And why do you even need this information? We want our users to have a deeper understanding of how modern technology works, so we are sharing this knowledge with you, some of it basic, some of it advanced. Credefi is using smart contracts to achieve full transparency and accountability, so let’s try to unpack what this actually means!
Smart contract advantages include a built-in protection from the human factor. Nobody can tamper with a smart contract, and there is no need to trust the third party to release money on time or validate a transaction. What’s also important is that the contract runs on the blockchain, and will continue to work for as long as there is electricity and the Internet on the planet, regardless of the status of the developer’s website or other external factors.
Smart contracts are used for a myriad of applications, from data storage to crowdfunding. With that said, they are completely transparent and anyone can monitor the current state of the smart contract as well as audit all the transactions it has been a part of through a blockchain explorer such as Etherscan.