Whether or not we THINK we know someone in business, the right thing to do is ALWAYS protect your interests! A friend will remain a friend if both parties keep business matters separate from matters of the heart. In GOD we trust, but, in business – trust a contract!!
Understanding the Hash Time lock contract.
A Hashed Timelock Contract (HTLC) is a smart contract (used in Cryptocurrency channels) created between two parties to eliminate the apparent risk and vulnerability.
In other words, an HTLC requires that recipients provide proof that they have received payment within an agreed-on time-frame. Otherwise, the deal doesn’t go through. This and other terms can be agreed on pre-transaction phase and will protect both parties of the transaction.
On the Compumatrix DEX, you may create an HTLC between you and a friend, which will protect you both in the transaction!
Scrutinizing an HTLC:
There are two principal elements of an HTLC that characterize HTLC’s from a regular cryptocurrency transaction:
- #One is a “hash lock.” which is created by the originator of the transaction. This is done by using the “roll the dice button” to scramble the key numbers, giving a unique “hash lock,” which will unlock the original Hash. The originator stores the key and the Hash, which is used in the final transaction.
- #Two is the “Time lock” and another essential component of protection against loss. Two parties agree on a specified time for funds to be transferred and select that from the initial form. They can also arrange an escrow if they want other trade conditions if they so desire between themselves.
Bartering is probably one of the oldest means of exchange. Goods and services are exchanged without money being involved. It is good to know that this practice is still alive and can be modified to fit today’s business.
In this digital age, bartering practices take on a technical air. Suppose your friend has an asset you wish to own, and you have an asset THEY want to own. There is a way to exchange these between yourselves while protecting both party’s interests.
Instead of using the market, perhaps you and a friend use a Barter transaction like one that’s available on the Compumatrix DEX?
Keep in mind that whichever transaction you and a friend decide is best for you, neither of these will have any effect on the Blockchain values!
Find helpful guides and “How To’s” on creating these and other transactions as a member of the Compumatrix DEX ecosystem.
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Join today, and find out how to “grow” your portfolio. Begin to build for your future and the future of your family! Check out other ways and means of conducting your digital cryptocurrency business with us!
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