Types of smart contract
With the increasing adoption of blockchain-based solutions, more and more organizations are involving developing DApp and smart contracts. There are smart contracts and protocols classified into roughly three categories: Smart Legal Contracts, DAO, and Application Logic Contracts (ALCs).
Let us understand them briefly:
- Smart Legal Contracts: Smart legal contracts are a type of smart contract. A well-defined smart contract can run automatically in the blockchain. When smart contract logic is a binding legal contract and executing code based on connected terms with a legally enforceable, the correspondent parties need to follow contract legal agreements to satisfy their contractual obligations. Smart legal contracts need to be human-readable and machine-readable agreements that consist of natural language and com-putable components. The human-readable agreement requires all parties involved in contracts to understand and agree with the contract. They...