First introduced by Ethereum, smart contracts are a revolutionary technology that is responsible for several trends within the crypto space. Money became highly programmable due to smart contracts, enabling the existence of decentralized applications (dApps), decentralized finance (DeFi), and applications in finance, medicine research, supply chains transparency, and digital identity.
Smart contracts’ disruptive potential lies in their benefits, such as added transparency, security, immutability, speed, and accuracy. Institutions and individuals can transact and make agreements with each other through smart contracts, enabling them to do business with each other in a trustless and cost-efficient manner, cutting down all the necessary middlemen.
One good example of the capability of smart contracts is decentralized betting platforms. In this type of platform, it’s possible for users to create bets under their own terms and have other participate (P2P) and bet against them. Smart contracts enable this freedom, while also guaranteeing the transparency of every bet and that no winning will be withheld from you.
However, most applications of smart contracts have yet to make an impact beyond the virtual world. Transient can help make that leap, especially for small businesses that can’t afford a blockchain developer but want to be ahead of the curve technologically.
How does Transient work?
In order for the real world to implement smart contracts, self-coding smart contract platforms will be a viable solution for the majority of adopters. Transient allows anyone to set the conditions of a smart contract easily.
It was designed to be as practical and intuitive as possible for the end-user. Once users establish a smart contract, they will run autonomously with data received by the Oracle system. New smart contracts are generated as the need arises by a zero-touch data-driven workflow, one of the distinguishing features of Transient.
The Transient team has large ambitions, evident by its roadmap, and extensive collective experience in banking, insurance, and online gambling. The first dApp of the Transient ecosystem, TSC-Pooling, allows users to create their own pools for crypto-price predictions and it’s already in testnet.
An eSports P2P market is also being worked on, allowing anyone to bet on the growing eSports market and its many leagues and tournaments. The third product being developed by the Transient team is TSC-NDA, a platform built exclusively for businesses. To help usher in smart contracts into the traditional economy, Transient legal advisors are building a legal framework that can complement its platform and offer a seamless product within the real world.
What is needed mass adoption?
Nations will eventually need to create legislation that catches up to technological innovations in the blockchain space. A proper league framework is inevitable for DAOs, decentralized organizations that run on smart contracts, to have a strong presence beyond the digital.
Transient’s strategy of tackling both the problem of smart contract accessibility, due to lack of coding expertise, and absence of legislation ensures it will help usher in this new technological paradigm.