From EXPERT: 7 Differences in "real life" Contracts between Smart Contracts and Traditional Contracts

Here are expert insights on real-world contracts to highlight the differences now. If you are a reader of this article and are passionate about blockchain and smart contracts, with a desire to earn money in the crypto space, then this is an opportunity for you: https://5fingersgroup.com/mymetaforce/ 

The advent of blockchain technology has introduced new and innovative ways of conducting business, and smart contracts have emerged as a prominent application of this technology. Smart contracts are self-executing contracts with the terms of the agreement directly written into code and deployed on a blockchain platform. They offer distinct advantages over traditional contracts used in real-world scenarios. In this article, we will explore the seven key differences between smart contracts on blockchain and traditional contracts in real life.

1. Automation and Self-execution

One of the fundamental differences between smart contracts and traditional contracts is their ability to automate and self-execute. Smart contracts are written in code, which contains the logic and rules that govern the contract. Once deployed on the blockchain, smart contracts automatically execute when predefined conditions are met without the need for intermediaries or third-party authorization. This automation and self-execution feature of smart contracts eliminates the need for manual intervention and reduces the potential for human errors, delays, and disputes that are common in traditional contracts.

In contrast, traditional contracts in real life require manual intervention at various stages of the contract lifecycle. Parties involved in a traditional contract need to manually draft, review, negotiate, and sign the contract, and then rely on intermediaries, such as lawyers or notaries, to enforce the terms of the contract. This manual process can be time-consuming, costly, and prone to errors and disputes.

2. Transparency and Immutability

Smart contracts on blockchain offer transparency and immutability, which are not readily achievable in traditional contracts. Transparency refers to the visibility of the contract terms and actions to all parties involved, while immutability refers to the inability to alter or delete the contract once it is deployed on the blockchain.

• Smart contracts are stored on the blockchain, which is a distributed and decentralized ledger. This means that all parties involved in a smart contract can have access to the contract terms and actions, and any changes made to the contract are recorded on the blockchain and visible to all parties. This transparency ensures that all parties have a clear understanding of the contract terms and the actions performed by the contract, reducing the potential for disputes and misunderstandings.

• Immutability is a crucial feature of smart contracts on blockchain. Once a smart contract is deployed on the blockchain, it cannot be altered or deleted, and the contract terms and actions are recorded on the blockchain permanently. This immutability ensures that the integrity of the contract is maintained, and the contract cannot be tampered with or manipulated by any party, providing a high level of security and trust.

In contrast, traditional contracts in real life can be altered or deleted, and changes made to the contract may not be easily visible or verifiable by all parties involved. This lack of transparency and immutability in traditional contracts can lead to disputes and difficulties in enforcing the contract terms.

3. Decentralization and Trust

Decentralization and trust are inherent features of smart contracts on blockchain that differentiate them from traditional contracts. Blockchain is a distributed and decentralized ledger, where smart contracts are stored and executed. This means that there is no single point of failure, and the control of the contract is not centralized in the hands of any single party.

• Smart contracts on blockchain are designed to operate in a trustless environment, where parties do not need to trust each other explicitly. The trust is established through the consensus mechanism of the blockchain, where the validity and integrity of the contract are verified and agreed upon by the network of nodes in the blockchain. This decentralized nature of smart contracts on blockchain reduces the need for trust in intermediaries and minimizes the potential for fraud or manipulation.

In contrast, traditional contracts in real life often require trust in intermediaries, such as lawyers, notaries, or other third parties, to ensure the validity and enforcement of the contract. The reliance on intermediaries for trust can be time-consuming,costly, and may still carry the risk of human error or fraud.

4. Security and Privacy

Smart contracts on blockchain offer enhanced security and privacy compared to traditional contracts. Blockchain technology uses advanced cryptographic techniques to secure the data and transactions on the blockchain. The code of smart contracts is stored on the blockchain in an encrypted format, making it highly resistant to tampering or unauthorized access.

