This post is updated on: Jan 2022

In this article we are going to learn specially about YEMChain Smart Contracts.

What is Smart Contract?

A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible. Source link for this paragraph

What is YEMChain Smart Contract?

When you Buy anything with Rainbow Currency (YEM) Sub coins like. Twnkl Estate Coin, Twnkl Mobility Coin, Twnkl Vacation Coin and Twnkl Shopping Coin. It is all done on its Blockchain which is called YEMChain.

Below we are going to learn the whole process taken from the Unicorn Network Webinar.

How YEMChain Smart Contract Works?

1. (Offer) As we all know, we make an offer on either TwnklEstate, TwnklShop, TwnklCars, the International Vacation Club (IVC) or some other site later in the future. This offer could be whether you choose your own vehicle, like on TwnklCars. Or, someone suggests a product. And, we list that product on TwnklShop. or, as in the case of the International Vacation Club; there is a certain vacation offered; or, as with TwnklEstate, there’s a certain property offered.

2. (Reservation) Here, you decide whether you would like to take us up on that offer and make a reservation. Now, when you make a reservation. You are essentially accepting that offer and you put the price for that offer in escrow. Putting that price in escrow; is a CLEAR STATEMENT that you are willing to buy whatever it is that is offered.

3. (Activation or Cancellation (end of Smart Contract)) Now of course; with our Smart Contracts. We have certain rules such as; the YEM target value or the time frame for the Smart Contract. So, if it is fulfilled with the Smart Contract rules; regarding the YEM target value within that certain time frame, then the Smart Contract is activated.

Now, if there is a case where the conditions are not fulfilled on that Smart Contract. As we know, that Smart Contract is then canceled. And you get a 100 percent full refund on whatever price you have in escrow. And, we do know that in some cases; we offer another option where you can choose a NEW Smart Contract for that same product. Or property or whatever it is. But, the same applies; you still have that same option. And if you don’t want that, then you receive a FULL refund from when you cancel the Smart Contract.

4. (Fulfillment or cancellation (end of Smart Contract)) Now, if the Smart Contract is activated, it needs to be fulfilled. So, what does this mean when we’re talking about fulfillment?

On one side; it means that we, as the Company, regarding property or products through; TwnklShop, cars, vacations or even something else later in the future. When we have a Smart Contract activated. That then is when we go to the different fulfillment vendors. And, we say, ”Hey, we have this activated Smart Contract for your product ”. Or whatever the case is and then we negotiate, and we close the deal with that relevant fulfillment vendor.

On the other side; as we know, those deals might include a part that YOU, as the reservation holder, might need to fulfill.

Now, in the case of TwnklShop; we know that sometimes there are taxes or delivery fees or sometimes installation. And, all of these things are paid for in fiat currency. So, that is YOUR responsibility to fulfill. Of course, we all know that; these charges to be paid in fiat currency are clearly stated in the Smart Contract.

So, once we have these parts to the fulfillment. We then have to confirm both with the buyer (you); that they are willing to fulfill their end of the obligation. And, of course, we have our negotiations with the seller, the fulfillment vendor; so, we need both parts of that in order to complete everything. Or in case, when either the seller or the buyer fails to fulfill; then again, it would be canceled and a full refund returned to you of whatever price you have in escrow.

5. (Execution (end of Smart Contract) So now, in the case of everything being fulfilled in Step 4, then we have the execution, which means, that the Smart Contract ends, and then a contract between the seller and the buyer is created for the fulfillment of whatever it is.

Now, when it comes to TwnklEstate, the seller of the F.O.R. (the Fractional Owner Rights), is TwnklEstate, Inc., so they would be the seller of the F.O.R.; but, in the case of TwnklShop, the seller is the fulfillment vendor of whatever product it is that you’re purchasing. Let’s say for example, that you live in France and we’re talking about an iPhone. So, in that case, the seller would be an official accredited reseller or retailer located in either France or in Europe (in Europe, such as in the European Union Zone, you have the ability to sell across country boundaries with very few issues), so in this situation, you might find something like that, but whatever it is, it would be the local fulfillment vendor in your area that is genuine and authorized to sell you those genuine products.

Very important, do understand, that you are not buying from Unicorn Network and any of their subsidiary companies when we are talking about these sorts of things. As mentioned earlier, the only exception is when you’re purchasing the F.O.R. from TwnklEstate, Inc., that is the only time that you are purchasing from one of Unicorn Network’s subsidiary companies.

Understand, we are really just providing a SERVICE; we are connecting you, the buyer, with the seller and negotiating so that you can pay the NET PRICE (the MSRP, Manufacturer Suggested Retail Price) in the cryptocurrency (for example, TSHC), that you pay through our website (like www.twnkl.shop); so, this is very important that you do understand, that you are buying from the seller and not a Unicorn Network subsidiary company.

This is very important for a couple of different reasons:

1. Especially when it comes to products or cars for example; because you are purchasing directly from those local fulfillment vendors and manufacturers, firstly, you are covered by whatever warranty might be on that particular product, whether it’s a car or product warranty, whatever it is, you are covered, because YOU specifically, are buying it from the seller.

2. Now, this also comes into effect for Consumer Rights; so for example, if you purchase a car, and for whatever reason you find out a couple of months later that something is not quite right with the car, then you can take that car back to the seller and you deal with the seller directly to solve any issues. So, that means that through this whole process, you retain and keep your Consumer Rights, because you’re purchasing directly from the seller.

6. (Delivery) Now, also understand that with execution, this does not necessarily mean delivery.

