What are Smart Contracts?
First, what is blockchain?
Simply put, the blockchain refers to a decentralised public ledger that is distributed across a large number of computers. The ledger contains the list of all the transactions that have occurred within the blockchain.
Transactions that are made within the blockchain are recorded continuously in blocks and these blocks are secured and linked to each other using cryptography.
This means that individuals cannot alter these records without having permission from the other computers within the network.
So how does it work? One simple example involves a transaction between two individuals on the blockchain. Each individual has their own public key as well as a private key. The public key, as its name suggests, is freely distributed to the other party during the transaction. On the other hand, the private key is kept a secret and is known only by the individual.
The combination of both the public and private key generates a unique digital signature that can be used to verify and control ownership.
For example, Jim wants to transfer one Bitcoin to Sally but he wants to ensure that only Sally will be able to receive the cryptocurrency. By encrypting the payment with Sally’s public key, Jim ensures that only the person who has Sally’s private key is able to decrypt the transaction and receive the bitcoin. This keeps transactions in the blockchain secure and encrypted.
Information regarding the transaction coupled together with this signature forms a block. This block is then distributed to other computers within the network for authentication.
To authenticate and add this block to the existing blockchain, miners are required to solve difficult mathematical problems based on complex cryptographic hash algorithms. Once the block is added, the transaction between the two individuals are completed.
Forming Contracts The Smart Way
Using the blockchain, we are able to form smart contracts with other parties. But what exactly are they?
Smart contracts help us exchange items of value in a transparent and conflict-free way while avoiding the use of an intermediary.
Intermediaries traditionally act as facilitators of the enforcement of the contract. With blockchain technology, a digital program can be created to automatically enforce the terms of a contract when a triggering event occurs.
One example is the use of a smart contract for Options. A program can be developed to exercise an option when a particular strike price or expiration date occurs. This allows for an individual to enter a contract without the need for a third-party.
Advent of Artificial Intelligence
Alongside the development of the blockchain technology, artificial intelligence (AI) has also improved rapidly and is being integrated more deeply into trading. Artificial intelligence refers to software that constantly improve its performance based on the environment it has been set to ‘learn’.
AI is able to make more rational and less emotional decisions than humans and process a vast amount of data.
As such, AI can be applied to the field of cryptocurrency trading as it can help its users make “smarter” trades.
The Embodiment of Both Wonders — Spiking
The Spiking platform incorporates AI and smart contracts extensively and provides many benefits. Spiking allows users to find Whales that have trade secrets and mirror their portfolio.
By tracking whales, this helps to provide valuable information to users for their decision-making processes.
Spiking employs transparent smart contracts through the blockchain and an AI robot, Robobull, to allow users to mirror the trades of any Whale listed and have full control of their trading accounts.
RoboBull is an intelligent portfolio management manager that applies artificial intelligence to create a portfolio of different Whales based on the trader’s risk/reward ratio. The use of smart contracts and RoboBull allows Spiking to be cost-efficient, fast, and accurate so as to provide users with optimal trading strategies.
by Nigel Goh, Business Development
Drawing from its successful and rich experience in the stock market since 2016, Spiking is expanding to cryptocurrency trading! With its unique and powerful trading tool and its AI robot Robobull, Spiking enables traders to easily find whales and mirror the trades automatically. At Spiking, we strive to help traders make better decisions and take the steps toward fulfilling their dreams of achieving financial freedom. Check out Spiking App, Top Grossing Finance App at App Store & Google Play.
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