• Additionally, smart contracts on blockchain are executed using a consensus mechanism, where the network of nodes validates and agrees upon the execution of the contract. This consensus mechanism ensures the integrity and security of the contract, as any malicious attempt to alter the contract would be detected and rejected by the network.
• Furthermore, smart contracts on blockchain provide privacy to the parties involved. While the details of the contract and the transactions are stored on the blockchain, the identities of the parties involved in the contract can be kept confidential or pseudonymous, depending on the design of the blockchain network. This privacy feature protects the parties from potential risks, such as identity theft or information leakage, which can be concerns in traditional contracts where personal information may be shared among multiple parties.

On the other hand, traditional contracts in real life may lack the same level of security and privacy. Paper-based contracts or digital contracts stored on centralized systems can be vulnerable to physical damage, loss, or unauthorized access. The reliance on multiple parties for validation and enforcement of the contract may also increase the risk of security breaches or privacy violations.

5. Efficiency and Cost-effectiveness

Smart contracts on blockchain offer significant efficiencies and cost-effectiveness compared to traditional contracts. The automation and self-execution feature of smart contracts eliminate the need for manual intervention and reduce the time and effort required to complete contract-related tasks, such as drafting, reviewing, and signing.

• Smart contracts on blockchain also reduce the need for intermediaries or third parties, such as lawyers or notaries, for validation and enforcement of the contract. This eliminates the associated costs of intermediaries, which can be substantial in traditional contracts. The consensus mechanism of the blockchain also reduces the potential for disputes and delays, which can result in additional costs in traditional contracts.

• Moreover, smart contracts on blockchain can enable new business models and revenue streams through the use of tokens or cryptocurrencies as a form of payment or value exchange. This can streamline the payment process, reduce transaction fees, and enable cross-border transactions without the need for traditional financial intermediaries, resulting in cost savings.

In contrast, traditional contracts in real life can be time-consuming, labor-intensive, and costly, involving multiple parties, manual processes, and potential disputes. The reliance on intermediaries for validation and enforcement of the contract can also add significant costs to the overall contract process.

6. Accessibility and Inclusivity

Smart contracts on blockchain have the potential to increase accessibility and inclusivity in contract transactions. Blockchain technology operates on a decentralized network that is open to anyone with an internet connection, allowing parties from different parts of the world to participate in contract transactions without the need for intermediaries or traditional financial systems.

• Smart contracts on blockchain can enable transactions in areas where traditional financial systems may be inaccessible, unreliable, or expensive. For example, in developing countries or regions with limited access to banking services, smart contracts on blockchain can provide an alternative means of conducting transactions, exchanging value, and entering into contracts.

• Furthermore, smart contracts on blockchain can enable new business models, such as decentralized applications (dApps) or decentralized finance (DeFi), which provide opportunities for individuals or small businesses to participate in contract transactions and financial activities without the need for intermediaries or extensive financial resources.

In contrast, traditional contracts in real life may be limited in accessibility and inclusivity, as they often require the involvement of intermediaries, financial institutions, or legal systems, which may not be easily accessible to everyone or may have prohibitive costs.

7. Flexibility and Programmability

One of the key differences between smart contracts on blockchain and traditional contracts is the flexibility and programmability of smart contracts. Smart contracts are typically written in code and can be customized to suit the specific needs of the parties involved. This allows for a high degree of flexibility in defining the terms and conditions of the contract, as well as the ability to automate various tasks and actions.

• Smart contracts on blockchain can be programmed to execute automatically based on predefined conditions or triggers, without the need for manual intervention. For example, a smart contract can be programmed to release funds to a contractor once certain milestones are met, or to automatically transfer ownership of a digital asset once payment is received. This automation can significantly streamline the contract process and reduce the potential for disputes or delays.

• Furthermore, smart contracts on blockchain can be interconnected or combined to create more complex and sophisticated applications. For example, multiple smart contracts can be linked together to create a supply chain management system, where each contract represents a specific task or action within the supply chain process. This interoperability and composability of smart contracts can enable new possibilities for business processes and collaborations.

In contrast, traditional contracts in real life are typically static and rigid, with limited flexibility in terms of customization or automation. Once a traditional contract is signed, any changes or modifications may require additional negotiations, approvals, or legal processes, which can be time-consuming and costly. The lack of programmability in traditional contracts may also limit the potential for innovation or optimization in business processes.

