YoCoin is a decentralized,
peer-to-peer cryptocurrency that has been making waves in the market since its
launch. All businesses depend on central transaction systems for their
transaction purposes, and parties that seek to transact with each other need to
do so via the central system, which is typically a bank. Both the parties in
the transaction are reliant on the central system, and any failure in the
central system will disrupt their ability to transact.
In addition to being reliant on a
third-party, central system, both the parties need to pay middleman fees to the
centralised in order to do business with each other. This is an inefficient,
outdated system of business which can be solved through the large scale
adoption of Smart Contracts
Blockchains
Provide the Ideal Foundation for Smart Contracts
Smart Contracts are shaping up to be
the biggest selling point of some blockchain networks. In theory, a Smart Contract
is software that stores data that
pertains to the rules for negotiating the terms of a contract. Itt is designed
to automatically verify a contract and execute the defined terms as long as a
party meets the stringent requirements of the smart contract. Blockchains have
become the most secure platform for Smart Contracts to run on.
Public blockchains such as Ethereum
and Bitcoin are capable of reimagining and redefining business processes. A Smart
Contract allows for collaborative transactions that can involve intricate
multi-party agreements that exchange value based on an agreed upon set of
rules. The contracts seek to develop a level playing field for all parties in
the blockchain.
All Smart Contracts are located on
the blockchain which is accessible to all the parties in that blockchain. The
contract executes processes when it is
triggered by an authorised party. Parties in the blockchain cannot tamper with
the terms of a contract, and if this happens, all the other parties will be
able to instantly detect it and stop it from happening. In addition, the
blockchain is independent of the failure of any part or any computer system,
and there is no loss of information.
YoCoin's
Influence in the Market
By using YoCoin, customers have the
ability to develop applications through smart contracts that can function with
any intermediary. A Smart Contract between two parties based on YoCoin will
eliminate the need for a lawyer, a stock exchange, a bank, and any other
intermediary that stands to gain from a transaction.
With Ethereum as a base, individuals
and businesses that seek to use YoCoin are able to develop applications that
can function in an environment under an incorruptible set of business rules.
Applications can run freely and securely without worrying about downtime,
fraud, censorship, or third-party tampering.
Read more what is YoCoin
Website: https://yocoin.org/
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