WABnetwork was innovated to redefine the blockchain experience for humanity. The thrust of WAB makes it possible for:

Individuals to host their apps on the platform

Issue corporate and governmental tokens and coins

Drive a commercial adoption of the blockchain

Assure of safety, security, efficiency and speed.

As long as humans continue to do business with one another, contracts will never end. Generally, a contract is a legal binding involving two (2) or more parties. But how smart are the bindings of these contracts being implemented?

Traditional centralized business models require an intermediary also referred to as a third-party that will stand in the gap to affirm the terms of the contract between the two parties in business. This mediator may be a law agency, governmental organization, financial institution or other intermediaries.

However, centralized systems put customers at risk and they do not guarantee the implementation of contract terms. Therefore, the need for an alternative — a decentralized business model arises. One such technology that brings about the development of alternative models is smart contracts.

Coined in 1994, the notion of smart contracts was first introduced to the world by Szabo Nick, a cryptographer and legal scholar. It has since become an integral part of today’s decentralized businesses together with the blockchain technology.

Smart Contracts — The Concept

Simply defined, a smart contract is very much similar to a real life physical contract, but the difference is that it is digital — a computer code which runs on blockchain technology.

More technically, a smart contract is a computer code/protocol running on a blockchain, designed to digitally verify, enforce and facilitate the terms and bindings of a contract or transaction as agreed by the parties involved. As soon as the established terms and conditions of the contract are fulfilled, the agreements are enforced automatically. This is regarded as the easiest mode of decentralized automation.

Credible transactions are permissible via smart contracts without involving intermediaries or third parties. A significant feature of smart contracts is the traceability of all transactions conducted although they are irreversible.

One very important point to note is that smart contracts are not really a part of the blockchain core but were introduced with blockchain-based utility software known as Ethereum. It is therefore impossible to speak of smart contracts with referring to Ethereum — the world’s second largest digital currency. However, with WAB, we are offering users of the blockchain a redefined smart contract experience.

The sole aim for developing smart contracts is attributed to security issues. This model offers superior security in comparison to traditional contract models and laws, also, associated transaction fees are largely reduced. The WAB blockchain will be able to host new cryptocurrencies, allow developers host their apps, and support business on a commercial scale.

From the Cryptocurrency View Point

In the digital currency scene, smart contract is referred to as crypto contract. It is a computer code that directly oversees the sharing or transfer of digital assets or currencies between involved parties while upholding and enforcing the terms of the contract. These monetary transactions are saved on blockchain technology — a decentralized ledger utilized by digital currency giant Bitcoin and other altcoins. Its exceptional security feature makes it readily adoptable by various cryptocurrency platforms.

While what many people know about smart contracts is shaped by the early examples, WAB is providing a redefined experience.

How Smart Contracts Work

This is a quite complex concept, and its potentials surpass the mere transfer or sharing of digital assets.

Just how then do smart contracts work?

To simplify the working principles of this subject, I will like to use a real-life analogy.

Take for instance Kieran wishes to purchase a land from José. This contract is created on the WAB blockchain utilizing smart contracts while establishing the terms of the transaction. The smart contract will contain the consensus reached by Kieran and José, ready for auto implementation as soon as the predefined conditions are met.

In simple and clear terms, the nature of the contract would be “ When Kieran pays José, then Kieran will acquire the ownership of the land.” As soon as the contract is setup, it cannot be tampered with or altered thereby making it safe for Kieran to pay José for the property. Now imagine if this had been executed using traditional centralized models, both parties would have had to spend extra fees on third-party involvements such as banks, property brokers or even a legal practitioner.

So, you see no more delays on implementing contract terms or exorbitant and unstructured commission charged by third-parties. Although already mentioned, smart contracts are self-executing, hence, no need for middlemen.

Smart Contracts has its application in a variety of fields such as legal processes, crowdfunding agreements (ICO), insurance premiums, health systems, business management and financial derivatives. Unlike the delays on existing blockchains that make a commercial adoption unattractive, WAB scales transactions to a height of 100 million er second using the dynamic sharded multigraph functionality.

As earlier noted, blockchain technology is key. With the aid of blockchain — a shared database run by numerous nodes called computers, the decentralization of smart contracts for fairness and trustworthiness became possible.

With smart contracts, you can eventually feel safe when performing transactions for goods and service.

What Difference does smart contracts offer?

With the fast-paced growth of digital globalization, smart contracts together with Blockchain technology are expected to eliminate traditional contracts and the dependency on intermediaries thereby, championing a move away from paper works to self-executing, tamper-proof and secure code arrangements.

With smart contracts, transaction records are safe and accessible to those on the decentralized blockchain network. Also, the transfer fees charged per execution is almost insignificant compared to traditional contracts.

Why the world must turn to Smart contracts

Smart contracts provide numerous advantages over traditional contract arrangements. Here are some of the advantages it offers:

Accuracy and Transparency

With smart contracts, there are no transaction errors because records are kept accurately and explicitly. Plus, all terms and conditions of a contract are accessible to the concerned parties. The transparency of these contract details makes it impossible to alters the predefined conditions. In other words, smart contracts are tamper-proof.

Speed, Security and Efficiency

The speed of an automated transaction is very fast and efficient compared to traditional contracts because it is code based and it runs live on the Internet; boasting the highest level of data security and encryption.

Trust, and Guaranteed Outcome

The secure, autonomous and transparent nature of these contracts generates confidence in the system and gives no room for error and data manipulation. Smart Contracts also help to reduce or completely eliminate the need for courts and litigations because parties involved in business are fully other the terms of the self-executing contract in place and they strictly adhere to it.

The WAB blockchain is a promise of transaction efficiency, speed and security. You too can experience a new blockchain 5.0 height with WAB.

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