News

Apr 07, 2022

Quick View on Smart Contracts of Welups Blockchain

WELUPS coin, the native crypto coin of Welups Blockchain, is one crypto that has lately garnered the attention of many crypto investors. Moreover, the platform also offers banks and payment providers safe dealing across borders. 

 

Notably, investors can acquire and hold WELUPS coins, to gain a significant return. Even more, the platform is the first to enhance life service applications like identity social networks, a digital bank, and a credit supply for global transaction linkage.

 

What are Smart Contracts?

 

A smart contract is simply a program that runs when the proper conditions are met on a blockchain. In general, they are used in order to automate the execution of an agreement, so that all parties are confident of the outcome without the involvement of an intermediary. In addition, they can automate a workflow by triggering the next step when conditions are met.

 

Benefits of Smart Contracts

 

Speed, efficiency and accuracy

Upon fulfilling a condition, a contract is immediately executed. Smart contracts eliminate the need for paperwork and the time spent reconciling errors that often result from manually filling out documents, because they are digital and automated.

 

Trust and transparency

As there is no third party involved, and encrypted records of transactions are shared among participants, there is no need to question whether information has been tampered with.

 

Security

The transactions recorded in blockchains are encrypted, making them nearly impossible to hack. Furthermore, because every record in a distributed ledger is connected to the previous and subsequent records, hackers would need to modify the entire chain to change a single record.

 

Savings

Intermediaries are no longer needed for transactions and, therefore, their time delays and fees are eliminated.

 

 

Smart Contracts of Welups Blockchain

 

WRC20 token is issued by smart contract, users need to make sure that they have finished Deploy Smart Contract. Each user's account may enter multiple WRC20 tokens. Through partnership with Welups, users can create their own crypto coin with WRC20 token. 

 

WRC721 token is issued by smart contract, users need to make sure that they have finished Deploy Smart Contract. Each user's account may enter multiple WRC721 tokens. This kind of smart contract can be used to create non-fungible tokens (NFT).

 

WRC10 token which is issued directly on the blockchain. Users need to make sure that they have sufficient WELUPS balance. Each account may only issue one WRC10 token. This type of smart contract can be used to create tokens for agriculture, bar code, etc.

 

With the upcoming developments and changes within the Welups ecosystem, the WELUPS price can reach great new heights soon. 

 

About Welups Foundation

Welups is a Dubai-based organization and the first blockchain-based Identity platform in the digital world for identity verified social media applications, digital banking, credit services, entertainment and all of the other key services for a future society in the digital world. The platform has been designed and structured to be compatible with a broad variety of other technical solutions.

 

Welups is specializing in innovations in the area of Blockchain Identity Management, NFT, and digital asset management. This is due to the project’s commitment to enabling the establishment of a totally decentralized internet, e-commerce, and life services.

 

Media Links:

Website: https://welups.com/

LinkedIn: https://www.linkedin.com/company/welups/

Facebook: https://www.facebook.com/Welups

Telegram: https://t.me/welupsofficial

Twitter: https://twitter.com/welupsofficial

Instagram: https://www.instagram.com/welupsdubai/

YouTube: https://www.youtube.com/channel/UCXMgIAbreH-NqWmeY4fCBqw/featured

Thông báo