Topic: SMART CONTRACTS, simply explained... (Read 377 times)
The smart deal is a very smart app, almost like a lawyer specializing in contracting between companies. They were created so that when companies sign contracts with investors, they do not need to resort to a third party.
If you are insterested in smart contracts have a look at smartsource, they have lots of useful info. Raphael Vantroost who used to lead projects did a good speech as well a few years back. Don't forget as well to consider security as any smart contract is useless without the right security and due diligence. Silicon India www.siliconindia.com released an article lately which is very useful.
I once read an excellent explanation what smart contracts are. It really expanded my understanding of what this technology is capable of. I forgot where I have read it so I can't cite the site, but I'll share the example anyway.
Example of smart contracts every day use:
You want to book a hotel. But there is no staff in the hotel that would do your booking, charge you and give you the key of your room. Instead you book your room online and recieve digital key that will open the door after your payment has been sucesfully validated and the reqirements has been met - your reservation time, the room number. Once you arrive at the hotel you simply input the key either manually or scan it and you have the access to that room.
There are quite few advantages of using smart contracts: lower costs - since the middleman is not required, faster processing, privacy… And there are so many fields were smart contracts can be used - and I'm sure they will be once the technology will support it.
Example of smart contracts every day use:
You want to book a hotel. But there is no staff in the hotel that would do your booking, charge you and give you the key of your room. Instead you book your room online and recieve digital key that will open the door after your payment has been sucesfully validated and the reqirements has been met - your reservation time, the room number. Once you arrive at the hotel you simply input the key either manually or scan it and you have the access to that room.
There are quite few advantages of using smart contracts: lower costs - since the middleman is not required, faster processing, privacy… And there are so many fields were smart contracts can be used - and I'm sure they will be once the technology will support it.
A smart contract generally called a crypto contract, is a PC program that directly controls the trading of automated fiscal structures or assets between social affairs under explicit conditions. A smart contract does not simply portray the standards and disciplines related to an assention comparably that a standard contract does, anyway it can in like manner normally actualize those duties.
What smart contracts do?
Smart contracts are multifaceted, and their potential goes past the essential trade of favorable circumstances - they can execute trades in a wide extent of fields, from legitimate methodology to insurance premiums to swarm financing understandings to cash related auxiliaries. Smart contracts can disintermediate the real and budgetary fields; explicitly, by enhancing and robotizing standard and repetitive methods for which people at present pay lawyers and banks sizable costs.
What smart contracts do?
Smart contracts are multifaceted, and their potential goes past the essential trade of favorable circumstances - they can execute trades in a wide extent of fields, from legitimate methodology to insurance premiums to swarm financing understandings to cash related auxiliaries. Smart contracts can disintermediate the real and budgetary fields; explicitly, by enhancing and robotizing standard and repetitive methods for which people at present pay lawyers and banks sizable costs.
It’s very simple and clear explanation of smart-contracts. Just wanted to add one more popular direction for using smart contracts – crypto games and dapps in general 
Attornies don't know how to code.
Coders don't know legal.
We need people to connect these guys and make smart contracts more real.
Coders don't know legal.
We need people to connect these guys and make smart contracts more real.
smart contract is what makes blockchain technology more interesting and changes the old traditional way of transaction, smart contract technology is why crypto is new revolution in the tech industry that others must follow.
Smart contracts are one of the important things in the crypto because they will also be used by things outside the crypto then this network will be huge.
I just wanted to make a public apology for getting you tempbanned.
It's okay. Are we cool now? 
. Actually it happened(auto banned thing)so quickly while I'm writing my explanation for what you claimed. That`s quite simple: do not take things too personally. There are some people here really suffering from some contrarious quotes. This is a huge site with a lot of minds, so do not take anything too personally or too serious. That`s, for me, the magic formula 
P.S.- can I participate your rounds of Merit competition?
I just wanted to make a public apology for getting you tempbanned.
In my defense, your wording is a bit confusing in the top post. While you do link the source of where you transcribed this content from, the "I would like to shared that content with you" part made it sound like you just wanted to share the video, and not the actual content of it.
I think that in the future, it's important to indicate that you've transcribed content, as a simple google search revealed that your content is very similar to an existing article on the web.
Either way, I'm sorry for getting you banned. And thanks for not breaking the rules lol
In my defense, your wording is a bit confusing in the top post. While you do link the source of where you transcribed this content from, the "I would like to shared that content with you" part made it sound like you just wanted to share the video, and not the actual content of it.
I think that in the future, it's important to indicate that you've transcribed content, as a simple google search revealed that your content is very similar to an existing article on the web.
Either way, I'm sorry for getting you banned. And thanks for not breaking the rules lol
That's how it doesn't work actually, imo.
Are you an Admin to interpret why actually "bumps" introduced and how it's working in the forum
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New member who want to learn, will definitely find out what he/she needs. I found your thread on 2nd page, as far as I can remember.
