Jan 25, 2021
Is NGK.IO’s smart contract a gimmick? What exactly is it?
Recently, with the continuous rise of NGK coins, the NGK.IO smart contract that has always been emphasized has also started to attract attention. Is NGK.IO smart contract a gimmick? What exactly is it? What kind of protection can it bring to us? I believe that after reading this article, you will have a complete answer.
What is NGK.IO smart contract? In short, NGK.IO smart contract is a technology that digitizes the contracts in our lives and automatically executes them after certain conditions are met. In actual operation, we only need to enter the agreed reward and punishment measures into the blockchain in the form of code, and then the program will automatically execute when the agreed condition is triggered. This is the NGK.IO smart contract.
The records in the NGK.IO smart contract are credible and shareable. Since the content of the NGK.IO smart contract is very secure, the parties to the contract do not even need to back up, which will bring great value to modern enterprises. It can reduce the conflicts in the work process caused by the lack of a single credible record in multiple departments in modern enterprises.
NGK.IO smart contracts are highly deterministic. Traditional contracts sometimes cannot be executed as agreed due to errors or the unwillingness to perform by one party’s. However, in the NGK.IO smart contract, as long as the terms have been agreed to be generated, the key parameters in the contract will be automatically executed when the pre-set conditions are met, and there is no need for approval at every link. This is also determined by the environment in which it runs.
Many of the features of NGK.IO smart contracts are in line with the decentralization of the blockchain and the immutability of data. NGK.IO smart contract data established through the blockchain will be transparently recorded on the chain. The data possessed by it can be traced and cannot be tampered with, which can solve the trust problem among strangers from a technical perspective. It not only has significant advantages in cost efficiency, but also can effectively prevent malicious behavior from interfering with the normal execution of the contract. At the same time, the consensus algorithm of NGK.IO also ensures the efficient operation of NGK.IO smart contracts.
Advantages of NGK.IO smart contract
First, it can completely rely on technology to allow users to independently establish contracts and achieve decentralization;
Second, transparency and fairness. The NGK.IO smart contract cannot be tampered with. When its code and conditions are clearly formulated and recorded on the blockchain, the entire process is completely executed by the program, and even the developer who wrote the code cannot tamper with;
Third, flexibility. Even with an unfamiliar foreigner, you can still establish a connection through the NGK.IO smart contract without being restricted by any region or legal system.
The emergence of NGK.IO smart contracts has broadened the usage scenarios of blockchain. Not only plays an executive role in the blockchain, it also brings more application development directions to the blockchain. It is to believe that in the future, with the NGK.IO blockchain 3.0 launched by NGK.IO, NGK.IO smart contracts will have a broader application. By then, all investments can enjoy the benefits of this great change!
