Smart Contracts

Ethereum is one of the top digital currencies shaping the decentralized ledger technology. It's a community blockchain behind the Ether (ETH) cryptocurrency and thousands of dApps. According to CoinMarketCap, ETH is the second-highest traded (over $5,776,058,511 in 24hrs, at the time of writing) coin behind BTC. Ethereum is considered the most stable blockchain hence the preferred infrastructure for most stable coins. However, the blockchain is associated with some minimal flaws. Among these is an attack on the DAO. This article will…

When Big Money Enters the Market A recent article in Bitcoin Magazine predicted that the blockchain technology market would reach $7.7 billion by 2024. However, many industry insiders put their figures much higher, particularly given the phenomenal gain in popularity of blockchain-based technologies resulting from 2017‘s meteoric rise of Bitcoin and other cryptocurrencies. Just about any company could find use in blockchain’s ability to keep immutable and transparent records. However, certain expectations have to be managed. Leadership must be clear…

Smart contracts are useful for peer-to-peer transactions in blockchains. They are also helpful for trade finance and insurance to improve claim processing, stock taking, and record keeping.  Although these blockchain applications are useful in various industries, they may not always be safe and prone to attacks. The effects of smart contract attacks are very devastating and can cause significant losses to a project's investors. This article will address various vulnerabilities in smart contracts, how they occur, and their effects on…

One of the best outcomes of blockchain is smart contracts, a computer protocol that facilitates, verifies, and sometimes implements a contract or negotiation. Smart contracts' exciting uses are record keeping in healthcare, real estate, property ownership, insurance, and voting systems.  Despite the preference for smart contracts, one cannot claim that it is a fully secure system. Any unexpected and unwanted elements in a smart contract can have enormous consequences. For example, a bug in a smart contract may trigger it…

"An oracle is a person or agency considered to provide wise and insightful counsel or prophetic predictions or precognition of the future, inspired by the gods" - this is the literal definition of an oracle. When moving to the software world, the word keeps much of what it used to mean, with a few tweaks here and there. Leaving aside predictions and Godly figures, Oracles are, in a strict software sense, external data feeds used by software engineers and developers to…

A traditional contract, still universally used to date, is a written document that frameworks cooperation. It includes the terms and conditions of a partnership or service agreement. Contracts are traditionally written in a perceivable and understandable language to the humans who make them. The contracts include all the clauses, by-laws, and other essential elements that eventually make them unfalsifiable. But with the advent of the internet and other connective technologies, the paradigm of human readability and perception has transcended to…

The Covid 19 pandemic has exposed the world's financial system to tremendous challenges. The United States government proposed a jaw-dropping $2.2 trillion bailout for the stock market. All this was to act as a relief measure to the current crisis within the traditional markets. Such interventions point to centralization being a powerful and indispensable feature in the traditional financial system. Equitable and Faster Wealth Distribution But reports point to the existence of a huge challenge regarding wealth distribution of this…

Decentralized Finance, more commonly known as DeFi, is the newest trend in the cryptocurrency sector. After "Colored Coins," Smart Contracts, and ICOs, DeFi has taken the limelight. It has opened the door to a whole new branch of decentralized technologies. Among the hundreds of projects focusing on bringing Decentralize Finance to the masses, none has been as successful as the MakerDAO Network. The Need for MakerDAO The MakerDAO is a decentralized smart contract platform on Ethereum. It is one of…

One of the biggest problems facing the manufacturing and supply industry is counterfeiting. Counterfeit goods are a global problem with an estimated worth of half a trillion dollars a year, representing 2.5% of global imports. Years back, counterfeits were a small-time illegal business but have since grown immensely to impact companies behind original brands profoundly.  The counterfeiting industry has, in fact, risen to be a complex business having devastating effects not only on numerous businesses across the globe but also…