I believe having an automated payment method which is backed up by an electronic contract will eliminate a lot of fraudulent activity which have plagued the internet in recent times, giving birth to a trust worthy and efficient means of online transactions.
AN OVERVIEW
An electronic/smart contract simply talks about an online based agreement by 2 parties which is meant to be deployed or enforced automatically once the two parties have fulfilled their part in the agreement.
Fraudulent activities on the internet have taken a new tow and I believe that was why an escrow service was invented to help curb this menace. Having the ability to integrate the use of the blockchains smart contract into every structure on the internet is a feat which none has attempted before and possesses a great potential which has the ability to bring about a unique and effective means of business transaction on the internet. Imagine a situation where a freelance contractor refuses to pay the writer with the pretence that the job done wasn’t to his agreement, I have found myself in such situation and I know you might have heard about a situation like that before. With contractium smart contract can now be integrated into freelance platforms where once the terms of a contract have been met the smart contract enforces payment for the job done.
CONTRACTIUM is a software which is based on the Enthereum platforms which aids users by easily facilitating the creation of smart contract via mobile a mobile app of through a dextop computer.
CHALLENGES FACED BY EXISTING PAYMENTS METHODS
The process of online payment of in various online platforms today have experienced certain problems/challenges and a few of them are listed below:
The only form of contract we have come to know today have been on a paper and signature method which lacked efficiency and productivity because after 2 individuals or companies have signed a paper contract, nothing prevents them from going against every thing they signed or not delivering as promised not to mention the fact that the use of paper contract is unsuitable for international contractors or that paper contract cannot be utilized by 2 parties who met online or used by freelance platform. This just goes to show that the use of paper contract is greatly archaic.
THE CONTRACTIUM STRATEGY
The contractium will have four major functions
- Smart contract creation
- Cryptocurrency payment gateway
- Cryptocurrency reward system
- Token issuing
The contractium will be using an ERC20 token known as CTU Token to facilitate all forms of payment which will be going through its system, the platform will be running as a decentralized application (Dapp) and backed up by a code running on the Ethereum network.
CONTRACTIUM USE CASE
- E-commerce use: with contractium integrated into an e-commerce platform, customers gets to be rewarded easily if there is a reward package offered by the e-commerce platform with each purchase and they can make immediate withdrawals.
- Freelance use case: with contractium on freelance platforms one will be able to easily work with employers and workers are automatically paid using the platforms token after the terms of the smart contract have been met.
With this innovative blockchain feature, users will enjoy transparency in all forms of dealings and every party in a contract will be adequately rewarded after contracts terms have been met. The initial coin offering (ICO) of this project is presently ongoing and I will urge you not to miss out on this because this is a product that the world needs. To get more information about the project, ICO and its token visit the links below:
WEBSITE BITCOINTALK THREAD WHITEPAPER FACEBOOK TWITTER MEDIUM YOU TUBE LINKEDIN TELEGRAM
Writer: Sorento
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1910177