what is a smart contract in cryptocurrency

what is a smart contract in cryptocurrency?

Smart contracts defined Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.

Furthermore,Are smart contracts good for Crypto?

To this end, smart contracts are a helpful innovation accompanying many blockchain activities, helping end-users benefit by lowering fees, hastening transaction speeds, ensuring performance, and increasing protections for associated parties entering into an agreement.

Additionally,How does a smart contract work?

A smart contract is an agreement between two people in the form of computer code. They run on the blockchain, so they are stored on a public database and cannot be changed. The transactions that happen in a smart contract are processed by the blockchain, which means they can be sent automatically without a third party.

Correspondingly,Which cryptocurrency uses smart contracts?

EthereumCurrently, Ethereum is the most popular smart contract platform, but many other cryptocurrency blockchains (including EOS, Neo, Tezos, Tron, Polkadot, and Algorand) can run them. A smart contract can be created and deployed to a blockchain by anyone.

Subsequently,What is an example of a smart contract?

Examples of smart contract applications include financial purposes like trading, investing, lending, and borrowing. They can be used for applications in gaming, healthcare, and real estate; and they can even be used to configure entire corporate structures.

Related Question Answers Found

Does Coinbase accept smart contract?

Yes, ETH and ETC received from a smart contract to your Coinbase account will be credited normally.

Should I invest in smart contracts?

Either way, smart contracts remain one of the most exciting new directions for blockchain technology, and if you are interested in investing in blockchain technology, smart contracts may be worth the investment. Or, if you’re looking for investment security, the smart use of smart contracts may be worth your time.

Can smart contracts be trusted?

In the digital era, enforcement can be built in to contracts using blockchain technology. Smart contracts lock in trust by ensuring that any agreement be upheld automatically. If the terms are not met, the payment is not made.

How do smart contracts make money?

The best way to make money through ethereum smart contract is by setting up an ethereum smart contract based MLM platform. You can make millions by setting up such a platform. All you need is expert’s guidance and technical assistance.

What will be the next big bitcoin?

1. Ethereum (ETH) Ethereum, commonly known as ether, is the world’s second-largest cryptocurrency behind bitcoin, even outperforming bitcoin recently in terms of price gains, CoinTelegraph reported.

Who is Ethereum biggest competitor?

Ethereum’s top competitors. “Ethereum is the clear leader,” Balina tells CoinDesk, “but these other blockchains are on-boarding new users at a faster pace due to Ethereum’s high gas fees and low transaction speed.” Four of the top “Ethereum killers” today are Solana, Cardano, Tezos and Polkadot.

Which cryptocurrency should I invest in 2021?

  1. Bitcoin (BTC) Market cap: $880 billion. …
  2. Ethereum (ETH) Market cap: $415 billion. …
  3. Tether (USDT) Market cap: Over $79 billion. …
  4. Binance Coin (BNB) Market cap: Over $68 billion. …
  5. U.S. Dollar Coin (USDC) Market cap: Over $53 billion. …
  6. Solana (SOL) Market cap: $44.5 billion. …
  7. XRP (XRP) Market cap: $40 billion. …
  8. Cardano (ADA)

More items…•Apr 1, 2022

What coin will replace Ethereum?

1. QTUM. One of the most promising contenders for Ethereum’s title is QTUM, a hybrid cryptocurrency technology that takes the best attributes of bitcoin and Ethereum before blending them together.

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