Conclusion

In summary, smart contracts on blockchain offer several key differences compared to traditional contracts in real life. Smart contracts are self-executing, transparent, secure, and efficient, with automation, consensus, and privacy features. They also offer accessibility, inclusivity, and programmability, allowing for a higher degree of flexibility and innovation in contract transactions.

• Smart contracts on blockchain have the potential to revolutionize various industries and business processes, ranging from finance and supply chain management to real estate and intellectual property. However, it's important to note that smart contracts are still relatively new technology and may have their limitations and risks, such as regulatory compliance, technical vulnerabilities, and potential disputes in case of errors or unforeseen circumstances.

As blockchain technology continues to evolve and gain wider adoption, smart contracts are likely to play an increasingly important role in the way contracts are created, executed, and enforced. It's important for businesses, governments, and individuals to understand the unique features of smart contracts on blockchain and explore the opportunities and challenges they present in the world of contracts and transactions.

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Uniteverse and Forcecoin: The Ultimate Launch in the World of Cryptocurrency

Uniteverse and Forcecoin, the highly anticipated cryptocurrencies, are set to be launched in the coming days. With the final code for the smart contracts received and the Uniteverse system passing the main audit successfully, the team is now diligently working on debugging the interface to ensure smooth transaction displays and seamless system operations.

Cutting-edge Smart Contracts for Uniteverse and Forcecoin

One of the key features of Uniteverse and Forcecoin is their advanced smart contract technology. These cryptocurrencies are built on state-of-the-art smart contracts that provide users with secure and transparent transactions. The smart contracts have undergone rigorous auditing and testing to ensure their reliability and robustness, making Uniteverse and Forcecoin a trusted choice for cryptocurrency enthusiasts.

Seamless Migration Process for Uniteverse and Forcecoin Users

The team behind Uniteverse and Forcecoin is committed to ensuring a smooth migration process for users from the old system to the new one. Recognizing the importance of a seamless transition, the team is dedicating additional time to perfecting the migration setup. This ensures that users can transfer their referral links to the core contract with ease, resulting in a more stable and robust program.

Innovative Inner Balance Feature of Uniteverse

Uniteverse introduces an innovative "Inner Balance" feature that sets it apart from other cryptocurrencies. This unique feature allows users to manage their cryptocurrency assets within the platform, providing them with greater control and flexibility in managing their investments. With the Inner Balance feature, Uniteverse offers a user-friendly and convenient way for users to keep track of their cryptocurrency holdings.

Public Availability of Uniteverse and Forcecoin

After thorough testing and debugging, Uniteverse and Forcecoin will be made publicly available, allowing users from around the world to participate in these exciting new cryptocurrencies. The widespread availability of Uniteverse and Forcecoin opens up new opportunities for investors and users alike to join the growing cryptocurrency market.

Robust and Stable Program for Uniteverse and Forcecoin

The migration of referral links to the core contract and the thorough testing process ensure a more stable and robust program for Uniteverse and Forcecoin. Users can expect a reliable and secure platform for their cryptocurrency transactions. The team behind Uniteverse and Forcecoin is dedicated to delivering a high-quality product, and the rigorous testing and addressing of any inconsistencies are a testament to their commitment to providing users with the best possible experience.

Commitment to Quality: Delivering the Best Experience for Users

Despite facing some delays in the launch process, the team behind Uniteverse and Forcecoin remains committed to delivering a high-quality product. The team understands the importance of thorough testing and addressing any inconsistencies to ensure a flawless user experience. With their unwavering commitment to quality, Uniteverse and Forcecoin are poised to provide users with a seamless and reliable cryptocurrency platform.

Conclusion

Uniteverse and Forcecoin are set to make a splash in the world of cryptocurrency with their unique features and advantages. The advanced smart contracts, seamless migration process, innovative Inner Balance feature, and commitment to quality make Uniteverse and Forcecoin promising choices for cryptocurrency enthusiasts.

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Overview of Meta Force's Royalty NFT: A Different Approach in the World of NFTs.

