ETHLIMITED-REDEFINING SECURED AND SAFER TRANSACTIONS THROUGH SMART CONTRACT

toroo (31)in #ethlimited • 6 years ago (edited)

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Smart contract is one of those phrases that get a lot of hype just like the words; blockchain, Artificial Intelligence and cloud.
After all, what can be better than being able to trust what will happen instead of using the judicial system? The promises of smart contracts include:

Enforcing contracts automatically, trustless and impartially
Taking out the middlemen in contract construction, contract execution, and contract enforcement
(By implication) Removing lawyers
Most people sympathize with the hype. After all, how much more efficient could things be if we could just remove the need for trusting the other party to execute?
What the heck is a smart contract, anyway? And isn’t that the domain of Ethereum? Isn’t this the way of the future? Why would you stand in the way of progress?
In this article, I’m going to elaborate you on the benefits that one outstanding cryptocurrency platform brings to all cryptoneurs.

DEFINITION OF SMART CONTRACT
A normal contract is an agreement between two or more parties that binds them to something in the future. Alex may pay Eva some money in return for use of Eva’s house. Charlie may agree to repair any damage to Dice’s car in the future in return for a monthly payment.
What’s different about a “smart” contract is that the conditions are both evaluated and executed by computer code making it trustless. So if Alex agrees to pay Eva $300 for a couch for delivery 3 months from now, some code can determine whether the conditions are true and do the execution without giving either party the ability to back out.
The key feature of a smart contract is that it has trustless execution. That is, you don’t need to rely on a third party to execute various conditions. Instead of relying on the other party to make good on their word or even worse, relying on lawyers and the legal system to remedy things should something go wrong, a smart contract executes what’s supposed to happen timely and objectively.
Ethereum Limited (Ethlimited) is a decentralized platform that deals with smart contracts. The platform intends to bring about purity to the global world of contract and sees to it that the rate at which people sue people to court for insanity in transaction is reduced. The platform is designed to give chance for the populace who are technologically advanced in the sense of having computers and internet create smart contracts.
Let us have a look at some features of smart contracts by Ethlimited. Below are few of them;
Smart contracts permit agreement to be made among users and ensure that both parties do get the required service they needed.
Smart contracts come with a utility for the various contracts.
Smart contracts permit the storage of application’s information relevant.

The use of the word “smart” implies that these contracts have some innate intelligence. They don’t. The smart part of the contract is in not needing the other party’s cooperation to execute the agreement. Instead of having to kick out the renters that aren’t paying, a “smart” contract would lock the non-paying renters out of their apartment. The executions of the agreed-to consequences are what make smart contracts powerful, not in the contracts innate intelligence.
A truly intelligent contract would take into account all the extenuating circumstances, look at the spirit of the contract and make rulings that are fair even in the most murky of circumstances. In other words, a truly smart contract would act like a really good judge. Instead, a “smart contract” in this context is not intelligent at all. It’s actually very rules based and follows the rules down to a T and can’t take any secondary considerations or the “spirit” of the law into account.
In other words, making a contract trustless means that we really can’t have any room for ambiguity, which brings up the next problem.
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CONCLUSION
Smart contracts are simply too easy to screw up, too difficult to secure, too hard to make trustless and have too many external dependencies to work for most things. The only real place where smart contracts actually add trustlessness is with digital bearer instruments on decentralized platforms like Bitcoin.
I stand to doubt the ideology of these people who have little knowledge about a smart contract with just a few benefits Ethlimited has for the populace.
Ethlimited smart contracts can be created in the absence of a third party. This smart contract is used to carry out numerous successful deals that you can think of. For instance, they are used to expedite property deals and very useful in stock exchanges. This will help to get rid of poisonous third party system that may counteract or draw back the transactions to be made. Trust is being created in such an instant and there is an easy flow of money.

Roadmap
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TEAM MEMBERS
This project is backed by a group of individuals that are highly knowledgeable in their field of discipline and are self-possessed to carry this project to great success. Below are few of the team members, please refer to the whitepaper or website for more information about the full team.

ETHLIMITED-REDEFINING SECURED AND SAFER TRANSACTIONS THROUGH SMART CONTRACT

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