ContractNet is an Ethereum-based cryptocurrency that focuses on enabling and facilitating smart contract operations for businesses and organizations. It aims to provide a decentralized platform that enhances the implementation of smart contracts, making them more efficient and accessible to users.
ContractNet intends to address the limitations of traditional blockchain networks, such as scalability issues and high transaction costs, by utilizing sharding technology. Sharding allows the network to split its database into smaller sections, known as shards, which can process transactions concurrently, thus increasing overall network efficiency.
Moreover, ContractNet aims to support Internet of Things (IoT) devices by providing a reliable and secure platform for executing smart contracts. This enables machine-to-machine communication and transaction execution, opening up new possibilities for automated business processes.
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