Cash backs are available for completing transactions or adhering to the terms of agreement contained in a smart contract created by users. These cash backs are paid in CTU tokens by the platform. Contractium can be used as a payment processor. The innovation can also be used by gaming networks to reward players for in-game achievements.
The corporate world exists on some foundations which hold it strong. One of this foundation is the contract, for, without it, the corporate world won’t be. Contracts exist on different levels and forms, so far it exists between two entities for a specific purpose.
What are Contracts?
Contacts are legal bindings or agreement between two parties which the parties must adhere to, till the terms of agreements are fulfilled or terminated. Since contracts are made in the presence of the law, they are therefore enforced or empowered by the law. Contracts can be between two people, governments, international bodies etc.
Limitations to Paper Contract
Over the years, there has existed the paper contract which as the name implies is written on paper and signed by the parties involved in the presence of law (law firm or lawyer) to oversee or guide through the process. The corporate world is evolving, thus the paper contract has become obsolete, limited and inappropriate to handle some agreements today. Some of these limitations are:
- Intermediaries: A paper contract has to be in the presence of a lawyer or firm which understands the law. This can be injurious to an agreement which is meant to be sensitive or kept secret. Intermediaries today are not as trusted.
- Cost Implicative: An intermediary will charge a cost to validate a contract, this can be very high depending on the level or weight of the contract. Consequently, other people who wish to use the same may not be able to because of the cost implication.
- Paper contracts become irrelevant or unsuitable especially when parties involved are from different countries or are separated by long distance. Getting the contract paper across to each party may take a lot of time not to talk of cost implications especially for sending a document which must be secure.
Smart Contracts in place of Paper Contracts
Smart contracts came onto the scene as a very good substitute for the paper contract. It is built based on the computer algorithm and most recently on the blockchain through Ethereum. Smart contracts are self-executing and eliminate all intermediaries and their costs. Through the ethereum blockchain, developers can create smart contracts which can be used in place of the paper contract. But it has a very big loophole. Smart contracts require a very high level of technical or programming experience or knowledge to create. It is not readily available to all, people who need it must hire a developer at a cost. This is a very big setback as only a few can afford to hire a developer. This thus makes smart contracts as useless as ever.
Contractium sees this setback and decides to do something about it. Creation of smart contracts doesn’t have to be limited to developers alone. This was the challenge taken on by contractium and the project has been successful. Through Contractium, anyone can create, deploy and execute smart contracts easily without the help of a developer. With templates available on the platform, users can determine the behavior of their smart contracts. These smart contracts are not inferior to the smart contracts created on the ethereum blockchain, they are of the same quality all thanks to the team behind the project.
What is so special About Contractium Smart Contracts?
- Smart Contracts on the Contractium platform can be created by anyone, even without technical know-how.
- Smart contracts will eliminate all intermediaries existing in traditional contract creation and allow agreeing parties to interact directly.
- Contractium smart contracts are less cost-intensive as fees are payable in CTU tokens which is much lower than the cost implication in paper contracts.
- Contractium helps to eliminate the distance between parties involved, as parties can come to terms without seeing physically, all is done on the blockchain.
- Contractium records all smart contracts on the ethereum blockchain where they are held securely through decentralization and permanently. This means that smart contracts cannot be hacked, altered or deleted.
- Smart contracts created on the platform has a wide variety of applications.
Cash backs are available for completing transactions or adhering to the terms of an agreement contained in a smart contract created by users. These cash backs are paid in CTU tokens by the platform. Contractium can be used as a payment processor. The innovation can also be used by gaming networks to reward players for in-game achievements.
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The age is progressing in knowledge and innovation, leaving behind the slow and non-adopter of the latest technological inventions. Soon the corporate world as we know it will change it face and only the early adopter of technologies like contractium will be the best gainers. Dare to change the face of your business and organization by adopting contractium, you will be glad you do so.
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