How To Make Money With Smart Contracts
Everyone wants to make money with crypto but very few know how to make money by developing your own token. Many people are earning money in crypto by trading or staking but you can get the best returns if you start the development of your project/tokens. You can earn passive income with Ethereum smart contract by developing your ethereum token. We will discuss in detail what are Smart contracts and how can we earn good money from them.
What is Smart Contract?
Smart contracts are simple programs that are stored on an existing blockchain or distributed ledger technology that run when predetermined conditions are met. Usually, the Ethereum smart contracts are the most popular ones and we should be developing them.
Benefits Of Smart Contracts
The major benefit of Smart Contracts is that you can collect automated payments without any intervention or going through the manual process. Smart Contracts give you the following benefits
The transactions on the smart contract are secure and cannot be altered because they are executed on a blockchain. Everyone has confidence over the blockchain transactions and hence there is no chance of a dispute.
Smart contracts are trustworthy since they make use of the blockchain. They are autonomous therefore there is zero percent risk of manipulation by third parties. This also gives the investor peace of mind.
The transaction which occurs in Smart contracts is visible to everyone and therefore they are transparent. In the case of Ethereum Smart Contracts, you can find all the transactions at Etherscan. (https://etherscan.io/)
Since there are no intermediaries to process the complex transactions, this reduces the cost to maintain the smart contract. Also, the transactions are fast and foolproof. There is not a single chance of human error. The transactions are validated automatically and save not only money but time.
Ways To Earn Money With Smart Contracts
There are many services that could be provided through smart contracts and people will be willing to invest in those projects through ICO or crowdfunding.
Below are the few services which you can start with smart contract
This is the most common project where the smart contract is programmed in such a way that it holds the buyer’s money and releases it once the seller has received the goods, items purchased as per the deal.
Many companies need to send their shares to their investors and by creating a security token on a smart chain, this task can be achieved.
Although this is not recommended, it has been seen that MLM schemes are being built through smart contracts and people are earning money through this system.
In short, smart contracts open up a lot of opportunities and if you have a good business plan, implementing it through smart contracts can make it successful.