Description of the smart contract functionality. Version 2.0
New useful features will be available for users when they update the functionality of the SIMBA stablecoin smart contract of SIMBA.Storage to version 2.0. For example, the ability to withdraw any ERC-20 tokens from the balance of the contract.
The main advantage of such contracts is the decentralization which comes from blockchain technology. This means that to fulfill the conditions of smart contracts (namely to exchange any kind of assets) the services of intermediaries, in particular, banks and government agencies, are not required. It is also worth noting that all conditions are met automatically by the contracts themselves.
At the same time, making transactions is as reliable and completely confidential. The transactions can be easily tracked, remaining transparent and irrevocable.
But before you will know everything about the innovations of the updated smart contracts of the Simba.Storage we will take a closer look at smart contracts and what you need them for.
What is a smart contract?
A smart contract is a computer protocol that allows you to make contracts, verify, maintain and enforce digital contracts on the blockchain.
Let’s study smart contracts using an example from real life:
Let’s say that you want to buy a laptop from another unknown person through a trading platform on the Internet. You are satisfied with all the described conditions but you do not see any reviews about the seller and he asks you to make a payment in advance. His request does not necessarily mean that he is plotting something tricky, just as you, he is afraid that if package is delivered and you do not pick it up for some reason then he will simply lose the money for delivery, which means losses. At your turn, you are afraid that the seller may be a scammer who will just take your money and without sending the goods or send something different from what you need.
Smart contracts were created exactly for such situations. They check the fulfillment of the obligations that are specified in the contract for both parties. They also help to charge automatical penalties for violation or non-fulfillment of the transaction terms which ensures the security of a transaction and saves it from risk or vague interpretation of the conditions from one of the parties. In addition, counterparties don’t have additional costs which are unlikely to avoid because of various specialist services for a transaction ( for example, a fee to a lawyer or an intermediary commission). The fulfillment of all conditions of the transaction is automated with minimal cost and without involvement of any intermediaries.
Smart contract features
The transparency of smart contracts is achieved by the possibility to check the progress according to the terms for any interested party. This means that when you have such a contract you can be sure in compliance of all obligations while having access to all data.
The execution of smart contracts takes a minimum of time. It occurs almost instantly after all the requirements are done which makes these contracts highly efficient.
A high level of confidentiality of smart contracts is provided by the ability to have an access to the terms of the contract using the regulators. Self-identification of contracting parties allows regulators to prevent any type of fraudulent activity.
Smart contracts are also highly accurate and reliable. Accuracy is achieved by functioning because of their programm which contains all the conditions of the contract in an encoded form. Reliability is achieved by having no third parties who can intervene at the stage of the condition fulfilment or distort important information.
Smart contract SIMBA v.1.0
The description of the first version of the smart contract will help to determine the significance of the update and to know the originally available possibilities for SIMBA.
The SIMBA stablecoin comply with ERC-20 standard and has the following key features:
- Delegation of tokens (“allowance” function). This function allows you to transfer a part of your tokens to any person;
- The ”transfer” function allows you to transfer to any wallet that supports the ERC-20 standard;
- The Token burning is processed by the redeem function which is intended to limit the circulating number of tokens;
- The “shift” admin function will allow you to transfer tokens to the balance of the new account if the client loses access to the account.
The test of the first version took place on 02.10.2019.
Smart contract SIMBA v.2.0
The second version of the contract introduces a number of new functions that expand both the capabilities of clients and administrators increasing the security of funds storage and transactions.
Here are some of them:
- The functions “pause” and “unpause” allow you to pause all transfers and cancel the pause, respectively;
- The ability to withdraw any ERC-20 standard tokens using the “withdrawERC20” function in case of an wrong money transfer;
- A transfer of ownership to the “transferOwnership” token contract of the new owner from the account that currently holds the contract;
- The “addBlackList” function allows you to add users to the blacklist limiting the ability to transfer tokens. This function excludes the possibility of transferring money from the balance of the client whose access to the account has been lost;
- The “rem 9oveBlackList” function allows to remove the user from the blacklist;
- The “deprecate “function is used for a planned address change of the token contract which make all transfers redirected to the new address automatically.
What tokens are functioning on a SIMBA smart contract
Both ERC-20 standard tokens - the SIMBA stablecoin and the SIMBA Storage Token (SST) are created on the basis of SIMBA smart contract.
The stablecoin works as the Simba.Storage token and is given in exchange to Bitcoins deposited into the storage. SIMBA is backed by BTC (1 SIMBA = 1 satoshi). This token can be used to pay for goods and services, for cross-border transfers between individuals and organiations and for issuing loans. Additionally, the token can be considered separately as an long-term investment because its value grows with BTC.
Click on the link below for more information about Etherscan token.
https://etherscan.io/token/0x7806a1b2b6056cda57d3e889a9513615733e2b66
Github Link: https://github.com/SIMBAstorage/SIMBA-Stablecoin
SIMBA Storage Token (SST) has a limited issue of 100,000,000 SST and is primarily considered as an asset to reward the partners who participate in the referral program. SST also serves to develop the company and the income from it is used for marketing, promotion, improvement of its own security systems and as motivational payments. The SST token won’t be physically connected Simba.Storage in any way.
Click on the link below for more information about Etherscan token.
https://etherscan.io/token/0x7806a1b2b6056cda57d3e889a9513615733e2b66
Etherscan is a service where any user can view statistical information on the Ethereum network.
Github Link: https://github.com/SIMBAstorage/SIMBA-Storage-Token
