The Ethereum platform, which is the second most traded cryptocurrency in the global financial markets after Bitcoin, incorporates many new technologies. Many coins have been created on the Ethereum network.
With the Ethereum 2.0 update that took place on December 1, 2020, it became the most remarkable coin. It seems certain that the Ethereum 3.0 update, which is expected to be made in July, will give this cryptocurrency a new look.
The biggest feature of Ethereum that sets it apart from Bitcoin is its smart contracts. These contracts are digital contracts that pay users only after certain conditions are met.
The benefits of smart contracts
The benefits of smart contracts that Ethereum provides generally include:
Eliminate third parties in transactions. For example, let’s say you have a smart contract for your home. In a traditional transaction, you will need a real estate agent to assist you with the paperwork and mediate transactions with the buyer. Instead, smart contracts transfer the home directly to the buyer without anyone else’s intervention. You also don’t have to pay third parties like a real estate agent.
Fast transactions. No need to wait for documents to be processed. Smart contracts are faster and easier. Everything is done online. In fact, you avoid a large amount of paperwork altogether.
It allows developers to create smart contracts and Decentralized Applications. Thanks to these applications, the confidentiality of transactions increases and users are protected from fraud.
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