W12: A Peer-to-Peer Digital Contract System.

jamesndungu (61)in #w12 • 6 years ago

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The smart contract revolution is coming, this will allow businesses, governments, legal offices have consensus agreements that are made between peers eliminating the need of middlemen who inflate the transaction fees to act as witnesses to a transaction record, smart contracts are recorded on the blockchain securely where they are free from manipulation and forgery.

Smart contracts are on the rise because they can be made automatically and be able to enforce the agreement as with any other agreement made in front of a lawyer. Smart contracts will be used in many industries including the real estate, financial construction, crowdfunding, peer to peer transactions amongst others. Smart contracts are currently being used on blockchain projects especially on initial coin offering and during cryptocurrency transactions, with the current attention on tokenizing real-world assets we will be able to see more applications of smart contracts being processes. There are some governments planning on using smart contracts towards ensuring transparency of their activities

Smart contracts are processes automatically eliminating the need of third-party including lawyers, the contract is made after consensus agreement between the parties involved, after the contract is made it is stored on distributed ledgers to ensure security and transparency of the agreement, payment is made using digital assets or cryptocurrencies.

W12.

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W12 is a decentralized project that aims at improving business transactions through the use of smart contracts, this mode of agreements enforcement is enforced automatically and is cost effective attracting a commission of 0.5 instead of traditional commission of 4-20%. The platform will allow integration with businesses, government systems.

For easier operations and customization of the smart contract feature W12 is building their own blockchain to optimize blockchain smart contract feature that will allow the smart contract to be made through consensus agreement between peers through proof of authorization consensus. The platform goal is to allow cost effective storage of contracts on secure blockchain platform that is decentralized to ensure security and transparency. W12 will use the oracle protocal that will be audited and has its own token economy.

W12 solution is to eliminate the need of a third-party law enforce to make an agreement between two parties, and allowing the relationship to be shifted to the peers in a self-regulated automatic environment.

Smart Contracts on The Blockchain.

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There are several benefits of using blockchain technology smart contracts they include an neutrality between an agreement where the relationship is agreed based on a consensus agreement, smart contracts are also made automatically saving time and money by eliminating third-party involvement and the agreement is made through algorithms that are artificially intelligent controlled. The security is endured though the storage of the records in a distributed ledger where they are viewed after authorization by the owners. The smart contract has no room for errors as they are made through modern technology and artificial intelligent.

W12 Target market.

The main users of smart contracts are mainly financial institutions, peers in a decentralized environment, Initial coin offering parties, crowdfunding, the freelance economy which is the future of work, Devices connected on the internet of things, the real estate industry and the construction market. The market is vast and the adoption of smart contracts in the economy is a revolution awaiting us.

W12 ICO.

W12 is currently raising funds through an ICO towards development of the platform and investors will be able to hold W12 tokens in exchange of their crowdfunding investment. Early presale started in JULY and the private sale on 1 st August with a crowd sale scheduled in November 1st. In the token economy section of the whitepaper its stated that all remaining tokens will be burned and tokens belonging to founders and advisors will be frozen for a minimum of two years through the use of a smart contract.

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Conclusions.

The use of smart contract is one of the blockchain features that has been highly welcomed by the community, through their benefits which include cost effectiveness and time saving solutions that will improve the economy and financial transaction through autonomous processing of agreements. The smart contract revolution is here with us and projects like W12 are futuristic with business models targeting the future economy where we will be connected through internet of things devices. W12 addresses the smart contract market with a business's model that is inclusive and well prepared, the project is still in its early stages of development and I believe there is a gap that needs to be filled by the solutions provided by the project. For more information I have included the project website, social media pages and important links on the reference section below for your educational purposes.