How does smart contract work?

Lashay Cerveny asked, updated on January 20th, 2021; Topic: smart contracts
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A smart contract is an agreement between two people in the form of computer code. They run on the blockchain, so they are stored on a public database and cannot be changed. The transactions that happen in a smart contract are processed by the blockchain, which means they can be sent automatically without a third party.

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Despite that, how does Gramfree smart contract work?

Gramfree smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.

Along with that, does ripple have smart contracts? Blockchain payments technology firm Ripple has won a patent for a design that can execute smart contracts based on data collected from the outside world.

Just the same, is Coinbase a smart contract?

Yes, ETH and ETC received from a smart contract to your Coinbase account will be credited normally.

Which Cryptocurrency has smart contracts?

Ethereum blockchain

5 Related Questions Answered

Can you earn interest on Bitcoin?

BlockFi Interest Account clients can deposit their crypto and earn interest. Paid out at the beginning of every month, the interest earned by account holders compounds, increasing the annual yield for our clients. This is an easy way for crypto investors to earn bitcoin while they HODL.

Will Smart contracts replace lawyers?

In either case, you will need someone with the legal knowledge for the compliance issues. Here you go, lawyers again. What smart contracts do here is not replacing the lawyers but changing the skillset and knowledge required for lawyers to practice.

How smart are smart contracts?

Smart contracts can be created on blockchains such as Ethereum which currently dominates in terms of adoption rates of the technology. The autonomous nature of smart contracts means you can expect huge improvements on traditional systems in terms of speed, cost, security, accuracy and transparency.

How does Fortron smart contract work?

What are Smart Contracts? Smart Contracts are basically the terms of agreement between two people, the buyer and the seller, represented in lines of code. The code is now ran on a public blockchain. This means there is no third party, but instead the blockchain does the transactions.

Can smart contracts be changed?

Smart contracts in Ethereum are immutable by default. Once you create them there is no way to alter them, effectively acting as an unbreakable contract among participants.