August 2018
Beginner to intermediate
94 pages
2h 37m
English
Content preview from Learn Bitcoin and Blockchain
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Workings of smart contracts
Now, let's look briefly at the following factors and conditions that trigger the working of a smart contract:
- Agreement: An option contract between two or more parties is written, coded, and deployed on the blockchain platform. The individual parties involved can remain anonymous, but the contract is written in the public ledger and remains unchanged.
- The triggering or execution point: Any triggering event, be it within the blockchain or outside of the blockchain, gets the contract into execution according to the coded terms. A triggering event, for example, could be an expiration date or a renewal date of a contract, a particular price being hit on an exchange, or some cut-off rate being reached on our system. ...
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