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What Are Smart Contracts?

How does IBY leverage the blockchain

How does IBY leverage the blockchain? — It locks the bets on smart contracts so that they’re forever on the blockchain.

But — what are smart contracts, like, really?

Smart contracts are programs that run alongside the blockchain when certain predetermined conditions are met. These conditions are in the form of “If / When…Then…” statements (If / when the package is delivered by Andrew, then Ryan pays Andrew 1 ETH).

Smart contracts can be programmed to do anything if it follows the proper “if/when…then…” statements. Within smart contracts, you can have more than one stipulation to satisfy the contract. Once the conditions are met, the contract is executed immediately and automatically.

Benefits of Smart Contracts

Source

Speed, Efficiency & Accuracy

Once a condition is met, the contract is executed immediately. Because smart contracts are digital and automated, there’s no paperwork to process and no time spent reconciling errors that often result from manually filling in documents.

On iBetYou, placing a bet, inviting other bettors, and deploying the whole bet on the blockchain takes less than a minute. — Did someone mention speed, efficiency & accuracy? iBetYou is here. 😉

Trust and Transparency

Because there’s no third party involved, and because encrypted records of transactions are shared across participants, there’s no need to question whether information has been altered for personal benefit.

On iBetYou, public bets are visible and available to everyone. Everyone can see the amount of the staked tokens on a bet and decide whether to join a bet or not.

Security

Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, because each record is connected to the previous and subsequent records on a distributed ledger, hackers would have to alter the entire chain to change a single record. iBetYou runs on Moonriver, which is a highly secure blockchain.

Savings

Smart contracts remove the need for intermediaries to handle transactions and, by extension, their associated time delays and fees.

Since iiBetYou runs on Moonriver, it uses MOVR tokens to complete transactions. Transaction fees are as cheap as 0,000368 MOVR as of this moment, which is currently $0,0045. Meanwhile, PayPal’s payment processing rates range from 1.9% to 3.5% of each transaction, plus a fixed fee ranging from 5 cents to 49 cents. It is not a race when you know who’s the winner, right?

Finally, smart contracts make complex transactions easy. While smart contracts can be used for simple transactions, they can also define and complete intricate, multiparty exchanges with precise timelines. Languages like Solidity make it possible to code even the most complex transactions, and once a smart contract has been written, it can be used over and over again. Additionally, multiple smart contracts can be used in tandem to execute even more elaborate exchanges.

How does iBetYou leverage the blockchain?

By locking the bets on the blockchain via smart contracts, IBY provides all of the benefits of smart contracts to its users. Users are able to place a bet whenever and wherever they are, as long as they follow the public bet rules.

Placing a bet on ibetyou.xyz is fast, efficient, transparent, and secure — and if you play your cards right, you might win some $MOVR!

Check the tutorial on how to create a bet on iBetYou for more information.

You don’t want to spend your time on reading? No worries, you can also quickly watch this tutorial on YouTube too.

What are you still waiting for? Place a bet on ibetyou.xyz that neither you nor the blockchain will ever forget, literally. 😏

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