Smart Contracts and their Role in CyClean’s Ecosystem
Hey guys, the weekend is over, and we’re here on another exciting Monday with CyClean. For those of you joining us for the first time, we want to tell you that CyClean is a cryptocurrency project that promotes clean through the integration of green technology with blockchain. As our dedicated readers already know, CyClean has a smart contract feature that is deployed when users rent CyClean’s electric vehicles in the CyClean ecosystem. Today, we want to explain to you what a smart contract is and how it is used with CyClean.
What in the World is a Smart Contract?
The two words individually are common words that almost everyone knows. Smart and contract. Put together, they are not difficult to understand. Here’s our definition of “smart contract.” A smart contract is a self-executing contract that allows people to exchange goods, services, properties, and many other things. There are rules attached to smart contracts, and if these rules are violated, then the contract will end automatically. This feature was created by the founder of Ethereum, Vitalik Buterin, and is gaining widespread adoption.
What’s so Good about a Smart Contract?
First, a smart contract does not require an intermediary, such as a lawyer or a broker. The system makes it so that the middleman is unnecessary. This makes using smart contracts more efficient, for an intermediary means more costs. Then does this mean you lose trust? Absolutely not. In fact, the terms of the contract are not only recorded on the ledger, but they are encrypted. Smart contracts are stored on the blockchain so there will always be a backup. They also are free from the errors that can occur when we fill out forms with paper and pen. Overall, smart contracts improve the current paper contracts that are in place.
CyClean and Smart Contracts
CyClean uses the smart contract feature in its rental ecosystem. You have heard of our IMBIKE and the 3GO motorbike, and you know that they are part of a rental system. To make the rental process more efficient, CyClean has decided to use smart contracts. The smart contract feature makes it so that both parties hold up their end of the deal. Let’s say someone rents the 3GO but stops paying their rental fee. The smart contract will automatically lock the machine if the person does not pay the fee. This is an awesome new feature that reduces unnecessary costs and time.
A Six Step Smart Rental Service
This is how the system works with CyClean:
1. People request the rental service
2. The smart contract begins
3. The payment is made with the CyClean token
4. The smart contract confirms the payment
5. The rental service begins
6. The rental service is managed with the smart contract
By introducing this piece of technology to its ecosystem, CyClean creates a fair and efficient structure for the team and for users. You now know what a smart contract is. Now go tell your friends about smart contracts and about CyClean!
** For more information about CyClean, please visit our website at cyclean.io.
What in the World is a Smart Contract?
The two words individually are common words that almost everyone knows. Smart and contract. Put together, they are not difficult to understand. Here’s our definition of “smart contract.” A smart contract is a self-executing contract that allows people to exchange goods, services, properties, and many other things. There are rules attached to smart contracts, and if these rules are violated, then the contract will end automatically. This feature was created by the founder of Ethereum, Vitalik Buterin, and is gaining widespread adoption.
Source: https://medium.com/cryptronics/ethereum-smart-contract-security-73b0ede73fa8
What’s so Good about a Smart Contract?
First, a smart contract does not require an intermediary, such as a lawyer or a broker. The system makes it so that the middleman is unnecessary. This makes using smart contracts more efficient, for an intermediary means more costs. Then does this mean you lose trust? Absolutely not. In fact, the terms of the contract are not only recorded on the ledger, but they are encrypted. Smart contracts are stored on the blockchain so there will always be a backup. They also are free from the errors that can occur when we fill out forms with paper and pen. Overall, smart contracts improve the current paper contracts that are in place.
CyClean and Smart Contracts
CyClean uses the smart contract feature in its rental ecosystem. You have heard of our IMBIKE and the 3GO motorbike, and you know that they are part of a rental system. To make the rental process more efficient, CyClean has decided to use smart contracts. The smart contract feature makes it so that both parties hold up their end of the deal. Let’s say someone rents the 3GO but stops paying their rental fee. The smart contract will automatically lock the machine if the person does not pay the fee. This is an awesome new feature that reduces unnecessary costs and time.
A Six Step Smart Rental Service
This is how the system works with CyClean:
1. People request the rental service
2. The smart contract begins
3. The payment is made with the CyClean token
4. The smart contract confirms the payment
5. The rental service begins
6. The rental service is managed with the smart contract
By introducing this piece of technology to its ecosystem, CyClean creates a fair and efficient structure for the team and for users. You now know what a smart contract is. Now go tell your friends about smart contracts and about CyClean!
** For more information about CyClean, please visit our website at cyclean.io.
