Commercialization of Blockchain technology — what is Smart Contract?
We are introduce about the easiest technology from blockchain to our daily life, “Smart Contract” in this time.
All the people, who had experience of participating in ICO which based on ETH, or who had interest in ICO, probably have heard about smart contract more than once.
When you send your ETH to smart contract address from your ETH based wallet, you can automatically receive the allocated amount of ICO token in your wallet. Smart contract is the whole process about this.
As the name implies, it is a smart contract to automatically implement the contents of a given contract.
The term ‘smart contract’ was appeared at the first time by Nick Szabo, in 1996.
Nick Szabo defined smart contract as “the series of promises which is formed in digital.” and “if conditions of contract is satisfied, smart contract which works automatically without the third intervention is automated contract regulation.”
That is, ‘the contract’ itself is written by a person, but ‘smart contract’ is going on by ‘programming’.
How to these smart contracts be grafted into everyday life?
Let’s think about a vending machine.
The vending machine is set as below.
1 Insert a certain amount of money
2 Select the desired item
3 Receive the item and changes
It doesn’t need for human intervention, however, it sells goods and earns money automatically. It is a very convenient product, which is accurate and has a simple procedure.
Smart contract is the program that makes this vending machine work follow to 1,2 and 3 steps.
For that reason, Nick called smart contract to ‘Global finance machine’. The experts looking forward to ‘smart contract’ can help people around the world have more convenient and secure deals.
As like this, when smart contract applies with blockchain, it is possible for a large number of participants to agree and execute contracts on terms. Without a third party like brokers, it is possible to trade on a digital contract that is programmed in the blockchain, ensuring data transparency and trader anonymity in the blockchain.
All of the smart contract is recorded in blockchains, and nobody can change its contents. According to those benefit, it can be used as a platform brokering between two parties to lease services or goods.
Smart contracts automatically apply the relevant laws and procedures when registering transaction terms and contents in the system, so that the results are delivered to the trading partners, which simplifies the transaction procedure and reduces the transaction costs You can also lower your risk from transactions. Therefore, it has the advantage that it can be applied in various ways such as financial transactions, all contracts, notarization.
Because Smart Contract is a potential technology that can combine with blockchain technology to create tremendous added value, we will increasingly use Smart Contract in our lives.
OZEX aims to become an advisor in the cryptocurrency market by selecting reliable ICOs and distributing prospective tokens to OZEX token holders, by using those smart contract!
Ozex MainNet is in preparation of developing ICO advisor platform and a wallet that will automatically airdrop tokens to OZX holders. OZEX platform is developed and run by multiple professionals from diverse fields. Our project will airdrop 80 different tokens that have high potentials for our OZX holders over the next three years.
OZEX ICO proceeds over 3 rounds and on each round, a NEW free airdrop token selected will be additionally distributed to all participants.
OZEX ICO has successfully seen early endings of both the 1st and the 2nd rounds within just one day and is now the last 3rd round is going on.
The final round of OZEX ICO will be on from August 28 to September 9, 2018.
The 3rd round hardcap is 100 million OZX and 1 OZX can be purchased for 0.01 USD. The 3rd free airdrop token, MOBU, will be additionally airdropped at the rate of 100 OZX : 1 MOBU.
During the first week of the final round, from 28th August (11:00 AM, GMT) to 4th September (11:00 AM, GMT), participants will receive 50% OZX Bonus.
The OZX token will be listed for the first time on a global exchange, ‘CoinBene’ on September 19, 2018 and will be listed on other global exchange Ruby over the next months.
To learn more about OZEX and its project, check out the links below.
Webpage : https://ozex.io
Whitepaper : https://github.com/ozexproject/OZEX-Whitepaper
Bounty promotion : https://bitcointalk.org/index.php?topic=4459199.0;all
Twitter : https://twitter.com/ozex_official
Medium : https://medium.com/ozex
Telegram (Global) : https://ozex.io/telegram
Bitcoinforum : https://bitcointalk.org/index.php?topic=4355099.0
OZEX white paper v1.1 — https://github.com/ozexproject/OZEX-WhitepaperOfficial OZEX email address : info@ozex.io
