WHAT IS SMART CONTRACT?

If you are interested in Blockchain, Bitcoin, Ethereum … you must see the word “Smart Contract” which is often mentioned. So what is Smart Contract?

Smart Contract is basically a set of protocols set up based on blockchain technology. The protocol set of Smart Contract is available, which will help users to trade directly, reliably, and transparently, without the participation of other 3rd parties.

Through blockchain technology, all the assets and terms and agreements of the contract will be encrypted, then transferred to a block in the blockchain. Therefore, users can easily monitor contracts and make transactions according to smart contracts quickly, safely, and transparently.

Benefits of Smart Contract

Cost savings: Just pay a very small fee for the blockchain network and save the fees

Flexibility: The provisions in the contract are handled flexibly and efficiently for users.

Transparency: It is possible to trace the origin of all transactions, but it is completely irreversible and all transactions will be recorded on the blockchain extremely clearly.

High confidentiality: After the contract is completed, no one or party can interfere with the performance process as well as the agreements of the contract.

Fast and convenient: Can set up and enforce a contract in seconds, set up for multiple people at the same time, and use it over and over again.

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EF1 is a Defi Platform that allows users to save, loan, borrow and pay Crypto Assets in a global network.