A Smart Contract is like an automatic contract that executes itself as soon as certain conditions are met. Imagine you want to buy something and instead of a human verifying the contract and completing the transaction, a computer program does it - quickly and automatically. Everything runs on a blockchain, a kind of digital database that is very secure and transparent. As soon as the conditions of the contract are met (for example, that you have transferred the money), the transaction is automatically completed without the need for a third party to intervene.
An example
Suppose you buy a ticket for a concert. The smart contract is programmed so that the ticket is immediately transferred to your account as soon as the payment is received. There are no delays and no possibility of the contract being manipulated afterwards.
How Smart Contracts work at Floin.com
Token distribution
Smart contracts are used on Floin to automatically control the distribution of FLTK tokens. When you buy FLTK, the smart contract ensures that the tokens are transferred directly and automatically to your account as soon as your payment is successful. No manual confirmation is required - everything is automatic and secure.
Staking:
Floin uses smart contracts to manage staking programs. When you stake your FLTK tokens (that is, deposit them for a certain amount of time to receive rewards), the smart contract takes over the management of this process. At the end of the specified time, the smart contract will automatically pay out the rewards without the need for manual input.
Trade processing
When trading FLTK tokens on Floin, the smart contract handles transactions automatically. Once you and the trading partner have agreed on a price, the smart contract exchanges the money and tokens securely and instantly. There are no delays, and no third party is needed to monitor the trade.
Security
All transactions that run on Floin via smart contracts are secure and transparent. The smart contract ensures that everything runs according to predefined conditions without the need for manual intervention. Additional security levels such as two-factor authentication (2FA) are also managed by smart contracts to further increase security.
Benefits for you as a Floin user
Automatic execution
as soon as the conditions are met, the transaction is completed immediately - without waiting times or manual verification.
Security
As smart contracts run on the blockchain, they are extremely secure and cannot be manipulated.
Transparency
All actions are visible on the blockchain, which means you can be sure that everything is correct and traceable.
Floin's smart contracts ensure that your transactions are secure, efficient and automatic - without manual intervention or delays.
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