Smart contracts as a quarantee agreements

📤 The PZM Cash wallet allows you to send transactions not only to the addresses of other network participants but also to the addresses of smart contracts, initiating various transactions based on a digital algorithm.

📄 Smart contracts are digital protocols that use mathematical algorithms to automatically complete a transaction after meeting established conditions. The process is completely controlled by the logic of the algorithm, therefore, the participation of a third party is not required for the execution of the smart contract as the guarantor is the invariability of the code.

📝 The code of the smart contract is written to the blockchain when it is created, thus the invariability of the code is guaranteed. A smart contract is activated by an incoming transaction, with the help of which it is “extracted” from the blockchain and receives data.

✅ In order to access a smart contract, the user needs to create an outgoing transaction to the address of a specific contract. As soon as the transaction is confirmed, its execution will begin. A smart contract receives information regarding digitized rights to an asset from an external source, and each blockchain node executes smart contracts independently. This means that each node receives data from an external source on its own.

However, each node must receive the same response from an external source so that there is no conflict in the blockchain and consensus is reached.

🔐 Smart contacts are a guarantee that your information will not go to a third party. Thus, the security of your investments is increased!