Smart contracts are a fascinating aspect of blockchain technology. They are self-executing contracts that use code to enforce the terms of an agreement automatically.

This makes them incredibly useful for various applications, and they are starting to gain traction in several industries.

This blog post will explore what smart contracts are and how they work in the blockchain!

## Defining Smart Contracts

A blockchain is a decentralised, spread database used to store data across a peer-to-peer network. The data is stored in blocks, and each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

[Bitcoin](/coins/btc), the first and most well-known blockchain application, uses blockchain technology to create a global payment system that is secure and transparent.

They are perhaps most easily explained as self-executing contracts written in code and stored on the blockchain. A smart contract contains all of the terms and conditions of an agreement, and once the conditions of the contract are met, the contract automatically executes the agreed-upon actions.

Smart contracts are used for many purposes, including financial transactions, voting, and asset management. Being on the blockchain means they are secure and transparent. Smart contracts could revolutionise the way we interact with each other and do business.

## How Do Smart Contracts Work in the Blockchain Ecosystem?

A blockchain is a decentralised, distributed ledger that records transactions in a public or private network. Smart contracts are digital agreements stored on the blockchain and are automatically. Being stored on the blockchain makes smart contracts tamper-proof and transparent.

The contract terms are written in code, and the contract is executed automatically when the conditions of the contract are met.

Smart contracts can also be used to create tokenized assets, such as loyalty points or digital certificates. Smart contracts are often used in conjunction with blockchain-based applications, such as [Decentralised Autonomous Organisations (DAOs)](https://www.investopedia.com/tech/what-dao/).

DAOs are organisations that are run by code, and they use smart contracts to automate decision-making and governance. By using smart contracts, DAOs can operate without a central authority or control.

## Use Cases for Smart Contracts

The defining feature of a smart contract, a computer protocol that enables blockchain-based transactions, is that it can automatically execute the terms of an agreement between two or more parties.

This makes them well-suited for use cases where there is a need for trustless, tamper-proof transactions, such as exchanging money, property, or other assets.

In addition, smart contracts can be used to create decentralized applications (dApps). dApps are programs that run on a blockchain and are not controlled by any single entity. They are often open-source and allow anyone to participate in their development and use.

There are numerous use cases for smart contracts and dApps, ranging from financial services to supply chain management. As the technology evolves, even more innovative use cases will likely emerge.

## The Future of Smart Contracts

Elimination of paper documents and the automation of repetitive tasks means that smart contracts can help to streamline operations and reduce costs.
At the same time, blockchain technology can provide a level of security and transparency that is not possible with traditional contracts.

As a result, smart contracts are likely to play a major role in the future of business. While there are challenges to overcome, such as scalability and regulatory compliance, it is clear that they could shift the way we do business for the better.


Smart Contracts and the Financial Market Revolution

Sometimes a crypto crash wipes out wealth so severely.

Despite the well-known volatility of cryptocurrencies, investors do not seem deterred. Crypto can have big days when values soar. And there can be big days where prices go the wrong way.

When values plummet, it's hard to be prepared. A crypto crash is uncertain; nobody knows the exact time when it will happen.
But what causes a crypto crash?

## Cryptocurrency Security

Network security is a factor that could spark a crypto crash. Security flaws in any blockchain can cause concern among the public and regulators, impacting on the value of coins and tokens on that network. The value of crypto is driven by investors' interests; fear, uncertainty, and doubt can lead to a crypto crash.

## Volatility in the Cryptocurrency Market

When investors liquidate high volumes of a digital asset, crypto markets witness volatility. While this can hurt some investors, there are others watching for, or perhaps contributing to, such a situation. Others drive up prices and over-inflate the value of certain coins and tokens, again contributing to volatility. Both have contributed to crypto crash scenarios, when prices are deliberately forced down or plummet when the hype dies. 

## Cryptocurrency Regulation

China banned crypto mining in 2021. This move, positioned as regulation, saw cryptocurrency values decline as the hash rate slowed.
This is a single example, but demonstrates how regulation can contribute to a crypto crash.

## Crypto Influencers

This is an extension of the volatility explanation, but is specifically referencing those who use their platforms to shift prices, deliberately or not.

