Smart contracts are the fundamental building blocks of UltronGlow applications. They are computer programs stored on the blockchain that allows us to convert traditional contracts into digital parallels. Smart contracts are very logical - following an if this then that structure. This means they behave exactly as programmed and cannot be changed once they are hosted on the UltronGlow Blockchain Network.
For most people, contracts bring to mind needlessly long terms and conditions agreements or boring legal documents. Contracts are just agreements. That is, any form of agreement can be encapsulated within the conditions of a contract. Verbal agreements or pen-and-paper contracts are acceptable for many things, but they aren't without flaws.
One of the biggest problems with a traditional contract is the need for trusted individuals to follow through with the contract's outcomes. If the individuals does not follow the contract, you might need a lawyer to protect your rights in the court.
Smart contracts digitize agreements by turning the terms of an agreement into computer code that automatically executes when the contract terms are met.
One of the most significant feature of the smart contracts is when the users meet the terms and condition of the smart contract, it will automatically execute the results without waiting. In other words: smart contracts remove the need for third party trust. For example, you could write a smart contract that as a trust funds for your children. The smart contract will send funds to them according your requirement. They cannot get the funds before the specified date, the smart contract won't execute.
Smart contracts execute precisely based on the conditions written within the contract's code. This precision means that given the same circumstances, the smart contract will produce the same result without any human factor or influence.
Smart contracts are also useful for audits and tracking. Since UltronGlow smart contracts are on a public blockchain, anyone can instantly track asset transfers and other related information through the blockchain explorer. You can check to see that someone sent money to your address, for example.
Smart contracts can also protect our privacy. Since UltronGlow is a using wallet address in the network (your transactions are tied publicly to a unique cryptographic address, not your identity), you can protect your privacy from observers.
Finally, like contracts, you can CHECK THE CODE, what's in a smart contract before you sign it (or otherwise interact with it). Better yet, public transparency of the terms in the contract means that anyone can verify it.