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Author Topic: What is a Blockchain Smart Contract?  (Read 60 times)
originalcryptocoin
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June 11, 2018, 05:14:38 PM
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If you dont know what a Blockchain Smart Contract is follow the link below to the OCC Original Crypto Coin's website to learn more

https://originalcryptocoin.com/knowledgebase/blockchain-smart-contracts/

"Anyone that is interested in cryptocurrency needs to become better acquainted with how blockchain smart contracts work. Just as traditional contracts bind two parties in the exchange of assets like stocks or property, smart contracts perform a similar function for those who want to engage in transactions with cryptocurrency.

Understanding blockchain smart contracts will help participants develop the best strategies, so they get the most out of their investments into the world of decentralized digital currency.

Blockchain Basics
A blockchain is an incorruptible digital ledger where cryptocurrency transactions are recorded publicly as they take place.

Before beginners can understand what smart contracts are all about, they need to be clear on the definition and purpose of a blockchain. This decentralized technology is a new way to verify transactions and because of its decentralized and open source nature, everything is transparent and therefore protected.

Blockchain information is not stored in any one location, rather it exists across a network of computers. This makes the information in the database easy to verify because it is truly public. Participants can engage in monetary transactions between each other without the need for a third party to facilitate it. But what do smart contracts have to do with blockchains and cryptocurrency?

Why Blockchains Need Smart Contracts
Smart contracts are computer codes built into the blockchain network that both verify and enforce credible transactions between two parties without the need of a third party. "

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June 12, 2018, 10:38:37 AM
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I personally think it's easier to learn by watching a video, this one helped me understand smart contracts in a simple way: https://www.youtube.com/watch?v=ZE2HxTmxfrI

Simply explained a smart contract is something that executes automatically without the need of a third party. It's kind of like a vending machine, you introduce the money, select what you want and the machine will provied it. Because the machine is coded that way, it will give you your cola for 1.50$ every time, as long as it has enough colas. You don't need to ''trust'' the machine like you would have to trust a person. You could give 1.5$ to someone and not receive a cola because the other person runs away.

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June 16, 2018, 09:16:02 AM
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A smart contract is a computer code running on top of a blockchain containing a set of rules under which the parties to that smart contract agree to interact with each other. If and when the pre-defined rules are met, the agreement is automatically enforced. The smart contract code facilitates, verifies, and enforces the negotiation or performance of an agreement or transaction. It is the simplest form of decentralized automation.
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June 16, 2018, 07:23:52 PM
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I have some questions as regards smart contracts
During ICOs, smart contracts are initiated, my question is why do some projects still get the ICO funds even when they fail to meet up with their whitepaper roadmap and all?. Why don't the smart contract, disburse the funds back to it's contributors?

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June 16, 2018, 08:29:21 PM
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Incidentally, regarding the use of different technologies for smart contracts, opinions are now increasingly diverging. Personally for me, the favorite is EOS, because the language of writing has long been mastered by me. EOS is the next step that opens up new horizons that are not always immediately obvious even to those who are familiar with Ethereum. Although I believe in it and hold a large percentage in my portfolio. It's a pity that I got a bit screwed up and withdraw a lot into the fiat through https://hiribi.com/. It was necessary to hold.
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June 21, 2018, 09:05:59 AM
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One of the best things about the blockchain is that, because it is a decentralized system that exists between all permitted parties, there’s no need to pay intermediaries (Middlemen) and it saves you time and conflict.
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