Hello. 👋🏻 In this post, we will tell you what smart contracts are and how they are applied in DSF.

❓ What are smart contracts?

🔸 Smart contracts are computer protocols in which all the terms of the contract on both sides are indicated.

🔸 They work on an "if-then" basis. For example, let's say you sell a car for $ 30,000. By concluding a smart contract, you will have an agreement in which "If you sell a car, the buyer must pay you $ 30,000."

🔸 As soon as both parties of the transaction are ready, the transaction will be recorded in the blockchain and executed. You will receive your money, and your buyer will receive a car, as an example.

🔸 The main advantage of the smart contract is that it performs the transaction itself, thereby ensuring that the agreement is upheld. In addition, you save on intermediaries and you know that the transaction is duplicated in the blockchain.

💡 How are smart contracts used in DSF?

🔹 Smart contracts will help us combine the two parts of the project. Decentralized social network and decentralized financial platform.

🔹 In the DSF social network, each user will be able to receive a guarantee of the execution of all transactions on the platform, from the purchase of goods to banking services, because if one of the parties is not able to fulfill the conditions, the smart contract will simply reject the transaction.

📢 Read more about smart contracts in DSF on our website: https://dsft.io

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