In a pandemic, the world seeks to reduce the number of contacts between people. FreeTON offers a simple solution to this problem – using Smart Contracts. Why does FreeTON offer exactly this?
What are Smart Contracts
A Smart Contract is a program written on the blockchain that is executed by all nodes of the chain, helping the participants in the transaction on the crypto platform to interact with each other.
Benefits of Smart Contracts
– Autonomy. The participants decided to make a deal: they themselves initiated and carried out it. Without involving third parties.
– Data security guarantee. Information encryption guarantees the parties to the transaction that the data of the Smart Contract will not be stolen, corrupted or changed. In addition, the blockchain system is based on the fact that the information in the chain is not only encrypted, but also duplicated many times during transmission from one link to another. A huge number of copies of information are created, which makes it impossible to lose it.
– High speed and efficiency. Since the transaction takes place between two initiators in the virtual space, the need to pay for the work of lawyers, notaries, and the bureaucratic apparatus disappears. No need to waste time on meetings to agree on the terms of contracts.
– Accuracy and incorruptibility. Smart Contracts eliminate the risks associated with the human factor. There are no mistakes in filling out documents, no ambiguous interpretations.
Some difficulties in implementing Smart Contracts
It is worth mentioning some of the difficulties in implementing smart contracts in everyday life.
– There may be implicit errors in the smart contract code that cannot be fixed if the contract is already in operation. This problem can be solved by providing in the source code the ability to withdraw currency to other smart contracts when an error is detected.
– There is no system for regulating smart contracts by law. The legislative process does not keep pace with all the innovations. Over time, this issue will be decided by each country in its own way.
– The taxation system is also not ready for progress in the field of high technologies, and has not yet offered options for regulating Smart Contracts.
Smart Contracts in FreeTON
Smart Contracts are one of the most important elements of FreeTON. They allow users not only to deal with the exchange and distribution of currency, but also to make transactions in the field of property rights, insurance, loan payments. The developers have provided convenient tools for creating Smart Contracts on the FreeTON platform.
Free TON is the fastest of all platforms. Almost everything there is a Smart Contract, including users’ wallets. FreeTON provides convenient tools for creating a wide variety of Smart Contracts. In addition, the built-in compatibility with the Ethereum crypto platform increases the number of potential participants in Smart Contracts.
Originally published on toncrystal.today