Tasks and News

What is a Smart Contract? | Posted 1 year, 6 months ago
Here at Crowdholding, we will be launching our new smart contract very soon, which brings up the topic for any newbies wanting to get into the world of crypto “what is a Smart Contract?”.   The term and ideology of “smart contracts” was first conceived by computer scientist and cryptographer Nick Szabo back in 1993. He introduced the concept of how users could input data or a value, and receive a finite item from a machine, such as a snack of soft drink.    The issue was that back in 1993, the technology wasn’t there to allow smart contracts to thrive until the explosion of blockchain technology. This is because blockchains are a decentralized system that exists between all permitted parties and no need to have middlemen that can slow down a system and cause conflicts, instead you have smart contracts.      A smart contract in basic terms enforces terms of agreement with a cryptographic code (rather than a standard contract that has to be browsed through to find the correct terms).The simplistic way to describe the difference is to compare it to vending machine (a smart contract) against a shop assistant (standard contract).    Although smart contracts are still in their infancy, there are a lot of industries that could implement them in their current procedures.   A potential future use for smart contracts could be in world of insurance. Smart contracts are extremely useful in the cases when a process takes a significant amount of time, which is a typical problem with insurance policies. The work involves many manual operations and requires a lot of human action and time to validate. For a customer, the longer it takes, the more stress / additional costs. With a smart contract, it could have measurable parameters such as flood levels, earthquake magnitude or a variety of different variants. When there’s an insured event, the input conditions of a smart contract will be changed accordingly. As a result, the claims process will be triggered immediately, and the financial payout can be delivered to a customer without any delays. The need of human-driven intervention is reduced which would reduce costs and allow the insurance holder to start to rebuild.   The added beauty of smart contracts as well is you can have multiple and they can collaborate between each other to make the correct decision, eliminating human error, corruption and also having set standards that everyone agrees to.    The world of smart contracts has not breached into industries that govern our society, but we are seeing more and more investment into blockchain technologies and this will continue into the future.    You can keep up to date with what is happening at Crowdholding by following us on Facebook, or talk with us on telegram.    
Project: Crowdholding Blog | Rewards: 0 YUP
Introducing iolite: A universal translation platform between humans and machines | Posted 1 year, 4 months ago
Blockchain and smart-contracts are powerful technologies, which can drastically reduce business operational costs, increase efficiency, and expand operational capabilities. However, the process of writing smart contracts is lengthy, expensive, and risky since bugs in code can cause substantial financial damage. Additionally, only a handful of programmers have the niche of smart contract development yet. These factors combine into a bulwark of barriers to be passed for businesses seeking to implement blockchain technology solutions.   Our goal is to write smart contracts easier and the solution is to use your own language: The iOlite platform utilizes blockchain and machine training technology, receiving text as an input from either programming (Python, C++, etc.) or spoken (English, Russian, etc.) languages. This text input is converted into a target programming language such as Ethereum Solidity smart contracts.    Well, do you know how to write a smart contract with Ethereum Solidity? If the answer is "no" and you would like to write a smart contract, using C or C++ (or any other programming or spoken language,) than you can do so with iOlite. Let us know, how you feel about iolite. What challenges could we encounter and how to deal with them ? Is our solution timely?  We are looking forward to your valuable contributions and ideas.
Project: iOlite | Rewards: 1000 YUP and 50.0 iLT

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