For example, when[ Elon Musk tweeted his support](https://www.marketwatch.com/story/elon-musk-tweets-about-dogecoin-and-prices-immediately-jump-11620947452#:~:text=A%20day%20after%20revealing%20that%20Tesla%20Inc.%20would,improve%20system%20transaction%20efficiency%2C%E2%80%9D%20Musk%20tweeted.%20%E2%80%9CPotentially%20promising.%E2%80%9D) for [Dogecoin](/coins/doge), the value soared. When he criticised other cryptocurrencies, their values fell.

## The Stock Market

Although seen as distinct, there is a correlation between activity on old-fashioned stock markets and the new crypto exchanges.
There is so much that can impact a market value, this is inevitable. If taxes go up in a country, or financial regulation is tightened, or inflation and cost of living explode, both types of market will be impacted similarly.
 
 



Reasons for a Crypto Crash Examined

## Is there a Ukraine cryptocurrency ban or not?

The National Bank of Ukraine has [implemented restrictions](https://www.kinstellar.com/locations/news-deals-insights/detail/397/1720/national-bank-of-ukraine-imposes-restrictions-on-the-purchase-of-cryptocurrencies-and-other-virtual-assets?msclkid=352c5177cf7e11ec8cedb74a0cc8134e) regarding its cryptocurrency transactions to limit the flow of money out of the country as it continues to operate under martial law.

Since the Russian invasion, $1.7 Billion was transferred out of banks in Ukraine in March and a further $900 million so far in April.

The ban is a temporary measure. It states that Ukrainians who want to buy cryptocurrencies will have to use a foreign currency other than UAH. The total monthly limit of purchases is limited to UAH 100,000 ($3,300).
The National Ukraine Bank sees crypto purchases, deposits via electronic wallets, and virtual asset purchases as quasi-cash transactions. However, regular payments made abroad and locally for goods and services do not fall under the bracket of new restrictions.

The National Bank of Ukraine believes the changes will help improve the country's fortune in the foreign exchange market. This is important for further reductions in restrictions, which will take some pressure off international reserves in Ukraine. The restrictions have raised some questions as the government of Ukraine was actively working to legalize cryptocurrencies a few days prior.

Before the invasion of Ukraine by Russia on February 24, the country was trading more cryptocurrencies than fiat. Just six days before, a bill was passed legalizing cryptocurrency and putting its regulation under the governance of the National Commission on Securities and Stock Market.

Since the war started, Ukraine has used cryptocurrencies to raise capital for the war effort. The country announced on February 26 that it would accept donations in the form of crypto, with links to two crypto wallets provided for them to receive [Bitcoin](/coins/btc), Ether, and Tether. According to a leading analytics firm within the crypto space, this led to $63.8 million being raised with more than 120,000 crypto asset donations. But as the war continues to rumble on, Ukraine’s national bank believes that if large amounts of cash leave the country, it will put significant pressure on its currency. It wants to avoid what happened to the Russian ruble shortly before the war began. 

There, food prices went up considerably, prices of imported goods skyrocketed, with some foreign-made cars more than doubling in price, and there was a lack of imports. An economist from Gazprombank predicted that annual inflation will stand at 27% by the middle of 2022. However, the ruble has returned to pre-war levels in response to sanctions from the West.

NBU believes the move to limit cryptocurrency transactions is important, even though the FX market has been balancing over the past few months. It fears that large volumes of foreign currency purchased by banks seeking international settlements will negatively affect the currency. The World Bank predicts that Ukraine's GDP will fall by 45% this year.



Ukraine Cryptocurrency Ban; What's Happening?

[Bitcoin](/coins/btc) Revolution and Dragons' Den, the popular TV show, appeared together in online ads. But did the platform really have endorsement from the stars?

Just try Googling 'bitcoin revolution dragons den'.

Celebrities influence their fans. They can influence the buying and investment decisions they make. Crypto scammers know this and keep inventing new ways to scam unsuspecting people of their hard-earned money.

The latest tactic in the books is the alleged endorsement of Bitcoin Revolution by Dragons' Den stars.

## Background 

In February 2022, a 75-year-old woman lost more than £30,000 to the Dragons' Den Cryptocurrency scam. The scam uses faked quotes from the entrepreneur, Deborah Meaden, a star of the TV Show Dragons' Den.

The scam takes advantage of well-known and influential stars to post faked quotes encouraging investing in cryptocurrency for quick returns. While these stars have nothing to do with the Dragons' Den scam, UK social media users continue falling for online scams that lose them tens of millions of pounds every year.

Another star the crypto scam exploits is Peter Jones, an English businessman, entrepreneur, and star of Dragons' Den.

