Simply put, Smart Contracts are a digitized version of a traditional contract. They are computer programs which run on the Blockchain, specifically Ethereum and can be programmed to self-execute when the conditions written in their source code are met. Smart Contracts are open source and can be viewed on the blockchain allowing users full transparency when choosing to interact with a Smart Contract.
The MetalPay smart contract manages the balances of the coins, and allows users to exchange fluidly on the Ethereum blockchain with ERC20 compatible services. When integrated in the app it will allow users to receive PoPP (Proof-of-Payment-Processed) or Metal tokens for spending on the platform.
Smart contracts can:
- Function as 'multi-signature' accounts, so that funds are spent only when a required percentage of people agree
- Manage agreements between users, say, if one buys insurance from the other
- Provide utility to other contracts (similar to how a software library works)
- Store information about an application, such as domain registration information or membership records.
Smart Contract Audit: