In the age of digital technology, every transaction or commitment should be bound by commercial contracts. However, a written contract may entail many drawbacks. To be specific, compiling commercial, economic contracts on a regular basis is timeconsuming, and a third party is needed to deal with or guarantee the terms of contracts. That will cost you a great deal of extra time, fee and procedure and require you to find a trustworthy third party to settle in case of conflict. If the third party cannot handle the incident, it will be handled by a regulatory authority. For those reasons, smart contracts come into effect. Smart contracts use computer code, giving AI the full control of terms and conditions among parties of the contracts.
Smart contract reduces fee, time and enhance transparency, and hence, it is considered the heart of the 4.0 technological revolutions.
Ethereum smart contracts have demonstrated great potential and have achieved certain successes, yet there exists several drawbacks. Ethereum smart contracts can only be applied in the field of cryptocurrency, and theirs languages are only for developers and programmers. This has considerably restricted their popularity as for an ordinary person, understanding the content of a smart contract is a difficult task itself, let alone creating one. Therefore, we have developed Rothscoin ecosystem to apply smart contracts in multiple aspects of life like inheritance rights, patent, author's right or exchange of digital products. We will develop a user interface for smart contracts to make it a userfriendly application. And we will base on that ground to popularize Rothscoin ecosystem to countries and territories worldwide.