CoiNET
CoiNET DeFi Network
CoiNET.ca has forwarded you to https://sites.google.com/view/coinet/home/ for editingCoin Network is a Decentralized Finance [DeFi] Network within the Ethereum protocol. It is a work in progress. We hope to incorporate all the features of DeFi, utilize the Lightning Network for fast speeds to move Smart Contracts on the Blockchain.
By October 2020, over $11 billion (worth in cryptocurrency) was deposited in various decentralized finance protocols, which represented more than a tenfold growth during the course of 2020. As of January 2021, approximately $20.5 billion was invested in DeFi. - Wikipedia
Smart Contracts are the next BIG THING
A Smart Contract is software code created using the decentralized, open-source Ethereum 2.0 Network and placed onto the Ether Blockchain Network. Ethereum ( ethereum.org ) is the most actively used blockchain after Bitcoin.
Smart Contracts are Immutable and can NOT be changed once created. Useful features include Multi Signature wallets requiring 2 or more signatures to withdraw funds, Smart Crowdfunding that verifies deposits have been received and Smart Paid contracts that release funds once a Delivery has been confirmed. Smart Contracts are often written in the Solidity Language for code
Smart Contracts make you anonymous, display trust, provide a backup, safety, speed, savings and accuracy.
Smart Contract on ETH Network
Smart Contracts make you anonymous, display trust, provide a backup, safety, speed, savings and accuracy.
Alice & Bob create a SC on the LN
Lightning Fees are high, so two people open a private channel.
Once the channel is open, a unique BTC address is created that refers to this channel.
Bob deposits some bitcoins to this address to guarantee that the transaction fees (GAS) will be paid.
When the deposit transaction is recorded on the main blockchain, the channel gets open officially.
Bob buys coffee from Alice with all transactions being recorded within this channel enjoying fast payments and negligible fees.
When the deposit ends or when the parties decide to finish their collaboration, they close the channel. All these small payments are summarized and released to the main chain in a single Lightning transaction at minimal cost.