1. Smart Contract

A smart contract is essentially a piece of code, yet it is referred to as a “contract” because it enforces an agreement between parties by automatically executing the agreement when predefined conditions are met. Smart contracts can be defined as applications or programs that run on a blockchain. They typically function as digital contracts governed by specific rules. These rules are predefined as computer code that is replicated and executed across all nodes in the network.

A smart contract performs a particular operation when a certain condition is fulfilled. By using smart contracts, there is no need for third-party intermediaries, which significantly reduces operational costs.

In the CONDOR Chain Network, smart contracts are responsible for executing and managing blockchain operations triggered by interactions with users (addresses). In this context, smart contracts are controlled by code, whereas EOA (Externally Owned Account) addresses are controlled by users. Any address that is not a smart contract is categorized as an EOA.

By default, a CONDOR Chain Network smart contract consists of the contract code and two public keys. The first public key is provided by the contract creator, and the second uniquely represents the contract itself, acting as a digital identifier. All smart contracts are deployed via blockchain transactions and must be activated by an EOA or another smart contract. However, the initial trigger must always be initiated by an EOA.

Smart contracts on the CONDOR Chain Network exhibit the following key characteristics.

Distributed

Smart contracts are replicated and distributed across all nodes of the CONDOR Chain Network. This is one of the key differences compared to other solutions based on centralized servers.

Deterministic

Smart contract performs the designated task only when the specified conditions are met. Regardless of who executes it, the outcome is always the same.

Autonomous

Smart contract can automate all kinds of tasks and operate like a self-executing program. However, in most cases, it remains in a "dormant state" and takes no action unless it is triggered.

Immutable

Smart contracts cannot be changed after deployment. You can only "delete" these items if certain features have been implemented prior to deployment.

Customizable

Prior to deployment, smart contracts can be coded in a number of ways. Therefore, it can be used to write various types of distributed applications (DApps). This has to do with the fact that the CCN is a blockchain with Turing-completeness.

※ Turing completeness of blockchain The Turing completeness of a blockchain can be secured through the Turing Complete Language. Turing Complete Language is a language that creates a Turing Machine, a machine that can solve all problems in the world based on infinite storage space, and implements algorithms that can be input into the turing machine.

Trustless

Two or more contracting parties can interact through smart contracts without needing to know each other or form a relationship of trust. Blockchain also ensures the accuracy of the data.

Transparent

Since smart contracts are based on public blockchains, the source code is not only immutable but also accessible to anyone.