In August 2022, the Decimal blockchain celebrated the second anniversary since the launch of the network and the generation of the first genesis block. The DEL token quickly became popular and is currently listed on many well-known exchanges. But the development team continues working hard to improve the blockchain, focusing a lot of efforts on implementing the Decimal Smart Chain project into the network structure.
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What are the benefits of smart contracts?
A classic contractual transaction provides for the participation, in addition to interested parties, of an influential intermediary whose task is to resolve disputes. Such a third party may be either a bank or another natural or legal person, or the use of escrow. Smart contracts eliminate the need to monitor compliance with the terms of the transaction, it also prescribes actions in case one of the parties fails to fulfill the terms of the contract.
When they are mutually executed, the smart contract initiates the launch of the corresponding procedure, which is accompanied by creating a transaction and recording it on the blockchain. And all this occurs automatically, minimizing errors caused by the human factor.
A typical example of using smart contracts is their collaboration with decentralized exchanges. For example, if you have ETH on your crypto wallet, but you need Decimal tokens, you will not be able to perform the exchange directly. To do this, you will have to use an exchange, for example, PancakeSwap. As a result, your exchange will be launched, but the transaction itself will be executed using a smart contract.
The exchange mechanism is as follows: PancakeSwap initiates a smart contract by giving it the address of your wallet and the amount in Decimal tokens that you want to receive. The smart contract, guided by the algorithms embedded in it, calculates the cross-rate (first of all, the liquidity of both cryptocurrencies is taken into account). As a result, you get the corresponding amount of the Decimal token.
Note that the smart contract itself, when deployed in the blockchain through a transaction, is in an inactive state in it, and it can no longer be changed – this is the nature of the blockchain itself. If such a need should be provided, and if the platform’s language tools allow it, the contract self-destruct operator is used, but such cases are rare.
Smart contracts: who is the smartest?
Let`s recall what advantages smart contracts have in comparison with their traditional paper counterparts:
· this is an ideal solution for a b2b business between unfamiliar counterparties. An intermediary is not needed, both parties can be sure that the transaction will take place only if the conditions implied by in the smart contract algorithm are fulfilled;
· SCs provide a fully automated system at the disposal of users. To make the contract to work, one of the parties need to activate it. If this is not carried out, the smart contract will simply be stored in one of the blocks of the blockchain until someone launches it;
· since the SC is stored in the blockchain, any user can view it. For example, in order to get acquainted with its terms. At the same time, it is impossible to change anything in the smart contract, which completely excludes any fraudulent actions;
· blockchain decentralization means that all transactions performed under a smart contract are copied to all nodes of the network, which reduces the risks of registry hacking. And such transactions on open blockchains are also available for viewing.
An important advantage of smart contracts is their flexibility: high-level programming languages are used for their development, which allows you to implement almost any functionality, if it is possible algorithmically from the point of view of a decentralized architecture.
Smart Contracts on Decimalchain
The Decimal blockchain development team does not stop working on improving the network, introducing advanced ideas and technological solutions. Thus, Decimalchain uses an improved version of the DPoS consensus algorithm, which has a number of advantages over the classic PoS algorithm. This helps crypto Decimal places to gain increasing popularity.
Smart contracts are an important part of the network architecture. They are used in DeFi applications to create unique NFTs or their own tokens.
It is planned that the final launch of smart contracts will take place at the end of 2022, at the moment the system is in the final stage of testing. Its results are available for public viewing with the help of a special guide.
As soon as the smart contract platform is implemented, it is planned to direct all efforts to the development of the DAO, which will also be based on smart contracts (Decimal SmartChain). Already, DEL is supported by many crypto wallets, for example, Metamask allows you to buy a token Decimal. There are also more and more exchanges where Decimal token is traded (BitTeam, KickEX, Coinsbit, XT.com). The total number of smart contract development services is gradually increasing.
Let’s consider the main directions of using smart contracts implemented using the DSC platform.
Real estate
Real estate transactions are always not only large sums, but also significant additional costs associated with the payment of intermediaries, with various fees and taxes, with the payment of significant commissions for transaction support. The use of smart contracts allows you to avoid intermediaries, while guaranteeing the security and legal purity of the transaction.
Entering the algorithm for changing the owner of real estate into SC allows you to save both money and time by automating the execution of most operations.
In addition to housing transactions, smart contracts can be used for lease registration, real estate insurance, and mortgages. In all these cases, the basic advantages of decentralized applications take effect. An additional bonus is the lack of the necessity to use expensive services of legal consultants specializing in real estate.
Healthcare
The medical industry is considered highly regulated, while the entire huge array of documentation that medical workers are required to maintain is poorly structured. The use of blockchain and smart contracts allows you to solve many problems by automating document management, including customer cards.
Smart contracts can be used to control the turnover of medicines, to manage their stocks. SCs allow integrating medicine and insurance by transmitting data to insurance companies that are proof of the occurrence of an insured event. The use of smart contracts for medical research and analysis can be very useful.
Gaming industry
Now the industry’s turnover exceeds $100 billion with growth at the level of 20% per year. But the trends here are not rosy for gamers: most popular online games require the acquisition of various in-game assets to promote a character.
The use of blockchain allows you to reduce these costs by using assets acquired in the game or for money more efficiently. Moreover, modern games based on smart contracts provide the opportunity to purchase in-game content for NFT, and non-interchangeable tokens themselves are provided as a reward for participating in the gameplay. It is noteworthy that these tokens can also be used outside the game, they can be stored, sold or exchanged.
Finally, smart contracts can be used to develop games with the concept of “play and earn”, which is becoming increasingly popular among gamers and attractive to crypto investors.
Finance
In the financial sector, the use of blockchain looks better integrated because the cryptocurrency was created in order to become an alternative to fiat money. But due to smart contracts, the scope of application of decentralized assets is becoming much wider. As an example of specific applications of SCs in the field of finance, trading clearing, insurance claims processing, etc. can be noted.
Using the DecimalChain smart contract development company, SC creators can implement any complex business ideas, providing an unprecedented level of confidentiality and security to the participants of transactions.
