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What is a Smart Contract?

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What is a Smart Contract

The concept of smart contracts was first introduced by cryptographer and scholar Nick Szabo in 1996. In a paper, he stated:

“A smart contract a set of promises, specified in digital form, including protocols within which the parties perform on these promises.”

“The basic idea of smart contracts is that many kinds of contractual clauses (such as liens, bonding, delineation of property rights, etc.) can be embedded in the hardware and software we deal with, in such a way as to make breach of contract expensive […] for the breacher,” he added.

How Do Smart Contracts Work?

According to Ethereum founder, Vitalik Buterin, money or an asset is transferred into a program “and the program runs this code and at some point it automatically validates a condition and it automatically determines whether the asset should go to one person or back to the other person, or whether it should be immediately refunded to the person who sent it or some combination thereof.”

To understand a smart contract better, consider this example:

A landowner wants to sell a piece of land via the blockchain. To get started, he looks for a decentralised marketplace, pays via the acceptable currency on the platform, creates a trustless smart contract, and then lists his piece of land. When a buyer comes across the listing and decides to buy, he accepts the smart contract.

For the transaction to go through without any case of fraud, certain pre-conditions must apply. For instance, both parties could be required to deposit a certain amount of money, which they will both lose if one person cheats the other. Once the deposits are made, the land transfer process can now begin.

The process will involve signing physical documents by both parties unless the relevant public offices have embedded land records on the blockchain. When all documents and fees are paid and the title deed reads the name of the buyer, the seller will receive payment to his wallet address from the buyer and they will both get back their deposits. This will mark the end of the transaction.

Therefore, a smart contract eliminates the role of a middleman while saving costs incurred when hiring someone to carry out a given task. Additionally, a smart contract can increase trust, boost accuracy, and promote transparency.

The Future of Smart Contracts

Smart contracts have many use cases in sectors such as healthcare, automobile, government, accounting, land registration, and real estate. In addition, smart contracts have the potential to disrupt the law by changing how lawyers do business. In fact, smart contracts could even eliminate the role lawyers play in most transactions. For instance, from the above example, a lawyer is not required because there is no room for distrust.

The future of smart contracts will also entail addressing issues on how governments should tax and regulate smart contracts. This could also mean regulating the cryptocurrencies used to execute these contracts and making smart contracts legally binding.

Furthermore, the growth of this technology could see more developers creating blockchains that can process digital contracts while existing blockchains such as Bitcoin could be improved to handle such transactions.

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How to Choose the Best Broker in South Africa

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Best Broker in South Africa

If you’re interested in forex or CFDs trading, you’ll need to find yourself an online broker. With so many brokers in South Africa to choose from, it can be hard to decide. That’s why in this article, you will learn how to find the best trading platform in South Africa.

Trading in South Africa

South Africa is one of the leading countries for forex trading, alongside the UK, Australia, and the USA. That’s why many brokers are now offering their services to South African residents.

The best thing about online trading though is that you can do it from any location. There are many traders from all across the world, selling and buying assets each day. Many brokers now offer mobile trading apps too, letting you trade directly from your smartphone. A great idea if you want to trade on the move.

Other points to check when choosing a broker include:

  • the minimum deposit
  • assets available
  • regulation licences

Out of these three things, the most important to check is regulation. All good forex and CFD broker platforms should be fully regulated and licenced.

Regulation

Regulation means that a platform is authorised to function as a broker service and monitored by an official regulatory body.

Some important regulation authorities include CySEC, the FSA (Seychelles Financial Services Authority) Financial Services Authority, and the United Kingdom’s Financial Conduct Authority (FCA).

South Africa also has an official regulation board, known as the FSCA (Financial Sector Conduct Authority.) All of these authorities set financial rules that brokers must follow. These rules are designed to protect traders from fraud and scams.

That’s why it’s important that any broker you choose holds at least one licence from one of these authorities. Selecting a regulated broker is the key to trading securely.

eToro South Africa

tradingeToro is a leading broker with millions of clients worldwide, including South Africa. The broker is known for offering a social trading platform which comes with unique tools, such as the CopyTrader tool.

This feature lets users automatically copy the trades of other successful traders. It’s a great option if you’re new to trading and want to learn from others. Other social features include the eToro newsfeed where you can discuss trading topics with members. It’s a great way to keep track of the latest market news.

Most importantly, eToro is a regulated broker, and they hold licences from CySEC and the FCA. So they’re a secure broker to open an account with.

Talking of the trading account, the platform is self-developed by the broker and is known for being very easy to use. It has a clear layout and comes with a great selection of forex and CFD assets to trade with. Some CFD instruments listed include cryptocurrencies, commodities stocks, and indices.

To start trading, you’ll need to open an account with the broker and fund your account. The broker only accepts USD, so if you deposit in ZAR a small conversion fee will be charged. The first minimum deposit amount is $200, but all deposits made after this start from $50.

IQ Option South Africa

Another great broker that we’d like to tell you about is IQ Option. Like eToro, they are also a major broker with many clients from various countries.

The broker was launched in Russia in 2013, and it has grown to be a very respected platform. Currently, the companies headquarters are based in Cyprus, and they hold regulation licences from both CySEC and the FSA. The main thing that IQ Option is known for is its incredibly low minimum deposit.

