A Smart Contract is terms, rules and conditions of the agreement established by all counter parties translated as code into Blockchain. The code and logic in the contract is available on the ledger. On our current context, a “smart contract” is simply a piece of code that is running on Ethereum. It’s called a “contract” because code that runs on Ethereum can control valuable things like ETH or other digital assets.
Ethereum is used to host two critical smart contracts: the Registry and the Multi-Party Escrow.
Last modified on : 24-Jan-24