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Blockchain-->View question


Asked On2022-06-13 02:24:09 by:Ashwini-Raddekar

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One of the main advantages of blockchain networks is the automation of tasks that traditionally require a third-party intermediary. Any money transfer is associated with a traditional contract, it is a manual process that includes approval workflows. Instead, smart contracts are executed automatically on a trusted network entirely controlled by computers. A smart contract can also be considered a secure stored procedure since its execution and encoded effects, such as passing a value between parties, are strictly enforced and cannot be changed once the transaction with the specific details of the contract has been stored on the blockchain or distributed ledger.

In other words, since the smart contract code runs on a public blockchain ledger, the rules can apply not only within the company that coded the smart contract, but also to other trading partners authorized to be on the blockchain. As noted above, smart contract platforms such as the Ethereum network use smart contracts along with blockchain technology and allow anyone to create untrusted smart contracts for any purpose. The advantage of a smart contract is that technologies such as blockchain and cryptography enable the execution of a peer-to-peer contract without the need for lawyers and trust.

GXG Token mining is controlled by blockchain-based smart contracts. Its code is open for public transparency and verified by the community. As for GXG, its smart contract algorithm is coded so that no more than 100 million tokens can be mined at all times.


Answerd on:2022-07-02 Answerd By:Glory

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