The Dragons' Den scam also uses Theo Paphitis, a retail proprietor and entrepreneur who makes appearances on the Dragons' Den show.

Other celebrities included in the alleged investor list include:

•	Duncan Bannatyne 
•	Richard Farleigh 
•	Touker Suleyman 
•	Doug Richard
•	Rachel Elnaugh
•	Simon Woodroffe
•	Sara Davies 
•	Tej Lalvani 

## Bitcoin Revolution Explained

Bitcoin Revolution, an automated cryptocurrency trading platform, was designed to allow beginner and advanced users to trade digital currencies, including Bitcoin, Ripple, and Ethereum.

The platform claims an 88% average win for its users. It is based on an algorithm that scans and analyses offers from various users and presents the results in a simplified view. 

Before signing up, users are expected to deposit a balance of 250 pounds to activate the auto trading function. This function completes the trades automatically for the user. 

## Dragons' Den Stars' Endorsement

Many articles and social media posts claim endorsement of Bitcoin Revolution by Dragons' Den stars and other celebrities and business moguls.
These claims of endorsement have met with backlash from the said stars. In a [tweet](https://twitter.com/DeborahMeaden/status/1230788783404126210), Meaden alerted her users about the scam, saying, “Fake ads using Dragons' Den and myself as clickbait then directing to a Bitcoin site are a scam. Don't click or it feeds the ugly and DEF don't give them money.”
Regarding the claim of his endorsement of Bitcoin Revolution, Peter Jones said: "It’s a complete SCAM & my legal team is on it now." Mr. Jones expressed his opinion following an alert of claims that he had bought 20% as a bitcoin trader. 

## Conclusion

Bitcoin scams continue to expand and reach more people through false information and advertising. The UK government has made steps to protect its citizens by adding a legal duty to prevent popular social media platforms from allowing paid-for fraudulent adverts from appearing on their platforms. In addition, the government is working on measures to tighten the requirements for the online advertising industry to create a safe, transparent, and accountable ad market.
 



Bitcoin Revolution: Dragons' Den Endorsed?

It was one of the first and remains one of the most popular. But why do people like the [Coinomi](https://www.coinomi.com/en/) cryptocurrency wallet so much?

More than 25,000 people descended upon the US city of Miami last week. The city may be home to the largest cruise ship port in the world, but these people had no intentions of sailing off to the Caribbean. Instead, they were there to attend the annual Bitcoin conference and, according to the conference organizers, the attendance of 25,000 was at least twice the number from last year’s conference.

In other words, despite the less-than-stellar year that the cryptocurrency market has experienced in 2022, at least compared with 2021, it's a market that continues to gain traction. When we consider the level of mainstream interest and the continuing widespread adoption of cryptocurrencies, innovations in blockchain technologies continue at a torrid pace. We’re now at a unique inflection point in the history of cryptocurrencies where governments across the globe are rapidly scrambling to implement regulatory measures in an almost harried fashion to reign in the mania.

This continued interest in the digital assets markets poses a new question to investors; what to do with them once they're purchased from an exchange. Not unlike many of us do with our cash and credit cards, investors need a reliable place to store their digital assets.

Welcome to the world of cryptocurrency wallets. [Bitcoin](/coins/btc), [Ethereum](/coins/eth), Dogecoin – these are all examples of digital currencies. Still, they're not something you can just stick in a safe or billfold. Storing your cryptocurrencies on the exchange where you buy them may seem safe enough. It's certainly a convenient option, but the truth is that you open yourself up to the liability of hacking. 

Hackers have already sauntered off with billions of dollars in stolen cryptocurrencies after finding ways to compromise many of the cryptocurrency exchanges that emerged out of the Bitcoin Gold Rush.

The prudent course of action for any investor who has delved into the world of cryptocurrencies is finding the proper crypto wallet to store and transfer digital assets securely. There's plenty of options on the internet, but the concept is essentially the same. Cryptocurrency wallets can be a simple software program or physical devices that can store digital assets segregated from the internet. 

Crypto wallets consist of a pair of "keys" – one public, the other private. The public key is the address cryptocurrencies can be sent to, and the oh-so-important private key is akin to the key to a lockbox.

## Coinomi Wallet Gaining in Popularity

One of the best and most versatile crypto wallets offered on the market today is Coinomi – a software app that can be downloaded for free.

Coinomi was founded by the early fintech and blockchain technologies experts back in 2014.

