In our last post we mentioned how our smart contract passed the audit. Today we wanted to elaborate on what smart contracts are!
Smart contracts are applications that run on the Ethereum Virtual Machine (EVM). These 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 used for a myriad of applications, from data storage to crowdfunding. With that said, they 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.
It is no wonder that we leverage this technology in our project. It allows us to make Symblox more reliable, transparent and decentralized!