ETHEREUM LIMITED-CREATING A PLATFORM FOR THE CREATION OF SMART CONT...

INTRODUCTION

If men were angels there would be no need for laws is a very common statement that is made to stress on the fact that nobody can fully be trusted to honour his/her part of the deal at the end of a transaction. The use of Escrow accounts and Arbitrators are some of the traditional methods to ensure that both parties in a transaction fulfill his/her part of the deal to ensure a safe and sound transaction at the end of the day.

However, sometimes the trusted intermediaries that is both the Escrow service and the use of an Arbitrator can be compromised which brings about unfairness in the conducting of the transaction. This has been a problem in the business world and other aspects of the world that makes use of these services as there have been several reports where people are cheated in transactions.
This situation caused great concern in the cryptospace until Nick Szabo brought about the concept of smart contract to serve as the intermediary between parties who are engaging in any form of transaction.

SHORT BRIEFING ABOUT SMART CONTRACT

Smart Contract is another interesting invention in the crypto community which has being adopted by several exchange platforms due to how it reduces cost of transaction and also it helps completes transactions in the shortest possible time. Smart contracts are designed with some particular terms whereby the transaction would only be completed if all the terms and conditions stipulated unto it are satisfied. What makes this system of payment very secured is that once it is deployed no other third party can alter its coded information to execute different commands other the one that it has been designed to do.

CHALLENGES ON SOME OF THE EXISTING BLOCKCHAIN SMART CONTRACT

Currently the Ethereum blockchain is noted as an ICO blockchain with several other tokens are being deployed on its blockchain. This has made the Ethereum blockchain quite popular but the problem with deploying smart contract on the Ethereum blockchain is that it requires in-depth technical knowledge into the designing of a smart contract. It is quite impossible for any layman in the cryptospace to be able to develop smart contract to execute any transaction that he/she wants to conduct.

Furthermore, the Ethereum blockchain which is the most widely used blockchain in deploying smart contract sometimes charges high fees for transactions that are deployed on its network. Cryptocurrencies in general are very volatile and hence their prices fluctuate every now and then. In times when Ethereum goes down it apparently increases the cost of transaction on its blockchain. I have witnessed a situation whereby tokens due bounty hunters were delayed in a campaign for over three days due to the fact that the gas price needed to conduct the transaction was very high. This was all because the price of Ethereum was very low. Most crypto enthusiasts have made several complaints about the Ethereum blockchain and other blockchain networks for the huge cost of transaction that they charge.

ETHEREUM LIMITED’S VERSION OF SMART CONTRACT

Ethereum limited understands the benefits of smart contract in the daily activities of the average crypto enthusiasts. Ethereum limited have understudied most blockchain network and how they issue smart contracts on its network and hence have designed the Ethereum limited smart contract to serve the entire crypto community the with the very best of services. Ethereum limited adopts the blockchain technology in terms of its decentralization by creating a platform that would make it possible for users to create their own contract address without necessarily having in-depth knowledge about the blockchain technology. Ethereum limited makes this simple by enhancing an automated platform that would help users to create their own smart contract address without the slightest hustle. This would further help in eliminating the system of traditional system of conducting transactions.

The Smart Contract would be deployed based on the terms and conditions that both parties would agree upon and the smart contract would execute the transaction only when the terms and conditions are adhered to by both parties. This would fulfill the function of immutability as both parties would not be able to alter the contract address to partially benefit them in anyway. However, there could be other circumstances whereby the smart contract address can be developed with an option of editability. This would allow both parties to alter the execution plans of the smart contract address if the need arises but this would be on a decentralized blockchain ledger hence could be viewed by each of the parties. Another security feature is that Ethereum limited enhances unto its platform is that transactions that are made are stored permanently on the blockchain and cannot be erased. This would also allow all transactions to be traced in case there is any fraud of any kind.

Anonymity is one of the security features that is highly valued in the cryptospace and Ethereum Limited ensures this by completing the transaction of crypto enthusiasts with several points in the network to make it untraceable by hackers. Most idealist and crypto whales don’t like the idea whereby other members of the crypto community can have a view of your cryptocurrency portfolio once they have your address or are able to track any transaction you conduct.

THE REASONS WHY I ADVOCATE THE USE OF ETHEREUM LIMITED SMART CONTRACTS

First of all, smart contracts that are generated on the Ethereum limited platform are very secured and free from the infiltration of third parties since it adopts all the features of a decentralized system and in addition is encrypted to prevent unauthorized parties from getting access to the smart contract that have been developed.
Furthermore, transactions on the completed with Ethereum limited smart contract would occur in a very fast manner to prevent any delays that usually happen with other smart contract especially the traditional systems. Trading activities in the crypto community needs smart contract that are very fast in completing transactions and that is where Ethereum limited comes in with its specially designed smart contract.

In addition to the above, smart contracts that are designed on Ethereum limited platform are transparent in the sense that both parties would see the terms and conditions stipulated in the execution of the smart contract. Ethereum Limited has several packages to offer the crypto community which could not be captured in this piece of writing, please refer to the whitepaper for more information.

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