Smart contracts: Hyped or Useful? | Bitcointalksearch.org

Abiky

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Quote from: rdewilde on March 24, 2019, 09:03:28 AM

A clear look at Ethereum blockchain will surly answer this question. Ethereum brought in smart contracts, now the question is, ever since then have there been any negative effects? I don't think so,. That is to say, smart contracts are very useful in ensuring adequate processing of transactions while maintaining complete transparency.

Well, smart contracts have been proven to provide many use cases for the mainstream world. Whenever they become fully adopted by our society is yet to be seen. So far, only a small number of startups and companies have made use of smart contracts to provide different services to their customers. However, the limitation of scalability within popular smart contract platforms (not limited only to Ethereum) has made many entities wary of adopting the technology for their own benefit.

Despite this, smart contracts main uses have been the launch of ICO tokens. But, the recent crackdown from governments (especially the US) have slowed the growth of such tokens. Perhaps, in a couple of years from now, smart contracts would become more useful as their underlying blockchain networks improve every step of the way. Only then, the mainstream world would adopt them at a large scale. Just my opinion

rdewilde

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A clear look at Ethereum blockchain will surly answer this question. Ethereum brought in smart contracts, now the question is, ever since then have there been any negative effects? I don't think so,. That is to say, smart contracts are very useful in ensuring adequate processing of transactions while maintaining complete transparency.

Emmy92

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Smart contracts really removed the presence of any third-party or Intermediary, so with this one can see that every transaction is transparent and cheaper, therefore YEA, they are useful. Also, ETH smart contracts needs more improvement so as to attain mainstream adoption.

taufik0911

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same for me too, smartcontract is very useful to make a variety of decentralization platforms
with that we do not need to make our own blockchains to make DApp that is very much needed at this time
besides that there are still many other benefits from smartcontract

judeafante

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It's useful for me, people who use Ethereum and involved in ICO can attest that smart contract is a great tool to assist them in launching their own decentralized utility token, huge companies are not yet using it by they will someday because I'm pretty sure they are studying the option to launch one for their company.

Abiky

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Quote from: pushups44 on March 10, 2019, 07:17:21 PM

Smart contracts are useful but they need a protocol that is fast, cheap, and can scale. Perhaps they will not revolutionize all industries as some believe but they can clearly play a role in removing intermediaries and centralized entities. I think Ethereum, Cardano, and EOS will be the leading smart contract platforms of the future.

That's certainly true, mate. Smart contracts are proven to be useful in many industries within the mainstream world. I believe that what's dampening adoption is their lack of scalability. It takes time to develop a system which can handle a large capacity of transactions, while retaining decentralization and security. So far, Ethereum is in the lead of smart contract development being the pioneer in this space. Whenever it successfully scales for the world or not, it's yet to be seen since smart contracts require a large amount of resources to function as intended.

Once everything scales accordingly to network usage, then smart contracts will be used at a large scale within the mainstream world. Right now, there are numerous alternatives which provide superior scalability than Ethereum. They may have this advantage but are lacking mainstream adoption. Hence, only time will tell us whenever smart contracts will be just hype or useful for the whole world to enjoy. Just my opinion

bestiya

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If the system of smart contracts is complicated, then we can build many different systems for different fields of activity: insurance, registration and transfer of property, lending, crowdfunding, and so on.

gidaahmad

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Smart contracts are very useful for every project that requires transactions automatically. I feel that smart contracts are very useful for every ICO that I follow. Every ICO must use smart contract to facilitate transactions that can sometimes be in the thousands or even tens of thousands of transactions, which cannot be handled manually. Therefore a smart contract is made to facilitate large scale transactions.

LbtalkL

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It is useful depending on the usage or who manage the project if they have a goal and real use case, of course, it is. Smartcontract is designed to connect with dapps or just a utility tokens, etc. I saw a forum with token rewards because that forum is connected on the blockchain its amazing using smartcontracts.
However some people just used it in a bad way creating useless tokens.

mickey_miner

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Smart contracts are a useful technology. I think that smart contracts are introduced to companies and tested, but no one talks about it.