To start trading with this broker, you just need to deposit $10 to your account. Or if you wish to deposit in ZAR, the amount is 150 ZAR. This is a great amount if you want to start trading with a smaller percentage of funds.

It’s possible to make the deposit using a wide range of payment methods. For instance credit cards, wire transfer and electronic wallets like Skrill and PayPal are all accepted methods. The fact that you can deposit and withdraw in ZAR is great if you don’t want to pay currency conversion fees.

The platform is available for desktop or online use. There is also a free trading app available for iOS and Android devices. Instrument wise, IQ Option offers forex and CFD trading. Stocks, cryptocurrencies, options, commodities, and indices are available for you to trade as CFDs.

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What are the Betway Deposit Options?

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Betway Deposit Options

Betway, based in the U.K., is one of the leading online sports betting bookmarker sites today. The official sponsor of teams like West Ham United, people love Betway because they can bet on so many different sports at once, from cricket to football and more.

It’s no secret that sportsbooks have become one of the leading international bookmakers’ in various countries such as Kenya, Nigeria, Zambia, South Africa, and other countries. If you are wondering how to deposit money into your Betway account, you can start straight away too!

BetwayBetway offers a lot apart from sports betting such as casino games such as table games and slots. There is also live betting and virtual betting in sports such as soccer, horse and dog racing, basketball and tennis.   

Opening an account with the sportsbook is quite accessible since you will only require a username, an email or a mobile number and a password. Once you have verified your account, you are ready to start betting.

Betway Deposit Options

Betway is a versatile online betting shop because it offers various deposit methods for its users. So, how do you get the most out of Betway?

#1. Debit Card or Credit Card

A debit card is a convenient way of depositing your funds. You will instantly get your deposit plus the Betway charges will be transferred to your account.  You can deposit funds to your Betway account through the Visa, MasterCard, or even Electron.

All you need to do is click on the banking button on Betway, and deposit the money by entering your debit card details. Once you confirm the payment, the amount will be deposited to your Betway account – all in a few seconds.  And it’s not just debit cards we are talking about. Yes,, you can deposit funds to your Betway account through credit. Card payment can be made through two options:

  1. Visa
  2. MasterCard

The steps for storing funds through your card payment are the same as the one for the debit card.

#2. Neteller

Neteller is an e-wallet that is compatible with Betway. You can deposit funds in your Betway account using the following steps

  1. Now, just choose any of the Betway depositing options you have available.
  2. Enter your 12 digit Neteller number and six-digit Neteller ID.
  3. Enter your Betway password
  4. Enter the amount you have in mind
  5. Click Confirm.

#3. Skrill

Skrill is another e-wallet that works like Neteller. All you need is a debit it or a credit card to get started with your Skrill account, a reason many bookmakers love it. If you are looking for transferring money from your account, you can use bank transfer or online banking.

Just Select Skrill as your deposit method on your Betway account, enter the amount you would like to deposit, and deposit!

#3. PayPal

PayPal is another e-wallet that makes it easy to deposit to your Betway account. It is free of any charges, and you can deposit any amount you like seamlessly.

All these deposit options will deposit money to your Betway account.

*This article was contributed by an external media partner.*

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Forex Trading Indicators Providers – What to Look for When Searching for the Best Services

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forex trading indicators

When trading forex online, an excellent way to increase your earning potential to make use of so-called forex trading signals but the key is to find a forex trading indicators provider that is of the highest quality. 

Here are some tips for finding the best forex currency trading signals!

Accuracy

Of course, you need the vast majority of your trades to make a profit if you want to trade forex profitably in the long run. While no indication service can you 100 percent accurate signals that will generate you a profit every time it is important to look for one with a high accuracy rate. A high accuracy rate can potentially help you to boost your forex trading revenue so that you can earn more pips – not to mention more money – out of every trade.

Top Quality UI/UX

forex

One of many elements what things to look for having an online forex trading indication service are an excellent user interface and user experience. A top quality user dashboard might help with graphs, graphs, better-computerized indicators, and a better overall experience to assist you in operating and being successful.

The people place can also give you significant improvements in the signals, on crucial and technical examination and on distinct strategies that you might use to increase income using trading signals. An excellent user dashboard area can really make a transmitting service cost worthwhile and can really make all of the difference when it comes to trading effectively.

Great Customer Care

Needless to say, you always wish for great customer care in the case that you need assistance with the trading software. This might make a massive difference, and to be able to contact your dealer, as well as your forex signal expert, can be among the key requirements to success when it comes to trading forex.

Check Demos

One other thing to look for is an excellent trial offer. If a forex broker provides a free trial of their forex currency trading signals, test the trading service for all the above-mentioned points and you will quickly find out whether the company’s service is for you or not. 

An online forex currency trading platform can seem overwhelming at first. Hence, it is best to start out with a demo account to learn the ropes before embarking on your forex trading journey. 

If you can find a forex trading signals provider that scores high in all of the above-mentioned points, you should definitely consider giving it a try as it may not only help you to get started with forex trading but it may also help more experienced traders with the execution of their trading strategy.

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