What are Smart Contracts?
Smart Contracts are a form of self-reinforcing code. To understand the possibilities offered by the AGORA Platform, it is important to know how smart contracts work.
Intelligent contracts enable you to exchange all important data in a transparent way and without the use of a third party. Traditionally, when you need a specific contract or document, you would go to a specialized consultant and pay for the service of the facility. After payment, you wait until the job is done and you get the document you want.
Smart Contracts eliminates the need for a consultant, lawyer, lawyer or other third party. The functionality of Smart Contracts is often compared to a traditional vending machine. By simply "throwing a $AGORA into the machine", a contract is automatically generated in which the rules and penalties of the deal are already defined.
The best way to illustrate how Smart Contracts work in daily life is to use an example.
Let's say you buy a house and want to pay with $AGORA. A Smart Contract is generated between you and the supplier in which all the rules of the transaction are defined. In addition, these rules are automatically enforced. This means that if you keep your part of the deal and pay the agreed price, you will automatically receive the keys to the house.