Re: [ANN][ICO] LOCI Thinking Better. Together.

I am curious to know more about BLOCKCHAINS! Even the word itself has me intrigued. I have read several articles and I am still trying to wrap my head around it . What I am asking for, in simple terms, is a basic rundown of this new technology and why its considered revolutionary. I am also wondering why InnVenn is using the Ethereum blockchain over others? Thanks!

The developers at InnVenn see an opportunity to use Ethereums smart contract features to secure patents on the blockchain.

Thanks for the response. What exactly is a smart contract?

A smart contract is a computer code running on top of a blockchain containing a set of rules under which the parties to that smart contract agree to interact with each other. If and when the pre-defined rules are met, the agreement is automatically enforced. The smart contract code facilitates, verifies, and enforces the negotiation or performance of an agreement or transaction. It is the simplest form of decentralized automation.