The Terms of a Contract

Contract terms Contract terms determine the rights and obligations of the parties under the contract. Contracts are merely a series of terms - duties, rights and penalties, some of which are in writing, some of which may be oral. These Terms stipulate contractual obligations for breach. Terminology can be explicit or implicit. Express a word. The express delivery terms are the agreed terms of both sides. An implicit term

The contract is a special transaction of OP_RETURN including the data of the specified conditions. This agreement was created by the user sending one XSN to himself - even in this transaction contract terms will be broadcast to the web. When users use XSN from their ledger wallet, this one XSN needs to be the lowest priority (1 XSN will violate the contract).

In this paper, the "long-term" and "short-term" deadlines of the smart contract mean not only the time but also the number of transactions processed by the contract. If the contract works for a long time and accepts and sends many transactions, it is considered "long-term". If it accepts a small number of transactions or closes after running for a limited time, it is a "short term" transaction. We made this distinction after having experienced in developing multiple contracts and designing communication protocols. Some tasks require long-term storage, a single contract address, and a large amount of data in the contract store, but if there are a large number of individual individual contracts required, many small contracts, rather than a single large contract, You can design a system to deploy.

Smart contracts are neither complex nor new. In 1994, computer scientist Nick Szabo first called the term "smart contract". Briefly, this term means automating contracts using technology creation, activation, and automation of transactions. Currently, block chains - decentralized ledger technologies that support cryptographic currencies are opening up great potential for smart contracts to achieve increased process flow in everyday life. Opportunities are infinite because we are using protocols with conditional results in many scenarios. When buying a car you can imagine that the manufacturer uploads and assigns proprietary documents when the buyer meets ownership criteria - not only payment but also authentication and possible custom warranty and additional services; all Is checked in the chain