It has rapidly become the crypto wallet of choice for many investors, having already been widely adopted by millions across the globe. It's a multi-chain wallet meaning that it supports over 1,700 different types of digital assets and offers extraordinary levels of security. Perhaps Coinomi’s most appealing feature is its track record of fluid compatibility with the Android operating system. As of 2019, Android accounted for nearly 90% of the global smartphone market, and that number has only increased. 

In addition to its security and robustness, the Coinomi is the oldest multi-chain wallet available. It offers many useful features, including an interface that is very easy to use by technical and non-technical investors alike. If security is genuinely your utmost concern, take comfort in knowing that there hasn’t been a single incident of a Coinomi wallet ever being hacked or compromised.



Coinomi Wallet Increasing in Popularity

Do you need a crypto wallet? UK cryptocurrency investors will, it appears from recent government statements.
The UK recently made a chest-thumping statement that the country is throwing its full support behind the cryptocurrency movement, hoping to become an epicenter of sorts for the market.

On April 4, UK Economic Secretary of the Treasury John Glen made a speech that included the country’s vision for becoming a global hub for cryptocurrency technology at the [Innovate Finance Global Summit](https://www.innovatefinance.com/ukfintechweek/). Glen was referring to a package of moves that the UK had in the works to bolster the strength of its financial services market by positioning itself at the “cutting edge” of cryptocurrency technology to attract more investments and jobs to the sector. The endgame of these efforts is apparently to widen consumers’ financial choices in the UK to include more cryptocurrency options.

## Some of the more salient points of the country’s plan include:

- The formation of a Cryptoasset Engagement Group to increase collaborative efforts between the UK and the cryptocurrency industry

- UK Finance Minister Rishi Sunak has officially summoned the Royal Mint to create and issue a Non-Fungible Token (NFT) by the end of the summer to communicate to the world that the UK is fully committed to accelerating cryptocurrency innovation in that country

- A pervasive analysis of the UK's tax system to identify where the country can be more competitive in incubating greater levels of innovation in cryptocurrency technology

- The formation of a "financial market infrastructure sandbox” that would persuade influential crypto-companies to experiment and innovate

Another critical component of the UK's plan is the broader adoption of stablecoins. When appropriately regulated, stablecoins provide an efficient means of payment to a broader consumer base with the perceived benefit of being affiliated with a fiat currency, like the dollar. 

Such an affiliation means much more stability in the value of the stablecoin. Other common digital assets like [Ether](/coins/eth) and [Bitcoin](/coins/btc) can demonstrate more price volatility because the assets are not pegged to any fiat currency. The anticipated course of action will be legislation that formally adopts stablecoins within the UK’s payment regulatory parameters.

## Crypto Wallets for UK Investors

Clearly, the UK plans to compete for pole position in terms of being at the forefront of cryptocurrency’s innovation engine. That means crypto investors in that country need to adopt a solid plan for safely storing and trading their digital assets.

## So, let's think 'crypto wallet UK'

Leaving digital assets spread out across a swath of different crypto exchanges puts investors at a higher risk of "hacking". Digital wallets are viewed as an essential layer of security that we can take to protect our assets. As the case often is with traditional currencies, crypto assets can be stored in different types of physical and “virtual” wallets. Many cryptocurrency wallets are simply software applications or desktop software programs.
 
Other more advanced (and secure) cryptocurrency wallets are physical hardware devices, often applauded for their excellent security benefits. 

The key features that UK crypto investors need to consider when choosing their wallet include:

•	Software or Hardware (which suits your lifestyle and trading style?)
•	User-friendliness
•	Security
•	What digital assets (tokens) are supported?

As our global society grows increasingly digital, it won't just be those in the UK who need a prudent strategy to inventory and trade their cryptocurrency funds.

Many hardware and software wallets are worthy of consideration, and the innovations are continuing by the day. 

Do your own research to ensure the wallet you decide upon will allow you to store your crypto assets in a safe and secure location.
 
 



Latest Moni

Crypto Business News | Page 9

Read the latest crypto business and market news from around the world.

Smart Contracts and the Financial Market Revolution

Reasons for a Crypto Crash Examined

Ukraine Cryptocurrency Ban; What's Happening?

Bitcoin Revolution: Dragons' Den Endorsed?

Coinomi Wallet Increasing in Popularity

Crypto Wallet: UK Investors Will Need One

Dash or Litecoin? Crypto Comparison

How to Buy Altcoins

BTT Crypto: BitTorrent Token Price