A smart contract is a way to transfer funds between different entities without the need for intermediaries. The problem with using the traditional method of exchanging fiat currency is that it’s both time-consuming and expensive. Using Bitcoin Cash, however, provides an efficient and flexible solution. This type of smart contract allows for a variety of scenarios and is an ideal solution for people who want to use their bitcoin cash as an investment vehicle. Smart Contracts For Bitcoin Cash
Understanding the Bitcoin Cash
Despite being based on blockchain technology, smart contracts can be modified by their creator and cannot be shut down. This is a major benefit, especially for a new type of asset like Bitcoin Cash. The technology has become so secure that the possibility of censorship or hacking has virtually disappeared. Instead, censorship and hacking isn’t an issue. And since smart contracts are decentralized, they can never be altered.
A few examples of Bitcoin Cash smart contracts are Licho’s Last Will and Licho’s Will. Licho’s Last Will is a smart contract that allows the inheritor to claim funds after 180 days. This smart contract also defines three functions that allow the inheritor to spend the money. Additionally, it can be written in Spedn, so the inherited funds can be easily spent. The OP_CHECKDATASIG feature lets users verify the signatures of other bitcoins. These new features make smart contracts more advanced and complex.