Say hello to smart contracts, the new stars in the blockchain sky! Just as any binding legal contract, the smart version of it establishes the terms of an agreement but eliminates the human involvement. They automatically execute, control or document relevant events and actions in line with the agreed contract. Selected smart contract cryptocurrencies that power the market are increasingly in demand and have a real utility. Each ecosystem, such as Ethereum or Polkadot, has a cryptocoin that acts as the currency of the blockchain platform. The more the smart contract ecosystem is used, the more the coins will be in demand. Smart contracts take advantage of the blockchain’s reliability, accessibility, and security, without intermediary involvements or time delays. When agreed‑upon terms are met, contracts are executed.
Smart contracts are already revolutionising the art world, as artists receive royalties on sales and resales of their digital art NFTs. They are also already being used to settle everything, from loans to logistics and online gaming systems. Swissquote Smart Contract Platforms Index invests in Ethereum, Cardano, Solana, Polkadot, Avalanche and Polygon, which drive the smart contract revolution forward – without all that paperwork.
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