Breaking the barriers: This DApp marketplace is finally democratizing smart contracts
Time is a critical factor for most organizations in today’s digitally connected world. Cost reduction is also an important KPI for all functions, resulting in a rapid push toward digitization of most operational activities. Remote teams are no longer an outlier. Given these considerations, the benefits of smart contracts may be obvious for all businesses, and in my opinion, an ideal solution perfectly suited to our digitally transforming enterprises.
Anyone who searches “What is a smart contract?” will quickly discover that it is a computer code on the blockchain, a decentralized digital ledger system.
Companies ranging from utility to health insurance providers are looking into how smart contracts can help them do business while keeping information secure. Their growing popularity aided in the formation of the decentralized finance sector abbreviated as DeFi.
A DeFi account could be accessed from anywhere in the world via an internet connection. They can then conduct transactions normally associated with banks without having to go through those entities or intermediaries.
What are smart contracts about?
Smart contracts are algorithms that automate the execution of parties’ agreements. When the terms of a contract are met, they can be programmed to self-execute. They are the foundation of dApps and operate on a decentralized distribution system. dApps are linked to the blockchain via smart contracts rather than a centralized data server.
In a nutshell, dApps are “blockchain-enabled” platforms, and smart contracts enable them to connect to the blockchain. Contract development is a more efficient, cost-effective, and secure method of managing agreements or transactions. You can use dApps to reduce transaction failure, improve control, prevent hijacking or data loss, and much more.
The adoption of blockchain-based smart contracts has increased significantly since their introduction. Initially, a growing open source community ran the technology – more or less – in a sandbox environment on the basis of a fully public distributed ledger with a consensus mechanism accessible to anyone in the world without limitations, such as the Ethereum blockchain. Businesses are currently starting to operate consortium distributed ledgers controlled by a corporate intermediary arbitrary defining the scope of read and write permissions to preselected entities.
How is Smart contract adoption going?
Spanish banks investigated the use of smart contracts to administer instant credit transfers in one trial. The company that helped with the rollout clarified that the system could be used to send money for any reason.
Similarly, financial authorities in Singapore recently completed the fifth phase of an initiative known as Project Ubin, which examined blockchain-based options across a multicurrency payments network. Real-world trials validated smart contracts for a variety of arrangements, including conditional payments and trade escrow.
IBM also announced an update to its smart contracts offering. It enables multiple parties to propose and amend changes to existing smart contracts rather than only accepting or rejecting others’ proposals.
However, despite the growing adoption of smart contracts, a major challenge is the problem of the required expertise and engineering hours required to create them. Each smart contract must be built from the ground up, which necessitates technical knowledge. Because this is an all-digital environment, knowing how to code is obviously required.
The proliferation of smart contract-powered dApps in DeFi, gaming, and NFTs has resulted in a severe shortage of talented developers. Even those who are available charge exorbitant fees, effectively barring startups and individuals from participating.
This has prompted Transient, a smart contract ecosystem to build No-code smart contracts that can be easily used by any individual or company
What is the Transient network?
Transient Network is an ecosystem that was built from the ground up with the sole purpose of facilitating and increasing blockchain adoption across all industries and walks of life.
The project provides next-generation smart contracts with zero-touch data-driven workflow, allowing for seamless creation, deployment, and execution. The platform is extremely user-friendly, with a very simple design that will make it easy to use even for those with no prior experience with smart contracts or coding in general. This means that no development tools are required.
Most people and businesses lack the technical knowledge required to participate in smart contracts. They are no longer deprived of the immutability, transparency, speed, accuracy, and hyper-security that smart contracts bring to any transaction or agreement with the release of TSC-Core.
The TSC-Core DApp enables anyone, anywhere, at any time, to create and manage Next-Gen Contracts with no coding or tools required.
TSC Core’s transfer, deposit, and digital signature features enable users to create self-executing contracts for a variety of use cases such as startup funding, rental agreements, invoices, will contracts, and much more. The DApp’s clean and intuitive interface makes creating smart contracts as simple as filling out a simple form.
Best of all, the core of the project has been designed to be blockchain-agnostic. As a result, it can be used on any chain, which is ideal for those who prefer one chain over another. With Ethereum’s gas fees consistently too high, for example, many users are turning to projects like Huobi’s HECO Chain or Binance Smart Chain to run their smart contracts and develop new solutions.
TSC-Pooling, another Transient dApp, allows users to create their own pools for crypto-price predictions and share in the profits, with creators rewarded for their efforts.
Furthermore, the Transient team is developing an eSport dApp that will allow users to wager on eSport games, leagues, and tournaments.
Meanwhile, TSC-NDA is being developed with the business community in mind. The third dApp is a home for anything and everything related to putting you at ease when working with partners or clients — with legal advisors providing first-hand experience and expertise to ensure a seamless product is bulletproof within the legal landscape.
Smart contracts made easy
Transient is creating the “Amazon of Smart Contracts” — a global marketplace of decentralized applications (DApps) to assist non-coders in creating self-enforcing and self-executing smart contracts for specific use cases and industries. Its DApps can be developed on multiple chains with ease because it is a blockchain-agnostic and Ethereum Virtual Machine (EVM) compatible platform.
Their dApps are housed in the Transient global marketplace and aim to provide real value for specific business use-cases. The platform is intended for both individual freelancers and large corporations.