A smart contract is a computer program that automatically processes an agreement between two parties when predetermined conditions are met. As smart contracts operate on a blockchain, every transaction is transparent, traceable, and irreversible.
Unlike traditional contracts, which rely on trust that obligations will be fulfilled on time and in a professional manner, smart contracts have trust built right in. Exfluency™ uses smart contracts to automate the transactions between the Requesters of work and the Community members carrying out the work.
Automated reward process
Exfluency also uses smart contracts to reward Community members when they create or share a linguistic asset, in the form of a LangCoin, the Exfluency Language Coin.
The comprehensive architecture of the blockchain payment system empowers users with an unprecedented level of certainty:
- Trust and transparency are guaranteed
- Automated LangCoin reward process
- There is no intermediary involved to add costs and delays