Meta FORCE: A Universe of Cryptocurrency and Decentralized Tools

Meta FORCE is a whole Universe of cryptocurrency and decentralized tools, in which everything is interconnected. We are introducing our program, which is the beating heart of all MetaForce Programs - Royalty NFT. This program helps to strengthen the motivation of increasing selections, which drives the development of our Community. By participating in the program, you acquire a profit and maintain the balance of our system.

What is Royalty NFT?

Royalty NFT is a status program where you receive Royalty Bonuses, and it is implemented in the NFT format. The status program consists of 7 NFT levels. Royalty bonuses are credited based on the total product turnover of the Meta Force programs.

What are Royalty NFT Bonuses?

Royalty NFT bonuses represent a portion (share) of the total product turnover. Each participant with NFT, having a status, receives bonuses, the amount of which depends on its level of NFT status. The total amount of bonuses can be increased in proportion to the growth of Royalty NFT status. The higher the status of your NFT, the higher the bonus you will receive. There are seven levels.

Levels & Status

An NFT may have one of the status levels:

• Just NFT
• Activator
• Supervisor
• Manager
• Pro-Manager
• Pacesetter
• Ambassador
• Millionaire's Club Member

How to get Royalty NFT?

By participating in the Classic program, upon reaching the fifth level in the matrix slots, you can generate one NFT Royalty - for one account. It is possible to get NFT in this way only once. Each participant can sell NFTs - accordingly, anyone can buy an unlimited number of NFTs. At this stage, getting an NFT is simple. After the start of UniteVerse, the condition for a similar gain will be: 5 levels in Classic plus 3 levels in UniteVerse. In the future, to get Just NFT for free, you will need to have levels in other marketing programs as well. As the system grows and develops, getting Royalty NFT will become more difficult.

How to Buy Royalty NFT?

The opportunity to purchase NFTs will be open to everyone. The easiest way is to buy the Royalty NFT on the OpenSea marketplace where you can trade NFTs.

What is Just NFT?

Just NFT is a basic zero-level NFT. By charging the NFT with Energy, you achieve statuses that provide you with income from the global revenue pool. Just NFT has no status and, therefore, does not receive a share from the turnover.

How to Obtain Energy Tokens?

Energy tokens are awarded for different types of activity in Meta Force programs. In the future, there will be plenty of opportunities to accumulate Energy, but charging your NFTs will become harder. In order to start receiving income from the revenue, your NFT should reach at least the first status. You will need 3500 Energy tokens to reach level one, unlocking the Activator status.

What are SFC, SFCR, SFC2, and SFCR2 Tokens?

• The first participants receive SFC / SFC2 for participating in the matrix program, which can be used as Energy. SFC, SFCR SFC2, SFCR2. 
• The earliest participants received an SFC, which can be used as energy with a maximum coefficient, 1 to 1. 
• The moment Royalty NFT launches, emission of SFCs stops. It is replaced by SFC2. SFC2 is for activating and SFCR2 tokens for reactivation. The SFC2 to Energy ratio is 2 to 1, which is two times lower than the SFC, although still a high coefficient. 
• Keep in mind that SFC2 is a temporary bonus at the start-up stage. SFCR and SFCR2 can have the same value properties as SFC and SFCR2, on condition to the corresponding product turnover, which will be possible to realise after product launch.

How to Obtain Energy for the NFT Royalty Program?

• Energy for the NFT Royalty program can be obtained for a variety of volume-generating activities in Meta Force. Charging is easier in the early stages, but gradually it will become more complicated in the future. 
• Receiving SFC & SFC2 tokens for slot activation in the matrix program is a limited opportunity during the pre-launch period (as well as SFCR & SFCR2 for reactivation). They can be used as Energy. 
• Purchase of products-by you, or by your partners and customers of your structure, can bring you Energy. Purchases of such products include, among other things, activity in games, if a participant makes purchases in them. Energy cannot be sold (and bought) directly. 
• However, the participant can sell the NFT charged with Energy tokens. Another participant may use the purchased NFT along with its Energy to merge with another NFT he owns in order to merge their Energy.

Significance of Status Royalty NFT

Even at the minimal level, owning a Status Royalty NFT is a privilege, as it allows impressive accruals from worldwide income to be allocated to the holder.

Due to the difficulty of obtaining status, the value of the NFT is high. If you are not ready to achieve even the minimum status, you have the option of selling the NFT.

