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What Makes a Good Smart Contract Platform?
What are the ingredients to an excellent smart contract platform? Indeed, it is a tricky question with quite a few variables involved. These variables are essential to an investor as they show a platform’s long-term potential and future ecosystem. Before we look into detail on what makes a significant smart contract, let’s look into what smart contracts are and their uses.
What are Smart Contracts?
Smart contracts are essentially programmes that run when specific criteria are satisfied and are maintained on a blockchain. They’re often used to automate the execution of an agreement so that all parties can be sure of the conclusion right away, without the need for any intermediaries or time waste. They can also automate a workflow, starting the following step when certain circumstances are satisfied.
How do they work?
Simple “if/when/then..” lines are written into code on a blockchain to make smart contracts work. When preset circumstances are satisfied and validated, the activities are carried out by a network of computers. These activities could include transferring payments to the appropriate parties, registering a vehicle, providing alerts, or issuing a ticket. When the transaction is complete, the blockchain is updated. That…
