SOME VITAL ROLES SMART CONTRACT PLAY IN THE PUSS ECOSYSTEM

SO IT GOES As we continue to implement and make use of digital tokens and cryptocurrency and spend time in the world of blockchain and decentralized technologies, smart contracts, one of the many advanced and innovative features of the blockchain technology have basically emerged to be of vital importance to the blockchain, seeing as they are playing a very vital and crucial role, basically smart contracts are automatic, self executing agreement where by the terms of this agreement is written directly into code so, once these terms and conditions are met whatever they might be, it will be automatically executed or carried out.

Smart contracts differ from the traditional contracts very much and one of the differences is that unlike the traditional contracts they do not require any human or third party to enforce the contract once the agreed upon terms and conditions have been met and because of this difference, this major difference you can clearly see that the smart contract based blockchain network and cryptocurrency can offer and ensure trust and transparency in a way that the traditional blockchain network can not therefore the same way to the puss network and ecosystem as a result of smart contract will introduce automation in contract and transaction execution.

Furthermore, the integration of smart contracts in puss coin ecosystem helps to eliminate any uncertainty and reduce costs of operations as well as streamlining the operations and execution processes, all of these will help make sure that puss coin is a step closer to attaining its aim and goal of becoming a cryptocurrency network that upholds transparency and fairness, here specifically in this post we will discuss and explain some of the roles in which smart contracts will play in the puss ecosystem to bring this aim about.

ENABLING TRUSTLESS TRANSACTIONS

Basically, let’s start with the most fundamental and vital role that smart contracts can play in a decentralized cryptocurrency ecosystem like puss coin, and that role is none other than enabling and facilitating trustless transactions between users of the puss ecosystem and token, seeing that all transactions with cryptocurrency is one that is trustless, because you trust humans not machines or code, meaning that you don’t have to trust that the transaction gets processed but rather you know it will as long as there is no externally factor affecting them, unlike in the traditional financial world where you rely on banks and other centralized networks for your transactions to be processed.

This reliance on a centralized entity many a time has allowed for fraudulent activities, censorship and single points of failure all of these risks do not exist in a decentralized network or with trustless transactions like with puss coin because here we have smart contract which ensures that all transactions and orders are completely executed to the satisfaction of all parties involved as stated by the terms and conditions of the contract, and by so doing the puss network can because truly trustless yet trustworthy.

FACILITATING DECENTRALIZED GOVERNANCE

Another very important role that smart contract can play in a decentralized platform like puss coin is to facilitate decentralized governance, puss coin is a cryptocurrency that is big on a system of governance that is not censored or controlled by a few people, no it operates on a decentralized and community driven system of governance where the authority and responsibility of making certain decisions that has to do with upgrades and updates, policy changes, allocation of resources is made such that everyone participates and has a voice or a say in the decision making process thereby ensuring fairness and inclusivity.

Smart contract basically help in facilitating this type of governance system by automating the different governance mechanisms in a transparent and tamper proof and immutable way therefore, through the use and integration of smart contracts the puss network and ecosystem can implement voting systems and mechanisms, and when votes have already been casted on proposals or whatever smart contract will be in charge of counting, processing and recording as well as interpreting the results of the votes in a transparent and immutable way.

CONCLUSION

In conclusion, the introduction of smart contracts have proven to be a foundation for more efficient and effective innovations in the world of decentralized and trustless transaction processing and execution and apart from that it offers other services and play vital and crucial role in the world of cryptocurrency and decentralized blockchain network.