➢ What is a Smart Contract?

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A Smart Contract is an agreement between two people / parties in the form of computer code.

This agreement can be for anything laid down at the beginning, such as buying and selling a house, or a piece of land, or a website domain name, a Crowd funding project or many, many other things, some yet to be thought of. These contracts run on the blockchain, so they are stored on a public database and cannot be changed. The transactions that happen in a smart contract are processed by the blockchain, which means they can be sent automatically without a third party, (ie without the interuption of a fallible human being).

Smart Contracts use the simple principle of, "if you do this, then I will do that".

Simply put, smart contracts work a lot like vending machines. For example, if you drop 2 dollars into the slot of a drinks machine, then make your selection, you will get a can of soda delivered to your hands. In the Digital world, if you just drop a required amount of a cryptocurrency into the smart contract, then your house, or whatever else drops into your account or ownership. All the rules and penalties are not only pre-defined by smart contracts, but are also enforced by them.

 Here is a superb 5 minute overview, all about Smart Contracts

What does all this mean for the participants in Forsage?

Well instead of Crowd funding, or a house or other purchase, we are looking at an unchangeable structure for the Forsage Matrix platform and it's payment plan. This means guaranteed payments into our Cryptocurrency wallets, in return for our actions as laid out within the terms of the Smart Contract.

The Forsage developers deployed this self-executing smart contract on the Ethereum Blockchain, that exists in perpetuity and cannot be modified by any entity. This gives indefinite access to the Forsage program and enables all its members continued participation in the matrix structure and uninterrupted commission payments between the program participants.

➢ Also see: what are DApps

Footnote:

ethereumEthereum was the first Cryptocurrency to run Smart Contracts and continues to be the biggest. Ethereum Smart Contracts are up 75% to just under 2M in March

Smart Contracts have increased by a factor of three compared to February 2020, to nearly 2 million. This is also at the same point where the network deployment costs are amongst their lowest. According to the well-respected analytics platform, Dune Analytics, this peak along with the low deployment costs, are reliable indicators that the adoption take up of the Ethereum platform is on the rise.

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