Status Upgrade Royalty NFT

After reaching the first status, the NFT upgrade method will change. To get to the next status, Supervisor, you will need to collect three NFTS with level 1 status, Activator, and combine them. After the merge, the three NFT Activators are burned, and in their place, you will have one NFT - Supervisor.

Further upgrades of the NFT to new levels take place according to a similar scheme.

Upgrade Path

• 3 NFT Activator -> 1 NFT Supervisor
• 3 NFT Supervisor -> 1 NFT Manager
• 3 NFT Manager -> 1 NFT Pro-Manager
• 3 NFT Pro-Manager -> 1 NFT Pacesetter
• 3 NFT Pacesetter -> 1 NFT Ambassador
• 3 NFT Ambassador -> 1 NFT MCM (Millionaire's Club Member)

Royalty NFT

• By owning NFTs, you receive an income in the form of bonuses. The higher your level and the number of NFTs you own, the greater your income will be!
• 30% of the volume of Meta Force products form a pool for Royalty bonuses. These are the most generous Royalty bonuses ever!

Percentage of Bonuses Awarded

• Activator (10%)
• Supervisor (11%)
• Manager (12%)
• Pro-Manager (13%)
• Pacesetter (14%)
• Ambassador (15%)
• Millionaire's Club Member (25%)

Summary

• The passage describes the Royalty NFT program within the Meta FORCE Universe of cryptocurrency and decentralized tools. Royalty NFT is a status program consisting of seven NFT levels, which participants can earn by participating in the Classic program and reaching the fifth level in the matrix slots. 
• The higher the NFT status level, the higher the bonus participants receive, which is a share of the total product turnover. Participants can also buy and sell NFTs and accumulate Energy tokens, which are needed to reach at least the first status level. 
• The significance of having a status level is the privileged allocation of impressive accruals from world income, making the NFTs valuable. To upgrade the status, participants need to collect and combine NFTs with the same level of status.

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What are instant payments via smart contract to your wallet?

What is a Smart Contract?

A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. They run on the blockchain and automatically execute when certain conditions are met. This means that once the conditions are met, the payment will be transferred to your wallet instantly without any need for a middleman or third-party authorization.

#instantpayments#smartcontracts#cryptocurrency#blockchain#PolygonNetwork#DAIstablecoin#financialtransactions#securepayments#fastertransactions#convenientpayments

The Benefits of Using Smart Contracts for Instant Payments

Security

Since smart contracts are stored on the blockchain, they are immutable and cannot be altered or deleted. This means that once the conditions of the smart contract are met, the payment will be sent to your wallet without any risk of fraud or interference.

Speed

Since there is no need for a middleman or third-party authorization, payments can be processed instantly, saving time and increasing convenience for both parties.

If you're interested in connecting with Meta Force: https://meta-force.space/r/DoqKduNVhZ

How to Transfer DAI on the Polygon Network Using Smart Contracts

One example of making instant payments via smart contract is the transfer of the DAI stablecoin on the Polygon network. DAI is a stablecoin that is pegged to the US dollar, which makes it a popular choice for making payments and transactions. The Polygon network offers faster and cheaper transactions than Ethereum, making it an attractive option for those who want to make quick and affordable transactions.

Setting Up a Polygon Wallet

To transfer DAI on the Polygon network, you need to have a wallet that supports the Polygon network, such as MetaMask. Once you have your Polygon wallet set up, you can transfer DAI instantly to anyone else on the Polygon network using a smart contract.

Sending DAI Using Smart Contracts

To send DAI using a smart contract, you simply need to send the DAI to the smart contract address, along with the address of the recipient. The smart contract will then automatically execute the transfer, sending the DAI to the recipient's wallet instantly.

Conclusion

In conclusion, instant payments via smart contract to your wallet are a game-changer in the world of finance. With the ability to make fast, secure, and affordable payments using smart contracts, we are entering a new era of financial transactions. The example of transferring DAI on the Polygon network is just one of the many ways in which smart contracts are being used to revolutionize the world of payments.