Endikadija

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Quote from: tamango on March 11, 2019, 02:04:36 PM

I think that smart contracts can be very useful in many applications but they are a little bit too hyped... there's really no need for that in every sector and that's one of reason for ICO crysis.

No all sectors need smartcontract but this can be used in so many different ways. we need more research to get the more usefulness of smartcontract and its potential. that needs a lot of time. ICO just used it for tokenization.

Cryptrx

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Smart contract is useful, rules enforced on the blockchain without anyone having to interfere with it. It has shown a lot of positives from transaction confirmations to actually settling of disputes between parties. There's no ending to what can be achieved with smart contracts.

Coin_trader

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Quote from: tamango on March 11, 2019, 02:04:36 PM

I think that smart contracts can be very useful in many applications but they are a little bit too hyped... there's really no need for that in every sector and that's one of reason for ICO crysis.

It's too useful that everyone in crypto industry wants to use it since smart contracts are capable of doing many transactions and applications that will help the project like by tracking performance in real time that can bring tremendous cost savings in the company. It will just vary on how it will be implemented or use in that specific project or product.

eaLiTy

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Quote from: lihongjing on December 26, 2018, 03:01:03 AM

Smart contracts have little value, and now there has been stability. Ethereum has also been hit. Other coins have begun to have smart contract technology, so this will not be the reason for Bitcoin to take off again in the future.

If the project is good enough then the smart contract would be a good deal and you will see more investors investing in it, but that is not the case all of the time, people are easily convinced in the market and what ever advertisement they see regarding any projects you will see a team behind to create all these buzz so that it attract new users, if the project does have a viable presence then it is a different story.

sertans

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I really believe that one of main use case of blockchain technology will be use of smart contracts in our daily life. These kinf of smart contract can save manpower, time and money which will lead us to mass adoption.

redsun114

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I don't think smart contract is hyped but very useful, deploying a contract to the blockchain is making use of that same blockchain to own your own personnal coin which you can use which to make any development that a normal coin fork would be able to do. Smart contract is a very good innovation for those who are not c++ devs and will like to carry out blockchain development.

tamango

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I think that smart contracts can be very useful in many applications but they are a little bit too hyped... there's really no need for that in every sector and that's one of reason for ICO crysis.

gutshot5820

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I think smart contracts are for sure useful and necessary. The thing that I limits people are how easily it is to create one, how much flexibility they have in creating a smart contact for their needs and scalability of course. There are platfroms I really respect like MOAC that has a dual layer technology to handle the smart contracts on side chains while most major transactions take place on the main chain. They also allow developers to choose the consensus rather than being stuck to just one option

george_hured

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In general, it seems to me that cryptocurrency is a very profitable business for the future, especially if it is connected with neural networks that will very successfully track the dynamics of the trading market. All this is definitely a success in the future if we develop it now.

clonely

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Quote from: Abiky on December 25, 2018, 09:46:31 PM

Do you think that the concept of "smart contracts" is hyped or useful/practical for the mainstream world at all? Just asking this, since smart contracts haven't reached the level of adoption required from mainstream businesses and corporations alike. Perhaps, this is because smart contract platforms like Ethereum lack the capacity to handle a large scale of TPS? Or maybe it's because there's lack of trust from said entities into deploying smart contracts for the mainstream world?

So far, smart contracts have been more useful for ICO tokens than anything at all. In some cases, smart contracts have been used for gambling and traditional gaming. Yet, it's to be seen a well-known company implementing their own dApp on a smart contract platform.

What do you think? Huh

We're on the road yet. But smart contracts can change our lives. Things that are very complex today can become easier with smart contracts in the near future.

Topic: Smart contracts: Hyped or Useful? (Read 575 times)