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new cryptocurrency

New cryptocurrency

A few new cryptocurrencies have been listed recently. Here are a few of them:

  • TokenSight (TKST): This token is trading at $0.6881 and has seen a 290.95% increase in the last 24 hours1.
  • SpacePi (SPACEPI): Priced at $0.000489, up 1.87% in the last 24 hours1.
  • Serbian Dancing Lady (СЕРБСКАЯЛЕДИ): This token is worth $0.001587 and has seen a 16.58% increase in the last 24 hours
  • Pop Social (PPT): At $0.2212 it is up 3.59% in the last 24 hours
  • TokenFi (TOKEN): This token is worth $0.01398 and has seen a 77.76% increase in the last 24 hours

Please note that investing in cryptocurrencies involves risk, and you should only invest what you can afford to lose.

For more detailed information, you can visit the provided links1Please do your own research before making any investment decisions

What is the difference between a cryptocurrency and a token

The terms “cryptocurrency” and “token” are often used interchangeably in the blockchain world, but they mean different things:

  • Cryptocurrency: This is the main asset of the blockchain network, such as Bitcoin (BTC) or Ethereum (ETH). Cryptocurrencies operate independently and use their own platform. It is designed to be used as a form of digital value, like currency, and traded on a crypto platform
  • Tokens Tokens are secondary assets built on top of the existing blockchain, typically using smart contracts. Unlike cryptocurrencies, tokens are based on a new blockchain network. Tokens can represent an interest in an asset or provide holders with certain platform-specific features
  • In other words, all currencies (cryptocurrencies) are tokens but not all tokens are considered currencies Please note that both tokens and cryptocurrencies are subclasses of digital assets that use the cryptography and encryption methods of the blockchain platform

For more detailed information, you can visit the provided links

A smart contract is a computer program or transactional system that aims to execute, monitor, or record events and actions in accordance with the terms of a contract or contract It is a digital contract stored on a blockchain that is automatically executed to execute laws a determined on and condition

Smart contracts work by placing simple “if/when…then…” statements after being coded into the blockchain. The computer network performs actions when predefined conditions are met and accepted2. These services may include issuing qualifying funds, registering vehicles, sending reports, or issuing tickets

Here are some of the key features of smart contracts.

What is the difference between a smart contract and a legal contract

mart contracts and legal contracts have different characteristics:

  • Smart contract: A smart contract is an automatic computer program that runs on the blockchain and automatically executes when predetermined conditions are met. It is written in lines of code and cannot be modified or changed by humans at will1. Smart contracts can be part of legally binding contracts
  • Legal Contract: A legal contract is a legally binding agreement between two or more parties. It is bound by legal terms and can be changed at any time with the consent of both parties1. Legal contracts require handshakes

A more fundamental difference between a smart contract and a legal contract is the authority that dictates enforcement of the contract3While a smart contract is enforced by the code running on the blockchain, a legal contract is enforced by the legal system3.

It’s important to note that not all smart contracts are legally binding. For a smart contract to constitute a legally binding contract, it must meet all the legal requirements of a contract, such as intent to form a contract1.

On the other hand, a Smart Legal Contract (SLC) can be described as a legally binding, digital agreement in which part or all of the agreement is intended to execute as algorithmic instructions An SLC can use smart contracts via blockchain technology, but it can also be created using traditional software systems without the use of blockchain

What are the advantages of smart contracts over legal contracts

Smart contracts offer several advantages over traditional legal contracts:

  1. Specifically: Smart contracts require all terms and conditions to be recorded in detail, which can help avoid transaction errors
  2. Transparency: The terms and conditions of smart contracts are fully transparent and accessible to all concerned parties
  3. Clear communication: The importance of precise contract terms ensures clarity, leaving no room for mishandling or misinterpretation
  4. Automation: Smart contracts can automate processes that previously had to be done manually
  5. Cost effectiveness: Intermediaries can be eliminated in many cases and can significantly reduce costs
  6. Security: Smart contracts provide better security than traditional contracts, as well as fraud protection
  7. Immutability: Once implemented, a smart contract4 cannot be changed.
  8. Efficiency: Smart contracts can significantly reduce lost efficiency due to communication gaps

However, it’s important to note that while smart contracts have these advantages, they also have their own set of challenges and limitations, such as the need for technical expertise to write and deploy them, the difficulty of modifying them once they’re deployed, and the legal uncertainties surrounding their use.

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