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Questions and Answers
What is a smart contract?
What is a smart contract?
- A legally binding agreement written in computer code
- A legally binding agreement written in English
- An agreement written in computer code and stored on a blockchain platform (correct)
- An agreement written in English and stored on a blockchain platform
What happens when the terms of the contract are met?
What happens when the terms of the contract are met?
- The contract is triggered and the code is executed (correct)
- The contract is updated and the code is executed
- The contract is triggered and the funds are transferred
- The contract is updated and the funds are transferred
What is the result of the contract execution?
What is the result of the contract execution?
- A permanent and verifiable record of the transaction (correct)
- A private and verifiable record of the transaction
- A permanent and unverifiable record of the transaction
- A private and unverifiable record of the transaction
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