Yeah for that part I totally agree with you. New member who want to learn, will definitely find out what he/she needs without making redundant posts with his/her delusional beliefs 
I never truly understood smart contracts because... Well, I'm a huge Bitcoin fanatic, but I haven't used Ethereum or its network to any extent that required me to learn about smart contracts. This post was very valuable, so thanks for "posting" it.
However, I hate to play devil's advocate, but this isn't related to Bitcoin, so I don't believe that it belongs on the Bitcoin board, regardless of how useful it is for newbies. Additionally, it could be considered plagiarism, as you've obviously used this article as your source without citing it. Some parts of your post are blatantly copied and pasted.
Not cool, unless you can prove that you are the author of the Medium post...
Archived link, in case you edit/delete your original post.
However, I hate to play devil's advocate, but this isn't related to Bitcoin, so I don't believe that it belongs on the Bitcoin board, regardless of how useful it is for newbies. Additionally, it could be considered plagiarism, as you've obviously used this article as your source without citing it. Some parts of your post are blatantly copied and pasted.
Not cool, unless you can prove that you are the author of the Medium post...
Archived link, in case you edit/delete your original post.
Bumps are not only for servise threads.
Who said? Did I?Come on. People bump because they have logic behind the bump.
Do you have anything to add this thread about Smart Contracts? Because I'm more than happy to discuss and learn.
I said I didn't know anything about the smart contract.Quote
Bump= Bring up my post = Get attention
Get attention = New member can learn something that he missed
Thanks for this mate. Hope everyone could understand the importance of SMART contract nowadays compared to the traditional where they are completely losing lots of money.
Bumps are allowed, in case. You can bump your post once every 24 hours. But that should be logical. For example, I have offered a service and didn't interact for 2 days. Of course, it will not be on the first page. I can bump my post for bringing it up.
I know how bumps should be done and what time interval. Where have you been mate all these days? Bumps are not only for servise threads. Even welsh(staff member) also used bumps for his "report effectively" thread. Oh no.. Welsh or other members don't know about how to be logical, LOL. You're giving false interpretation about the bumps for other members. Actually try to be post with facts, rather being just beat around the bush. Do you have some kind of urgency for getting merits? Because I'm not. Quote
Bump= Bring up my post = Get attention
Get attention = New member can learn something that he missedP.S.- you're the person here making redundend posts with your false interpretations and false assumptions. Do you have anything to add this thread about Smart Contracts? Because I'm more than happy to discuss and learn.
bumps are not allowed
Bumps are allowed, in case. You can bump your post once every 24 hours. But that should be logical. For example, I have offered a service and didn't interact for 2 days. Of course, it will not be on the first page. I can bump my post for bringing it up.13. Bumps, "updates" are limited to once per 24 hours.[2]
Members didn't give any merits for just making a bump.
Bump= Bring up my post = Get attention
Merits are something that can't be earned by making bumps, bumps are not allowed, do I created a thread which already discussed or am I missing something?
Just for knowing, do you have any psychic powers?
P.S.- I don't expect any merits for a educational guide either, I do my part for making a spam free( less spam is actually good when considering to the current situation) forum. Do you?
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I really appreciated your post because I learned something but didn't expect that you did it for having merits. Sorry, but yeah, it's the reality of your bump.
I'm more than satisfied even one member learn a something from my thread and you can't demotivate me or my works by just making some false accusations. Actually have you checked my posting history? I'm just a member( not a bump bot) who believes sharing of knowledge is the best way to learn. I just want to be interactive with other members, I think that's what you misunderstood with my bump which is nothing to with merits. I think you have no idea about how the merit system works. Members didn't give any merits for just making a bump.Just for knowing, do you have any psychic powers?
P.S.- I don't expect any merits for a educational guide either, I do my part for making a spam free( less spam is actually good when considering to the current situation) forum. Do you?
Friendly bump
Bump for someone get learningOr,
Bump for earning
I really appreciated your post because I learned something but didn't expect that you did it for having merits. Sorry, but yeah, it's the reality of your bump.
P.S- It's another unintentional friendly bump
Smart contracts are really a very important tool. But there may be a mistake in testing the smart contract as happened with the infamous the DAO. The best insurance against errors will be attentiveness, expert advice and thorough market analysis.
Yeah sometimes high profile Smart Contracts can be contains vulnerabilities caused by programming mistakes, like "unchecked - send bug" in DAO. So better to do a security audit and get expert advise before launching a smart contract. <...snip...>
Tampering with smart contract become all most impossible.
<...snip...>
That's why I never said impossible but all most impossible. Tampering with smart contract become all most impossible.
<...snip...>
Smart contracts are really a very important tool. But there may be a mistake in testing the smart contract as happened with the infamous the DAO. The best insurance against errors will be attentiveness, expert advice and thorough market analysis.
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