Editor’s note: The smart contract described here has a dubious business model, and may be an outright scam. Please be careful when dealing with claims that appear to be too good to be true. The opinion of the author that smart contracts should be added to the Dash network remains valid, however, so the article is being posted with this caveat. For more information on the Forsage smart contract, the editor used this review as the basis for this note:
Dash, by all means, is here to stay. By all indications it’s been the near perfect cryptocurrency with the highest points on adaptability to every human transaction, it’s is indeed a digital cash for a digital race. Such adaptable cryptocurrency is expected to thrive in densely populated areas of the world, it’s then sufficient to say that it’s below par popularity in the continent of Africa. For Dash to not be popular in a continent that’s so densely populated and is still for most part, a developing continent; is not something to be considered as normal. Especially when other relatively new cryptocurrencies with lesser adoption efforts than Dash, have enjoyed more popularity in the continent. Smart contracts seem to be the missing link.
What is a smart contract?
A smart contract refers to a self executing digital contract, with the terms of agreement between participants and sellers directly written into lines of code. The terms and agreements contained therein exists across a distributed, decentralized block chain network. These smart contracts present an easy way for non miners to accumulate a particular cryptocurrency from the comfort of using their already present gadgets. Smart contracts for cryptocurrency accumulation are usually based on networking, various amounts of the currency are distributed as more participants are recruited, all as stipulated by the rules guiding such contracts.
How would smart contracts popularize Dash in Africa?
One needs to only take a look at the positive effects that smart contracts have had on other cryptocurrencies, on it’s popularity in the continent; to see their potential in regards to Dash. Taking the Ethereum blockchain as a case study; it included the use of smart contracts as third party protocols to be based on it’s decentralized network. The most prominent smart contract for Ethereum is FORSAGE. The popularity of Forsage in the Africa and even in other continents is huge, and this in turn has boosted the popularity of Ethereum in these regions.
The FORSAGE smart contract has given the opportunity for virtually anyone to accumulate wealth in Ether, from the comfort of their home, starting from a minimal purchase of Ether. This networking contract rewards active participants that have networking and recruitment skills, with the Ether currency, based on the stipulations of the contract. With a negligible starting fee to purchase the amount of ether needed to commence the contract, one can accumulate huge amounts of ether and basically get rich while sitting at home. The easy nature of earning Ether via this smart contract, has attracted huge interest from youths across the continent, with countries like Nigeria, Ghana, South Africa etc being highly involved. A study has shown that the market cap of the Ethereum currency rose by 12% in the first quarter of 2020, the same first quarter when the FORSAGE smart contract began to gain popularity. Furthermore, excluding Bitcoin, the Ethereum currency is the most popular crypto currency on the the continent, with its rise in adoption coinciding with the emergence of the FORSAGE smart contract. More and more people are keying into these smart contracts, especially in these special times of a global pandemic where income for the average working class individual is shortened. This is evident in the growth of value of ether by over 300% from the beginning of the year until now, where the value of one ether is around $465.
How would smart contracts help Dash grow in Africa?
Incorporation of smart contracts as a third party protocol, to exist on the double-tiered dash block chain would create a network of Dash enthusiasts, whose drive for accumulation of Dash would only be matched by the desire of increasing its network reach. A well drafted and written code for such smart contract would not only immensely boost the adoption rates of dash across Africa, but would ensure a legal way in which a multitude of Dash enthusiasts and investors would be recruited across the vast population abound in the continent. Smart contracts may just be the key to unlocking the new DASH AGE IN AFRICA!
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