With products from TwnklShop, the earliest date of delivery is the end date of the Smart Contract, however, this could vary slightly when a Smart Contract is activated at the very last minute; remember that activation is only Step 3, so we still need to complete Steps 4 and 5 before we can get to delivery.

So that means, that after the activation, you can feel at peace, at ease knowing that those are variables with how the Smart Contract is activated have already been done, so that part which is kind of up in the air a little bit, is completed, so that is something that you can feel good and confident about and think, “Hey, my Smart Contract is activated, so I’m just ONE step closer to the delivery of my product, “ and that is fantastic!

So, do understand, that for those Smart Contracts that area activated, you are now at that activation and getting to that delivery point. However, sometimes it will take time for fulfillment and this could be on both sides (the seller and the buyer), so, maybe you (the buyer) need some time to pay the fees or whatever is needed, which could be a possibility; but with our smart system, that gives you that time. And, especially with the fulfillment vendor or agent, sometimes they may need time, for example, Rolex watches, sometimes they are produced individually, and this could take 6-8 weeks before anything can be delivered. Also, with vehicles, for example, when you’re setting up your reservation for your type of vehicle, when the Smart Contract is activated, we then talk with the local dealerships so that you can have your vehicle fulfilled.

Now, depending on what type of vehicle you chose, there could be some specific circumstances. I will give you a few examples here in the USA, such as, one of the hot cars right now is the 2020 Corvette C8, however, there was an auto-workers’ strike that happened a while back, which meant that all the people that were building those cars, they said, “Hey, we’re not going to work right now because we want the manufacturers to do something for us.

So, that meant that no work was being done to produce those Corvette vehicles, which means, that the delivery time for those new Corvettes is pushed back a little bit because there was a period of time in the middle when things weren’t getting done, because of some other issues happening; these are some of the situations which are outside our control, in fact (as this example has described), can even be outside the manufacture’s control.

So, you need to be understanding that this is the real world that we live in; these things happen, but it doesn’t mean that, “Everything’s out the window, forget it, it can’t be done,” no, it just means everyone has to have a little patience, that’s all.

Another example with vehicles; maybe you want a very special kind of vehicle, such as a Lamborghini or some other luxury vehicle, or you want a lot of specific features on the vehicle that you purchased, for example, maybe that vehicle might need to be built just for you – when it comes to a Lamborghini, hey, sometimes they say it can take up to 2 years to build one. Generally speaking, if you’re not wanting something too exotic or crazy, then the time is much less; for more general vehicles, it is usually about 6-8 weeks, thereabouts, when they’re building a car just for you, so again, there are all kinds of different variables that could occur before the delivery actually gets to you.

But, do understand, that this activation point is definitely something to be celebrated and to feel at ease about, because that means that all those variables that were up in the air are now solved, so that part is done, and now we just go through those next few steps which is the final part of the purchasing process.

Again, do understand, as I was saying, that delivery happens directly from the seller, so there are times when things could happen outside ours or anybody’s control such as, the seller, the manufacturer or whoever.

Also understand, that when it comes to vacations, for example, we have just had 2 vacations listed, although they’re both closed now; so, those vacations will happen in Q2 2021. So, what happens if the Smart Contract is activated in Q1 of 2020? Now, that doesn’t mean that the vacation will suddenly be pushed up; the vacation will still happen when it was planned, so for example, even if at a later time you are booking your own vacation, after that Smart Contract activates, that is when a travel expert is going to contact you and so, you’ll book your vacation after that, which means that sometime after that Smart Contract is activated, then you will be going on vacation. This means that you will have control and make the decisions for your kind of dream vacation, for example.

When it is a pre-planned trip, it happens when the trip has been originally planned, so do understand that.

Now, when it comes to delivery for cars, the earliest day of delivery is the end date of that Smart Contract. Again though, if it is a last-minute activated Smart Contract, it might mean that some more time is needed for its fulfillment depending on the type of car you are getting, or whatever specific features and options that you might want could take a bit of extra time too, so do be aware of those things.

When it comes to the delivery of a product on TwnklShop, the earliest date for delivery is also the end date of the Smart Contract, but again, this is only if enough time has happened between the activation and the end date of a Smart Contract, so that we can take care of the fulfillment part that needs to happen.

Now, Real Estate is the ONLY ONE where the delivery of the F.O.R. (Fractional Owner Rights) might happen BEFORE the end date of the Smart contracts; and this only will happen if we, as our group of companies, if we already have that property under our control; and of course, the Smart Contract is activated. Because, the difference between TwnklEstate and other Smart Contract related sites (TwnklShop, TwnklCars, the International Vacation Club), with TwnklEstate, there are NO additional taxes or fees to be paid before the F.O.R. are activated and delivered, but of course, you have to pay whatever taxes and things on your side (depending on what your country’s policies are), as you know, that is a given.Buthere, we are talking about TwnklEstate and you don’t have to pay any extra taxes or fees before the F.O.R. can be delivered.

It was all about; How YEMChain Smart Contracts work.’

Thank you

Smart Contract FAQs

What is a smart contract?

A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are traceable and irreversible.

What is a YEMChain smart contract?

When you Buy anything with Rainbow Currency (YEM) Sub coins like. Twnkl Estate Coin, Twnkl Mobility Coin, Twnkl Vacation Coin and Twnkl Shopping Coin. It is all done on its Blockchain which is called YEMChain.

Who invented smart contract?

Nick Szabo, an American computer scientist (who invented a virtual currency called “Bit Gold” in 1998) invented smart contract in nineteen ninety four.

What is a smart contract on the Blockchain?

A smart contract is a computer code manged by Blockchain. The code allows both parties to interact with each other and make deal without any third party interference.