How does a sea contract differ from a traditional contract in the context of cryptocurrency?

3 answers

• Maruti MangApr 06, 2023 · 2 years ago
  A sea contract, also known as a smart contract, is a self-executing contract with the terms of the agreement directly written into lines of code. It operates on a blockchain platform, such as Ethereum, and automatically executes actions when predefined conditions are met. In contrast, a traditional contract is a legally binding agreement between two or more parties, typically written on paper and enforced by the legal system. While both types of contracts serve the purpose of establishing agreements, sea contracts offer the advantages of transparency, immutability, and automation in the context of cryptocurrency transactions.
  633

  317
• Kragelund TrujilloApr 13, 2021 · 4 years ago
  Sea contracts, or smart contracts, are digital agreements that are executed automatically when certain conditions are met. They are based on blockchain technology and eliminate the need for intermediaries, such as lawyers or banks, to enforce the terms of the contract. Traditional contracts, on the other hand, are paper-based agreements that require manual enforcement. Sea contracts provide increased efficiency, security, and cost savings in the context of cryptocurrency transactions.
  489

  163
• Andreas MeliniFeb 03, 2023 · 2 years ago
  Sea contracts, also known as smart contracts, are a fundamental building block of the cryptocurrency ecosystem. They are self-executing contracts with the terms of the agreement directly written into code. This eliminates the need for intermediaries and ensures that transactions are executed exactly as intended. Traditional contracts, on the other hand, rely on legal enforcement and can be subject to interpretation and disputes. Sea contracts offer increased efficiency, transparency, and trust in the context of cryptocurrency transactions.
  545

  137