) about all previous operations, while such a register is stored not on one central server, but for each active participant in the network which is called a "node". All this makes smart contracts as informative as possible, for example, you can see information about all the owners of real estate from the moment of its construction and it is impossible to hack or fake a server with data protected from fraud, since all active users of the system have information about transactions and their conditions.

  • By basing contracts on the Ethereum blockchain, they cannot be lost. Everything is unchanging. Nothing and no one can make it disappear and you always have access to them. The decentralized management process eliminates the risk of manipulation since execution is managed automatically by the entire network and not by a single piece.

  • Each smart contract is in a kind of container - a block that is part of the blockchain. Blocks combine all information on smart contracts into messages that are already responsible for executing contracts outside the blockchain.

  • Typically, the main goal of smart contracts is to simplify transactions between parties by eliminating intermediaries involved in traditional business processes. These contracts are aimed at reducing payment delays, errors and the complexity of a conventional contract without compromising authenticity and reliability.

  • Those who are supporters of "smart" contracts talk about the advantages over conventional contracts. Many types of agreements are completely or to some extent self-enforcing. The foundation of smart contracts is cryptography, which guarantees increased security compared to ordinary legal agreements. Free moon

Log in to reply