The Transformers Smart Contract.

What is a smart contract.
On the TFSC chain, a smart contract is written in Solidity. It must first be deployed on the chain before it can be called to execute. Following deployment, the contract will provide an account with two addresses: one is a base58-encoded address that starts with 1 and is used to communicate with the TFSC chain.
The other is a 20-byte hexadecimal address that is only used to communicate with smart contracts. It functions similarly to a standard wallet account, with a balance and transaction actions, but the smart contract’s account itself is uncontrollable and all of its actions — including transactions — can only be managed by codes.

By default, standard transactions use the primary network account address. The contract account address must be used in the address parameters entered during contract transactions.

Overview on smart contracts.
A smart contract is a computer protocol designed to digitally expedite, authenticate, or enforce contract negotiations or execution. Without the need for a central authority, smart contracts enable trusted agreements and transactions to be carried out between dispersed, anonymous parties. The goal of smart contracts is to lower other contract-related transaction costs and offer greater security measures than standard contracts.

Most smart contract characteristics are derived from the underlying blockchain technology:

Secure: Cryptography is used to secure contracts and stop people from altering records. While the technology is highly secure in most instances, there have been several cases where SC have been hacked and the funds deposited withdrawn [2].
Transparent: When running on public networks, anyone can see what the smart contract is and what it’s being used for.
Free of third-parties: As we presented initially, smart contracts don’t need a middleman to be involved in the verification process.
Near real-time execution: Although dependent on the underlying networks’ throughput and congestion, smart contracts usually take place almost simultaneously for all parties, across participating computers, once the necessary criteria are satisfied.
Autonomous and decentralized: SC’s work automatically, so you’re not having to wait for someone to push a button. Additionally, once deployed, they can’t be changed or controlled by any centralized party (like banks, brokers, or even by the network).
Accurate: Because smart contracts are written in code, they don’t rely on the grey areas of a language and what words mean. This can pose an inconvenience, especially when grey areas that require flexible solutions exist.
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