Smart Contracts

A Smart Contract is terms, rules and conditions of the agreement established by all counter parties translated as code into Blockchain. The code and logic in the contract is available on the ledger​. On our current context, a “smart contract” is simply a piece of code that is running on Ethereum. It’s called a “contract” because code that runs on Ethereum can control valuable things like ETH or other digital assets.

Ethereum is used to host two critical smart contracts: the Registry and the Multi-Party Escrow.

• The SingularityNET Registry is an ERC-165–compliant smart contract on the Ethereum blockchain that stores organizations, services, and type repositories.
• The Multi-Party Escrow smart contract (“MPE”), coupled with our atomic unidirectional payment channels, enables scalable payments in the platform by minimizing the number of on-blockchain transactions needed between clients and AI service owners.

Last modified on : 15-Oct-24