What are Smart Contracts?

What are Smart Contracts?

Smart Contracts lie at the heart of Proof of Stake. If blockchain gives trustworthy data security, then smart contracts give trustworthy and automated code execution between two parties without a central coordinator.
Security
Smart Contracts are encoded on the blockchain. Thereby they provide the same level of data security as blockchains.
Transparency
Smart Contracts are openly visible on the blockchain meaning that anyone can check the correctness of previously agreed rules.
Decentralized Control
Because Smart Contracts run on a blockchain, there is no single source of control. Anyone can constantly check the updates to the blockchain and if anything is changed on the previously agreed rules of the Smart Contract, other participants on the network will reject this update.
Immutability
Once a Smart Contract is on the network, it is on the network. Due to the previously discussed characteristics, it is close to impossible to change pre-agreed Smart Contract rules.
What are Smart Contracts? VIDEO
How does Pool of Stake use Smart Contracts?
Pool of Stake runs exclusively on Smart Contracts which makes it a fully decentralized pool. Pool of Stake runs on Smart Contracts embedded in all participating PoS blockchains (e.g. Qtum, BOScoin).
Smart Contracts have 3 main functions on PSK:
Create a decentralized network weight on the native blockchain in order to forge
Make automatic transactions of staked PoS coins and IOU tokens which can be triggered only by the user (e.g. for initial PoS deposit or for the withdrawal)
Automatically transfer IOU tokens into the user’s wallet for newly generated rewards
One big challenge to Smart Contract security are bugs! The cryptoworld has wittnessed spectacular hacks due to a bug in a Smart Contract, e.g. the DAO hack. This shows how immensely important Smart Contract audits by professional third party auditors is. Swiss Financial Market Supervisory Authority FINMA included Smart Contract auditing as a legal requirement for blockchain companies registered in Switzerland. Since Pool of Stake is a Swiss-based company we cooperate with Maveric SA for all our Smart Contract audits in order to be fully complient with the Swiss law and provide maximum security for our users.
What does this imply?
The PSK team cannot alter Smart Contract rules
This means that PSK is a zero trust pool Smart Contracts are distributed on the entire network, which means that it is fully decentralized

New partnership with Maveric

Here at Pool of Stake, we believe that outstanding projects cannot be developed in a closed and inward looking fashion. Maveric will ensure that our Smart Contracts will be temper-proof and secure! That’s why we are actively creating partnerships that can help us reach the goal of creating the first truly decentralized and secure pool to stake Proof of Stake coins.
Maveric SA is an innovative Blockchain advisory firm based in Switzerland, supporting Distributed Ledger Technology companies in fields like project implementation, IT & Blockchain development, legal advisory, and even marketing and communication.
The first quarter of 2018 has been challenging for Blockchain companies, especially for the ones launching ICOs. The uncertainty caused by the debate on regulation has taken a toll on the market. Nonetheless, there is bright hope. South Korea, once the most active crypto market, is looking to reverse its ban on ICOs. China’s ban on ICOs is being easily bypassed and will probably make the government reconsider its ban on new coin offerings. On other parts of the world, like the European Union and the US, regulation seems to be taking a positive form.
However, the regulatory environment of ICOs is yet to be defined. Fortunately, Pool of Stake will be able to rely on Maveric’s expertise in regulation and compliance. We are looking forward to navigate together the turbulent waters of current regulation that markets are facing. We are happy to be able to rely on Maveric SA. Our partnership will help us review our project in an objective manner, implementing the best practices in the industry and the necessary regulatory compliance to give our project and our investors the security they deserve.
for more information :
Home page - Pool of Stake
Pool of Stake (PSK) is a first of its kind, decentralized pool for Proof of Stake, the future of blockchain. Qtum…www.poolofstake.io
telegram : @poolofstake”>https://web.telegram.org/#/im?p=@poolofstake
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