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Unveiling the mystery of Meta Force through 9 essential questions

9 Questions to help you understand Meta Force better

• Meta Force is a global cryptocurrency ecosystem that has been generating a lot of buzz in recent times. With a decentralized platform that guarantees transparency, security, and resistance to external influences, the Meta Force system offers a unique approach to achieving financial well-being through the use of smart contracts and algorithm-based instant profit distribution.
• However, many people are still trying to wrap their heads around the concept of Meta Force and how it works. To help shed some light on this mysterious but fascinating topic, we have put together a list of nine essential questions that will provide a comprehensive overview of Meta Force.
• In this article, we will explore the fundamentals of Meta Force, including its purpose, benefits, and how it differs from other platforms. We will also delve into the intricacies of smart contracts and how they work within the Meta Force system. By the end of this article, you will have a clear understanding of what Meta Force is all about and how you can take advantage of it to achieve financial success.

#MetaForce #cryptocurrency #smartcontracts #algorithm #defi #passiveincome #activeparticipants #liquidity #emission #affiliateprogram

1. Why should people be interested in Force at all?

Force is the #1 DEFI platform, there are income opportunities for both passive and active participants, and for those who want to find the most promising coin - you won’t find a better crypto than ours. Force is the intersection of many different directions in cryptocurrency. Some will be interested in play-toearn games, some will be interested in creating NFTs, and others will be interested in Internet marketing tools.

2. And why was it necessary to make an offer for passive income? Is there a trick here?

Passive income is the strongest magnet for the widest audience. At the same time, active participants are the drivers of movement, while passive ones in most schemes are a ballast for the project, and demotivation for active participants. Force is a balanced scheme. In which the offer of passive income will attract the public, helping everyone to develop, but without the side effect.

3. And how we achieve such a balanced result?

Passive income in Force is economically justified. There are no pyramid schemes here. The growth of the coin is based on the expansion of use and growth in demand, with a limited emission. Staking is built on a unique scheme in which staking itself is production. There can be a lot of spillovers in new marketing, but they do not slow down the overall movement. As for the percentage of real business - here, I think, comments are unnecessary. In addition, there is motivation for activity. Many who have come for a passive will begin to act.

4.So many great opportunities! Is there anything left for active participants?

Still would! 100% of the income go to the affiliate network. We use many directions at the same time, this allows us to provide with income opportunities for everyone. It gives even more to the active ones, because the audience is involved much more intensively. In the Force programs, we will break all records for the number of successful participants.

5. If 100% of the turnover is the income of the participants, then what funds are used to create products?

Firstly, the creator does not take all the income that could come to ID No. 1. In addition, the Classic and Boost programs have a 25% commission for exiting auto-upgrade and autoreactivation. Those who are going to move on with us, this does not apply. And in the Force program, the product fund will be replenished at the IDO stage. Further, the product will already be self-sufficiency.

6. But what about ensuring the liquidity of the coin?

During the IDO period, two types of liquidity will be formed. The turnover of the affiliate program replenishes the product fund. And the turnover of direct purchases replenishes a smart contract of the crypto liquidity pool. Our coin has the strongest cryptonomics that respects all the principles of decentralization. In the Force program, income is in our coin.

7. So, participants have to wait for the end of IDO to use the funds?

During the IDO period, if desired, you can receive only in our coin, or only in BUSD, or you can receive 50/50. It is clear that BUSD will be chosen by those who need funds as soon as possible, who cannot wait. However, those who take the Force coin will get their hands on an asset that will grow. The choice is up to each participant.

8. And how do we will receive income in the Classic and Boost programs?

At the beginning only in BUSD. The peculiarity of classical matrices is that they have closed cycles, they are not compatible with emission, and therefore emission is only through the main Force program. Therefore, in the Classic and Boost programs, until the end of IDO, all turnovers will be in the BUSD stablecoin, which is always equivalent to the US dollar. As soon as our coin enters the open market, the Classic and Boost marketings will also be tied to it, and the price in them will be regulated by the Oracle smart contract.

9. Well. The only question left is why hasn't anyone done this before?

But now we have Force. Ideal opportunities have been created for people. It takes my breath away when I imagine what kind of great action will begin now!

If you're interested in connecting with Meta Force: https://meta-force.space/r/DoqKduNVhZ

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