Description
Like many ideas in the blockchain industry, a general confusion shrouds so called 'smart contracts'. A new blockchain technology made possible by public blockchains, smart contracts are difficult to understand because the term partly confuses the core interaction described. While a standard contract outlines the terms of a relationship (usually one enforceable by law), a smart contract enforces a relationship with cryptographic code. Put differently, smart contracts are programs that execute exactly as they are set up to by their creators.
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller is directly written into lines of code. The code and the agreements contained therein exist across a distributed, Blockchain network.
How smart contracts work
It’s worth noting that bitcoin MLM was the first to support basic smart contracts in the sense that the network can transfer value from one person to another. The network of nodes will only validate transactions if certain conditions are met.
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