YoCoin, a decentralized peer-to-peer digital currency that was recently launched, has announced that it is now an Ethereum based asset along with its latest development being the addition of smart contract applications.

YoCoin was launched earlier in July based on Scrypt mining algorithm that makes it easy to mine and more accessible than bitcoin. YoCoin can be actively traded on several exchanges including C-Cex, SafeCex, Alcurex, CoinExchange, Bloombit among others.

According to the official release, the digital currency has now enabled smart contracts with a wide range of applications. With the feature, contracts and bonds can be executed without the involvement of lawyers, stock exchanges can operate without central clearing houses, financial records can be verified without auditors and tamper-proof voting systems can be automated in order to ensure one vote per person.

“Our initial implementation of YoCoin was great, but we wanted to take it much further. The new version of YoCoin provides a backbone for smart contracts, asset trading, real estate transactions, escrow services, income distribution systems, and an unlimited number of other uses that can all run as programmed without any downtime, censorship, fraud or third party interference,” Dave Wilson, COO of YoCoin said.

YoCoin make use of Ethereum network for transactions and storage purposes. The digital currency is harnessing the digital economy by using the power of Ethereum blockchain for increased security and reliability.

Since its inception, YoCoin has been the digital currency for millennials and also encourages the progress and integration of Distributed Autonomous Applications that runs without any human intervention. YoCoin’s older version users can now swap their coins for new ones at a 1:1 ratio.