In a world full of blockchain events, Reddit rants, and Twitter posts telling you that this is the best crypto to hit the cryptosphere since cryptos have been around, navigating through what is authentic and what is not can be quite difficult for old and now hodlers alike. And trust me, I feel you, so that’s why I am going to break down smart contracts and how MyWish is here for your smart contract related needs.

Smart Contract Basics

So, what even is a smart contract? It’s one of those words that gets thrown around, but often leaves a big question mark as to its exact function. So to break it down, let’s think of the normal purpose of a contract. In our day-to-day lives, a contract normally serves as an official/legal agreement between two or more parties. That sounds simple enough, right? In reality, smart contracts are simply taking the same principle but making it more safe and secure by using blockchain technology. What this means is that this “agreement” between multiple parties is actually expressed through a piece of code and then placed on the blockchain. Once this has taken place, it can’t be altered, which means that the agreed upon conditions will always be constant.

Real World Example

Now, this may start to sound a little confusing, so let’s see how this could really be used in our ordinary lives. Let’s say that you meet your Prince (or Princess) Charming and decide to get married. While love and values are what comes first, we also live in a modern world where things like finances need to be discussed and agreed upon when jumping into a lifelong commitment… enter MyWish’s Smart Wedding Contract. As the wedding bells ring and the honeymoon starts, you realize that you want a joint savings account. With the wedding contract on the MyWish Platform, you can easily create (no coding skills required!) and manage this smart contract, including details about budgeting and savings alond with specified dates/deadlines. And there is no need to worry that one partner will take complete control of the finances (we are looking at you Type A crypto users), because decisions require the consent of both partners. And even better, this is all on the blockchain, making sure that these details are safe and secure. Now, we don’t want to be Debbie Downers, but what happens if the marriage unfortunately doesn’t work out? In this case, the assets are automatically shared equally, and a huge argument is bypassed. Through this one smart contract product, it is easy to see that the combination of a contract and the blockchain can make your life easier, more convenient, and more secure.

Learn More

This is just one of the many ways that smart contracts can serve you, and MyWish is here to help you along the way. For more information on the smart contract products that MyWish has to offer, check them out here and don’t forget that with the code RWPBM20, you can get a 20% discount on any of the available smart contracts. As always, the MyWish team is there to answer your questions, so feel free to ask down below (and I, as a MyWish ambassador will be there to assist), or by email at support@mywish.io. MyWish, your smart contract platform, exactly how you want.