Ivan on Tech Academy provides latest insights and reports about the blockchain industry.
Smart contracts have pretty much become an integral part of the “blockchain offering” alongside cryptocurrencies. However, we are at a weird conjuncture wherein we are either overestimating or underestimating the real capabilities of smart contracts. In this article, let’s gain a clear perspective of what they are and how they can revolutionize different industries and sectors as we move towards the future. So, how do smart contracts work? Let’s begin with the basics.
How do you define contracts in the legal world?
Traditional contracts are human-readable, agreements between two parties. The agreements stated in the contract are a set of agreed-upon terms. Usually, one party needs to fulfill some tasks for the other party in exchange for a payment. A lawyer oversees this entire contract.
As you can imagine, this third-party acts as an obvious point-of-failure in the entire agreement. The only way that either of the...
IOTA is one of the most exciting projects in the space with a unique underlying protocol called the "IOTA Tangle” or “DAG.” Tangle has been designed to overcome the inefficiencies of the traditional blockchain and presents a new way for a decentralized P2P system to reach consensus. IOTA allows instant micropayments without incurring a fee, ensuring the fulfillment of the smallest tasks in the unified network like sticking on a tag, turning off the tap in the bathroom, etc. This feature allows IOTA's integration into the Internet of Things by performing transactions between any machines with internet or points. IOTA addresses the main inherent issues of the Internet of Things, i.e., security and scalability.
The IOTA Foundation was formed in 2015 as a not-for-profit project by four veterans of blockchain technology - David Sønstebø and Dominik Schiener.