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Q7. Provide your best assessment of the number of smart contracts deployed on NEAR and clearly outline your methodology (after all, contract lawyers love clearly specified terms).
Question
Provide your best assessment of the number of smart contracts deployed on NEAR and clearly outline your methodology (after all, contract lawyers love clearly specified terms).
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Visualize the number of new smart contracts deployed over time over a time period of your choosing. What are the top 5 new smart contracts interacted in that period of your choosing?
Introduction
Suppose you want to sell a house. This work is a rather complicated and exhausting process that requires a lot of paperwork and communication with different companies and people, and its risks are also high. That's why most home sellers choose to hire a real estate agent to handle all the necessary steps and oversee the deal from start to finish.
In addition, the real estate agency also provides a service called deposit service, which is very efficient in transactions with a high amount of capital and the need to fully trust the second party of the transaction. However, after a successful transaction, about 7% of the sales price is awarded to the seller's agent as a commission, which is a huge loss for the seller.
In such situations, smart contract can be very useful and create a positive evolution in the industry. Smart contracts solve the problem of trust and work based on the "If-Then" principle. This means that the home ownership system is handed over to the buyer only after the agreed amount has been sent.
These contracts also work as escrow services, meaning that money and ownership are stored in the system and distributed to the parties to the transaction exactly at the same time. In addition, hundreds of people witness the transaction and confirm it. Therefore, a smooth delivery process is guaranteed. Since there is no problem of lack of trust between the parties to the transaction, there is no need for an intermediary. All the actions performed by the real estate agent can be implemented in advance in smart contracts, and at the same time, exempting the seller and the buyer from many additional costs.
This is just a simple example of the potential uses of Smart Contracts. These contracts facilitate the exchange of money, property, and any other valuable thing, guarantee complete transparency, avoid the services and costs of intermediaries, and solve the problem of lack of trust between the transaction parties. The code of a specific smart contract contains all the terms and conditions agreed by the parties and information about the transaction, which is recorded in the blockchain technology (decentralized distributed ledger).
Advantages of smart contract in blockchain
- Autonomy: Smart contracts don't need a third party and leave full authority and control of the agreement to you.
- Trust: Considering that your documents are encrypted and stored securely in a shared office, there is no possibility of them being stolen or lost. In addition, you don't have to trust the people you are dealing with, because the smart contract system has basically institutionalized trust.
- Savings: thanks to smart contracts, notaries, real estate agents, assistants and other intermediaries are no longer needed. As a result, there will be no need to pay exorbitant fees related to their services.
- Security: If used properly, smart contracts are very difficult to hack. In addition, the ideal smart contract environment is supported by sophisticated cryptography that keeps documents secure.
- Efficiency: Usually, in manual methods, it takes a lot of time to send and transfer paper documents to certain places. The use of smart contracts saves time.
