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The Process to Follow for Developing your Smart Contract Based MLM Software

Smart Contract-Based MLM Software Development

Currently, starting a Smart Contract Based MLM Software is a profitable investment opportunity for entrepreneurs.

What is a Smart Contract-based MLM?

  • It is a decentralized platform that operates with the help of smart contracts.
  • There is no involvement of any centralized authority in the system.
  • There are different MLM plans like binary, Unilever, and matrix, and members can earn valuable cryptos as rewards by referring a new user to join the platform.
  • MLM platforms are mostly created on blockchain networks like Ethereum and TRON.
  • Smart contracts ensure high security, complete transparency, and zero risks.
  • Transactions are executed instantly without the presence of any third parties.

Understanding the meaning of MLM

  • MLM stands for Multi-level marketing. It is also popularly known as referral marketing or network marketing.
  • Members will be recruited for promoting the business’s products and services.
  • They will be incentivized to recruit new members by making referrals.
  • It is a good source of passive income.
  • The traditional MLM model suffered some limitations in the form of delayed transactions, mistrust, mutability, and lack of transparency.

Bitcoin Smart contract-based MLM

  • It is built on the Bitcoin blockchain network.
  • The rewards are distributed to the users in the form of Bitcoin cryptos.
  • Members can join the platform by submitting a specific amount of Bitcoin.

Ethereum Smart contract-based MLM

  • Ethereum is the number one choice for developing DApps, smart contracts, and Defi projects.
  • It is 100% decentralized.
  • Members earn their rewards in the ETH cryptocurrency.
  • All the transactions, tokens, and wallet addresses will be stored in the Ethereum Scan, which is the block explorer of the Ethereum blockchain.
  • The Ethereum Virtual Machine (EVM) possesses all the library files for building customized smart contracts.

TRON Smart contract-based MLM

  • TRON is the emerging hub for building DApps for various industries.
  • Members of the platform earn their rewards in the TRX cryptocurrency.
  • TRON has a higher transaction speed and lowers transaction fees than Ethereum.
  • It does not calculate the gas price but takes into account the bandwidth consumed and the energy utilized by every user.

As seen above, smart contract based MLM software offers a plethora of advantages in the form of traceability, no frauds, faster peer to peer transactions, high data security, and automation of operations. Witness success by coming out with a proper plan of business requirements and organized execution.

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