Zibb Coin Smart Contracts

Peculiarities and benefits of smart contracts

Zibb Coin smart contracts - code-driven contracts that are computer software controlling transactions with a Zibb Coin asset between parties, with a number of conditions. This program is necessary to guarantee the fulfillment of obligations by the parties to the transaction and to automate the financial process. In addition, owing to smart contracts, it is possible to avoid disputable situations, according to the regulations incorporated to the contract and implementation of the required actions.

Due to the automatic execution, neither party can refuse to fulfill its obligations under the contract, and a dispute cannot arise. Barriers to trading, lending, investing, such as uncertainty about the reliability of the other party, low valuation or high cost of dispute resolution, are eliminated.

Functions of smart contracts

  • control over the implementation of contracts that were concluded between parties;
  • automated workflow. Manipulations by intermediaries are excluded, since the agreement is entirely controlled by the network;
  • reliability. All documents are encrypted and sent for storage to a distributed ledger. Cases of documents’ loss are completely excluded;
  • backup copy. Every participant in the network has copies of data;
  • security. The cryptography and encryption completely eliminate the possibility of hacking or theft;
  • speed. The software code of smart contracts can be used for processes’ automation, thus releasing you from the necessity to manually manage them;
  • profitability. Since the use of smart contracts eliminates the need in intermediary services, you do not need to pay for confirmation of the transaction’s validity;
  • accuracy. The present contracts allow avoiding errors typical for manual filling out forms and reports.

Transparency for the User

Zibb Coin provides an opportunity to conclude a smart contract between parties in an understandable form. Transparency and ease of perception by users have been and remain one of the main principles when creating a cryptocurrency.

Therefore, for people, not familiar with programming, the smart contract Zibb Coin shows the result in an understandable form.

What's available in smart contracts:

  • any variables describing the current state of the DAG;
  • amounts, received in transactions, data from transactions;
  • who sent the transaction, information about assets;
  • access to various public data from the DAG
  • balances, arithmetic and logical operations;
  • some mathematical functions, cryptographic functions (hash creation, signature verification).

How do smart contracts work?

All types of smart contracts are created automatically, when the user performs a financial transaction. Smart contracts are different in their structure and content of financial information, it depends on the purpose of using the Zibb Coin cryptocurrency. The Zibb Coin Wallet and all services of the Zibb system, where cryptocurrency is a circulating asset, have built-in functions that simplify the creation of smart contracts. The user submits a request for a certain type of transaction with the Zibb Coin cryptocurrency and the smart contract is created automatically. The smart contract always has several conditions that determine: when income will be credited or interest rate paid, when the amount of payment or pledge is returned, when the loan, deposit, investment or other program expires. As soon as the conditions are determined and the function is confirmed, the user receives the smart contract and accepts its conditions.

Options for using smart contracts

The options for using smart contracts on Zibb Coin are conditional transactions, insurance, lending, deposit, investments, wherever it makes sense to condition the transaction. Smart contracts are used to effectively eliminate distrust between the parties and represent an obligation with certain guarantees.