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use cobweb pay to buy bitcoin and tether in Australia

Amid much fanfare and anticipation CloudTech Group has finally come out with a release date for their highly touted CloudTechX Wallet.It is set to officially launch sometime in mid-September; the date will be confirmed as soon as all final tests are successfully run.

This entity was brought to life due to a lack of a real solution in the present Australian market for a secure storage of cryptocurrency funds which also enables swift withdrawals of holdings into AUD. At launch, CloudTechX wallet will offer multi-asset support for funds in the form of Bitcoin, Ethereum, Tether and Australian dollars- with more crypto currencies being onboarded later on.

Setting up a wallet is as streamlined as its user interface; download the app from the operating system of choice; available on both theApple App store and Google play store, create an account on it and add a government issued ID for KYC (know your customer) verification. Once verified, transfer over any crypto holdings, link a bank account and withdraw any of the holdings into AUD. Users engaging in the withdrawal service will receive realtime exchange rates of the specific crypto along with a flat 0.1% transaction fee. Another security feature is the enabling of a third-party coin tracking service which traces the transfer of funds from one account to the other and helps reduce the prevalence of illicit sources of funds.

CloudTechX wallet are officially licensed custodians of funds and the fact that the wallet exists off-chain ensures complete security for user data and especially user funds. Additionally,CloudTechX is a registered Digital Currency Exchange (DCE) with AUSTRAC which allows for the primary function of exchanging crypto to fiat and fiat to crypto.

A preview of the interface and supported cryptocurrencies.

Are smart contracts the next step in the evolution of law?

A brief but forensic look at the technology’s capabilities

Ever since the invention of the wheel, the idea of progress has been synonymous with movement. Ask any inventor to explain their creation and they’ll likely reach for words and phrases that evoke adventure and exploration. Striving ahead. Pioneering. New horizons. With the wheel this is understandable, since its invention represented a seismic shift in the way society moved. But what about other inventions, ones that signify progress without moving, at least in a literal sense?

Take legal documents. First it was the handshake, a gentleman’s agreement that was only as good as the honesty and sincerity of the men involved. Then came the written contract, a static document signed by each party that outlined the particulars of that relationship. This contract was harder to break as it was usually held secure by a third party. The latest step in this evolution is the smart contract, and it is here that superlatives suggesting movement start to make sense.

What is a smart contract?

Simply put, a smart contract is a computer program that acts as a self-enforcing contract which runs on the Ethereum blockchain. Its foundation is usually built upon a statement that follows this sequence: “if (this happens) then (that else happens)”. When the conditions of the statement are met, the contract triggers certain actions, such as a payment or a transfer of digital assets.

While at first glance they may seem nothing more than written contracts dressed in digital suits, on closer examination they are much more than this. A simple (and popular) way to understand how is to imagine a smart contract as a vending machine. This analogy helps illustrate all the key characteristics of a smart contract.

Key characteristics of a Smart Contract

Distributed.

Imagine the same model of vending machine being placed in every train station in a city. In the blockchain world, the contract is replicated and distributed throughout the blockchain, which makes it decentralised.

Deterministic.

Now, imagine this vending machine is built to dispense cans of soft drink. It will perform this task and this task only. A smart contract shares the same singularity in its purpose.

Immutable.

In the real world, once the vending machine is built it cannot be altered. Smart contracts are the same. This characteristic is particularly important with regard to their security.

Autonomous.

Once this vending machine is placed at the train station, aside from needing the odd repair, it will operate without human assistance. This is also the case with smart contracts. Likewise, the contract will remain dormant until its conditions are met, just as the vending machine will remain dormant until someone inserts money into it.

Customisable.

While the vending machine cannot be altered once it’s in use, before its deployment it can be built to perform different functions. Smart contracts are no different as they can be coded to perform limitless duties.

Trustless.

In the train station it’s likely that many people will use the vending machine. To use the vending machine, though, you will not need to know (or trust) anyone else that is using the machine. In the blockchain world, this characteristic makes smart contracts simple to engage with.

Transparent.

With the vending machine, when you insert your money and select the soft drink you want, you’ll be able to watch the machine perform most of its functions, owing to the glass screen attached to the front. Because smart contracts are based on a public blockchain they are equally visible, which makes them more trustworthy than traditional contracts.

These characteristics show that in terms of progress and future potential smart contracts do warrant some embellishment when discussed. And while this kind of approach can sometimes elicit as much suspicion as praise, it usually comes from a genuine and sincere place, where the union of imagination and technology is seen as a relationship beneficial to all.

While smart contracts are an integral part of Ethereum, to fully  utilise the applications of the blockchain you need its currency ETH or Ether. ETH is the second most popular crypto currency which is currently seeing a surge in its price- before you miss out on the latest bull run and suffer from FOMO, get in before it’s too late. 

CobWeb Pay offers the ability to purchase ETH at the most competitive rates industry wide. You can transfer in Australian dollars, purchase USDT and exchange it to ETH- all in a matter of minutes. 

Download on iOS or Android, register, verify and start your crypto journey with CobWeb Pay today.

Disclaimer: Approach cryptocurrency investments with prudence, recognising their speculative nature and inherent risks. Exercise caution during the initial stages of investment and take time to familiarise yourself with the market dynamics. Seek guidance from financial experts and employ a diversified investment strategy to mitigate potential losses.