What is TRON
TRON is a robust blockchain ecosystem designed and developed by blockchain developers over the world, which follows the philosophy of “Decentralize the Web”. There are multiple kinds of products involved in TRON ecosystem, including public chain, wallet client, decentralized applications(DAPPs), Etc. These products are closely related to each other, and together, this supports the stability of the whole ecosystem.
TRON public chain realises the design of highly abstract modularisation. It separates the system into several core modules, including underlying network, data storage, consensus, transaction actuator, TVM and application layer interface.
Smart contract is a computerized transaction protocol that automatically implements its terms. Smart contract is the same as common contract, they all define the terms and rules related to the participants. Once the contract is started, it can runs in the way it is designed.
TRON smart contract support Solidity language in (Ethereum). Currently recommend Solidity language version is 0.5.12. Write a smart contract, then build the smart contract and deploy it to TRON network. When the smart contract is triggered, the corresponding function will be executed automatically.
dApps and Tron Web
As the Tron ecosystem advances and begins to reach more developers and potential users, the frameworks for its integration are following closely behind. This is particularly true for “online” systems. While computers, websites, apps, and so on may not inherently be exposed to decentralized technology, smart contracts on Tron can create a bridge from these centralized systems to a distributed framework.
Tron enables the creation and deployment of decentralized applications (dApps), and Tron Web makes the bridging in that process easier. Despite some controversy, only time will tell whether the future of Tron dApps and regular utilization is available for mainstream adoption.
Benefits of blockchain smart-contract
The rapid growth of smart contracts is obliged by the development of the cryptocurrency. First of all, it should be noted Ethereum. This is one of the few platforms(currency) that enables you to create your own smart contracts. The main benefits of digital contracts:
No presence of intermediaries
As already mentioned, the absence of intermediaries makes the process much easier and faster. Now there is no need to seek help from a lawyer. Everything follows the pre-written code.
Safety and confidentiality
All contracts are stored in the blockchain, in an encrypted form. The goal of the system is that no one can change the smart-contract or replace the data. In addition, private keys are used for signing, which increase the level of security.
Paper work takes a long time. The use of blockchain smart-contracts significantly speed up the process of concluding transactions.
Smart contracts exclude intermediaries from the business process. Once written, the program can be used for different transactions for different users.
Disadvantages of blockchain smart contracts
With all the benefits and flexibility of smart contracts, they have many drawbacks:
The difficulty of coding
You can get a standard contract from a lawyer. There are a lot of such services. You just need to contact any legal agency and get the necessary documents. In the case of blockchain smart contracts, the role of a lawyer is performed by the developer. Interesting, is not it? They code a script for conducting transactions. Currently, the number of such specialists is limited and not all have the required level of skills. Bugs in a smart contract can lead to large financial costs. Our company, Merehead, is developing scripts with a high level of security.
As mentioned earlier, developers can make a mistake that can lead to loss of money or will allow hackers to steal money.
Smart contracts do not have the flexibility. The technology of the blockchain is built in such a way that it does not allow changing the data. The previously created blockchain smart contract cannot be replaced any data or edited.
To date, there are no laws that could regulate the relationship based on the blockchain smart contracts. Courts will not be able to accept your application since the government hasn’t yet passed the necessary laws.
Where are blockchain smart-contracts used?
Contracts are concluded with the use of blockchain technology. But it needs to note that not all cryptocurrencies support smart-contracts:
Ethereum-This platform gives the most opportunities for coding various smart contracts. You can implement almost any scenario. Ethereum is the most common way (togehter with 0x protocol) for building decentralized exchange.
Bitcoin- Interestingly, smart contracts are almost never used.
Side Chains-The project bitcoin for the expanded use of smart contracts.
NXT`-An open platform that has a limited number of smart contracts. However, it does not allow you to code your own solutions (scripts) to create personal contracts.
How Smart Contracts Elevates MLM Business?
Smart Contract has turned into the greatest solution to overcome the drawbacks in the traditional MLM business. This technology evolvement has revolutionized the MLM business to a great extent. The integration of smart contracts in MLM business structure simplifies the MLM work process, adds more transparency makes it as integral to the growth of the enterprise.
The majority of the people are aware of Smart Contract, so its implementation in MLM business attracts a lot of investors to invest in MLM business and also paved the way for entrepreneurs to start an MLM platform to become a billionaire.
The immutability nature of Blockchain Smart Contract brings more stability and trust-ability to MLM business among investors.
The traceability is also the main characteristic of the Smart Contract powered MLM platform, the traceability is the ability to identify, track, and trace the transactions carried out in the MLM platform.
Every transaction & user data of an MLM business are stored in a specific Blockchain-powered smart contract that allows participants to view the transaction history and other participant’s details.
It also eliminates the anonymity in transactions, the public key or unique key generated in every transaction are stored in a specific BlockExplorer of a Blockchain platform.
For example, if it is Ethereum powered Smart Contract, the secret key gets stored in the Ethereum’s BlockExplorer called Etherscan.
The key benefit of an MLM platform with Smart Contract is the elimination of scamming of MLM business, no third party involvement, setting up a peer-to-peer MLM platform.
The most crucial part of the MLM platform with a Smart Contract is automatic transactions.
What is Automatic Transaction in MLM Platform with Smart Contract?
Automatic transactions in Smart Contract based MLM business is the automatic transaction of funds or assets when the smart contracts meet the predefined terms & conditions. The Smart Contract MLM business continues to work, till the Blockchain-powered Smart Contract exists.
The Smart Contract conditions & terms are defined by the MLM website owners, once defined the smart contracts cannot be altered & deleted.
Benefits of MLM Platform with Smart Contract
Eliminates fraudulent activities
Brings more transparency
Building of strong trusted network
Ensures strengthened data & transactions
Well defined peer-to-peer architecture
MLM plan continues to work until Blockchain exists
Viewing of transactions & users database
Improved revenue-generating module
No third party involvement
Scams are eliminated to a great extent
Easy tracking of transactions
Entire business model is transparent
Faster & secured transactions
Multiple payment gateway integrations
How to Start an MLM Website with Smart Contract?
To start an MLM business website with Smart Contract, one should need expert consultation and necessary development support, the most cost-effective way is a Smart Contract MLM Script.
Smart Contract MLM Script
Smart Contract MLM Script is an MLM website script that works based on the principles of Blockchain-powered Smart Contract. It is completely secure, decentralized, and brings a new dimension to an MLM business.