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Smart Contract

A two way smart contract is an unalterable agreement stored on the blockchain that has specific logo operations akin to a real world contract. It can never be altered once it is signed.

It can be used to define certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.

 

Source: https://medium.com/the-mission/21-terms-to-understand-cryptocurrency-8bee30aa8dfc

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