This article was first published on Stories by AppCoins Official on Medium
By José Pereira, Blockchain Developer at AppCoins
Blockchain is changing the world in so many ways — financial transactions being one of them.
As a decentralised system that exists between different parties, Blockchain allows negotiations to happen with no need for intermediaries. The technical name for that is Smart Contract.
It’s a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Can help individuals, companies, banks and governments, exchange money, property, shares, or anything of value, in a transparent and conflict-free way, without the need of a middleman.
As I see, the main benefits of using Smart Contracts are:
▶ No need for other intermediaries such as lawyers or brokers to make it work;
▶ The danger of manipulation by a third party is mitigated, since execution is managed automatically by the network;
▶ Documents are encrypted on a shared ledger, meaning they cannot be lost or hacked;
▶ No need to spend an enormous amount of time and paperwork to manually process documents, as software code automates those tasks.
Smart Contracts and the AppCoins Protocol
The AppCoins Protocol uses various Smart Contracts to enforce the execution of its predefined rules. Through them, we are able to ensure transparency and, therefore, bring trust to an ecosystem through several players which wouldn’t have previously had any incentive to trust each other.
One of those Smart Contracts is the AppCoinsIAB, which deals with the In-App-Purchases (IAPs) made within the AppCoins ecosystem.
In order for a user to correctly perform an In-App-Purchase on any app, they must perform a transaction called a buy function.
This function requires several pieces of information as input, which will then be used to confirm the legitimacy of the transaction (valid item within an app, correct amount sent, and so on).
If everything goes smoothly, and indeed it’s a legitimate ...
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Stories by AppCoins Official on Medium