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Smart Contracts
What is Smart Contract? How smart contracts work? What are the NFTmall smart contract addresses?
What is Smart Contract?
Smart contracts are simply programs stored on a blockchain that automatically execute once preset conditions are met. They're most often used to facilitate agreements without third-party interference, and they're able to trigger the next step in a workflow sequence once previously agreed upon conditions have been fulfilled.
How smart contracts work?
Smart contracts work by following simple “if/when…then…” statements that are written into code on a blockchain. A network of computers executes these actions when predetermined conditions have been met and verified. These actions could include releasing funds to the appropriate parties, registering a vehicle, sending notifications, or issuing a ticket. The blockchain is then updated once the transaction has been completed. This means the transaction cannot be changed, and only parties who have been granted permission can see its results. Within a smart contract, as many stipulations as needed can satisfy the participating parties so they know for sure that tasks will be completed successfully. To establish these terms participants must decide how transactions and their data are represented on the blockchain; agree on the if-then rules that govern those transactions; explore all possible exceptions, and define a framework for resolving disputes. Once this has been established developers would need to program it—although increasingly organizations using blockchains also provide templates, web interfaces, and other online tools making it easier to structure smart contracts.
What are the NFTmall smart contracts addresses?
Last modified 11d ago
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How smart contracts work?