What are Ethereum smart contracts and how do we leverage this technology at LCMS?
As you may already know, the LCMS project is built on the Ethereum blockchain, and our token is built using the ERC-20 standard. But let’s talk about what smart contracts are and what are they used for?
Smart contracts are applications that are executed automatically upon fulfilling certain prerequisites set by their programmers. Smart contract advantages include a built-in protection from the human factor. Nobody can tamper with a smart contract, and there is no need to trust the third party to release money on time or validate a transaction. What’s also important is that the contract runs on the blockchain, and will continue to work for as long as there is electricity and the Internet on the planet, regardless of the status of the developer’s website or other external factors.
Smart contracts are completely transparent and anyone can monitor the current state of the smart contract as well as audit all the transactions it has been a part of through a blockchain explorer such as Etherscan.
