Smart contracts
Smart Contracts
The Smart Contract is one of the fundamental components within a financial blockchain. The SpiderBSC contract serves as the digital agreement between engaging parties that is subsequently stored in the blockchain, solidifying prior transactions made on the chain. These contracts may be determined between two parties, through peer-to-peer (P2P), person-to-organisation (P2O) and person-to-machine (P2M) business.
The SpiderBSC smart contracts work similarly to those on popular networks, whereby once a given criteria is fulfilled, the financial contract is automatically performed and the holder’s assets, where that be fiat money, digital currency, and other personal data, are then exchanged between the contracting parties. To prove the transaction occurred, the data is then replicated and validated on the Blockchain.
Smart contracts allow individuals and organisations to exchange fiat and assets in an unprecedented format, opening up the possibility of disintermediating the entire legal system and establishing a new branch of virtual agreements.
The Smart Contracts that contain all SpiderBSC on-chain transactions are key for user security assurance, keeping the tokens and NFTs minted on the SpiderBSC ecosystem safe from fraudulent persons and loss of data.
Smart Contracts:
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