How Smart Contract Works on Hive According to Vaultec
Veteran blockchain coder Vaultec started by developing the revolutionary VSC Network, a revolutionary Hive Smart Contract. From a lone developer, his team grew to five developers with amazing support and encouragement from the community.
The VSC Network is a Layer 2 Smart Contract System built on top of the Hive blockchain, an infrastructure poised to transform how we interact with decentralized applications, particularly smart contracts.
Background and Motivation
Before his blockchain endeavors, Vaultec was involved in cryptocurrency mining and coding for many years. However, it was only with the emergence of decentralized platforms, such as the decentralized video platform (DBE), that his interest in blockchain technology was truly piqued. He was amazed by the idea of the decentralized video platform, and that’s when he started to research and get more involved in the blockchain space.
The Eureka Moment
Vaultec’s journey to creating the VSC network began during a long, 10-hour flight. As he sat on the plane, he started delving deeper into the potential of blockchain technology. He realized that many of the existing contexts don’t have much scalability. It was during this flight that he began prototyping a basic idea, which eventually evolved into the VSC network.
Choosing the Hive Blockchain
Vaultec’s decision to build on the Hive blockchain was strategic. As an open-source platform, Hive provided the flexibility and freedom that Vaultec was seeking. He chose Hive because it’s open-source and important to him.
Smart Contracts on the VSC Network
Leveraging the capabilities of the Hive blockchain, the VSC network allows users to create and interact with smart contracts. Vaultec describes these self-executing agreements as computer programs that run in a decentralized environment. The possibilities are endless, from minting non-fungible tokens (NFTs) to generating custom bonds.
Hive’s Smart Contract Capabilities
The VSC network, built on the Hive blockchain, enables a wide range of smart contract functionalities. Users can leverage these features to automate tasks such as minting their tokens, creating custom bonds, and more. Vaultec says the core of what Hive provides is this unique identity, and they’re really excited about it. They can build on that and create interesting applications and use cases.
Automating Financial Transactions
Smart contracts on the VSC network can be programmed to automatically execute financial transactions, such as scheduled payments or conditional asset transfers, without manual intervention.
As the blockchain industry continues to evolve, Vaultec and the VSC network are in the most important position of the smart contract revolution. By harnessing the power of the Hive blockchain, they are establishing a more decentralized and autonomous future in which users have greater control over their digital assets and the ability to customize their financial experiences.
As the blockchain industry continues to evolve, Vaultec and the VSC network are in the most important position of the smart contract revolution. By harnessing the power of the Hive blockchain, they are establishing a more decentralized and autonomous future in which users have greater control over their digital assets and the ability to customize their financial experiences.
Watch the Video Interview with VSC Founder Vaultec
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