Smart Contracts Platform
Smart contracts are programs that encode the logic, conditions, and outcomes of agreements and automatically carry out the specified terms. Translating agreements to code is relatively straightforward, but the code must then be executed in a way that all involved parties can trust.
Codius is a platform for securely executing smart contracts and other types of smart programs.
Smart contracts run on Codius can:
- hold assets in one or multiple math-based distributed ledgers, such as Bitcoin and Ripple
- collect information from any source connected to the internet
- be written in standard programming languages
Depending on the security model required for a particular smart contract, the contracting parties can select the host or group of hosts they trust. A larger number of hosts can be used to add more redundancy, and thus security, to the contract’s execution and to ensure that the terms are carried out exactly as specified.
Smart contracts are not directly legally enforceable. However, smart contracts could be created alongside corresponding traditional contracts that can provide a legal backing or fallback.