Contractium: Phasing Out Print Contract

Contractium: Phasing Out Print Contract

One of the best things about the blockchain is that, because it is a decentralized system that exists between all permitted parties, there’s no need to pay intermediaries and it saves you time and conflict. Blockchains have their problems, but they are rated, undeniably, faster, cheaper, and more secure than traditional systems, which is why banks and governments are turning to them.

In 1994, Nick Szabo, a legal scholar, and cryptographer, realized that the decentralized ledger could be used for smart contracts, otherwise called self-executing contracts, blockchain contracts, or digital contracts. In this format, contracts could be converted to computer code, stored and replicated on the system and supervised by the network of computers that run the blockchain. This would also result in ledger feedback such as transferring money and receiving the product or service. Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.

 The best way to describe smart contracts is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a bitcoin into the vending machine, which is a ledger, and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.

Introducing Contractium

Contractium is a decentralized software that is based on Ethereum platform, which enables users create smart contract easily, securely, and trustless through desktop or mobile or web-application. The platform is being prepared to be the internet user’s smart contract application, with the vision of doing away with the paper or print contract. Busineeses and individuals are able to create markets, accumulate or keep registries of promises or debts and shift money in line with the give instructions on the blockchain. The idea behind contractium is to do away completely with the print contract that necessitated the usage of signatures in the instance of two parties entering a contract or notarized by a third party or a public notary. The advantages of the software to a business venture are as follows:
It provides a payment gateway in societies or countries where cryptocurrencies have not been adopted and so, is not in use. A reward system that can be used in the rest of the countries where cryptocurrecies are accepted and are in use.

Smart Contract-Smart Wallet

The platform’s wallet known as Contractium wallet provides an avenue for decentralized applications on the Ethereum blockchain, allowing users to keep and secure CTU tokens. The tokens will be used as a form of payment on the platform.

Additional features of Contractium

It has a user authentication that is carried out by the use of cryptographic features, plus the fact that the payment system is customized so that users are able to create personal payment systems on the websites of their ventures and has the feature of interoperability.

Useful Link:           Website | Whitepaper | ANN Thread

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