Need for Smart Contracts
Now that the whole world has gone digital, contracts are no exceptions. Printed contracts are slowly becoming obsolete. Due to their lack of transparency, middleman issue and conflicting way of exchanging money, service or share, traditional contracts are now used lesser than ever.
Thus, banks and governments are turning to a new, digital, thus more secure and convenient means of making contracts called Smart Contracts.
What are Smart Contracts?
Smart contracts can be compared to a usual vending machine. Generally, for legal purposes, you would go to a notary, pay them and be patient until you get the document. But with Smart Contracts, just like you drop a coin into a vending machine, which already has some rules on it, you get your work done according to your escrow.
Moreover, not only you get the rules and penalties defined (which Traditional Contract does too), Smart Contract automatically enforces those obligations as time ticks. Nick Szabo termed it in 1997, long before Bitcoin was created.
Blockchain
It’s a digital system that exists between all related parties. It's very reliable, hard to tamper with and safest means of having a contract. A Smart contract is, in fact, a tiny computer instruction stored inside a blockchain.
Ethereum, founded by the 22-year old programmer, Vitalik Buterin, is an approach where the program runs the proper code and at a certain time, automatically validates the conditions thereby taking required actions.
Contractium
As Ethereum's blockchain system is now switching to PoS (Proof of stake), Contractium has been created based on Ethereum with the newer Proof of Contract (PoC).
Contractium lets you create a system where you can have secure and fast commercial deal between contractor and contractee on the internet with PoC protocol. It is a decentralized software, based on Ethereum's technology, where users can create Smart Contract easily via any platform. (Desktop/Mobile/App) Eliminating the traditional print contract requiring physical signatures of the involved parties and notary. You can get benefitted in your business using Contractium as:
A gateway for payment for countries where cryptocurrency (BTC, LTC, ETH) are means of international transactions
An online rewards system. A practical example
We are programming a smart contract in Contractium so that it holds all the received funds until a certain goal has been reached. The supporters of the project can transfer the money to the smart contract. If the project gets fully funded, then the contract automatically passes the money to the creator of the project. And if the project fails to meet the goal, then the money goes back to the supporters. It’s easy as that.
Moreover, no one is in control of the money. They are immutable as well as distributable so that everyone can know what is happening with the contracts. Pretty cool, right?
Why Contractium over Ethereum?
Thanks to its user-friendly GUI, Contractium lets you create smart contracts in mere few clicks. This gives Contractium an upper hand over Ethereum.
In addition to that, with CTU, which is this network's crypto fuel, the rewarding system can get easier than ever for proprietaries and businesses.
User's reviews
Thousands of smart contract users have shared their positive experience using Contractium. Mostly, the undeniably fast transactions and security over the transfer have been pointed out to be great benefits.
Final words
For your business of any kind, where you need to make contracts and agreements, Contractium will help you to make the process easier and secure than ever. Its secured and reliable PoC algorithm ensures you a smart technology for making contracts.
We recommend you get the company token (verified by TokenGrade) and start your new digital contract business now. Good luck.
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