Quote from: MerryTackky on January 26, 2018, 05:07:05 PM

This is another type built on blockchain technology. Smart contracts is considered to be a smart contract, equivalent to a legal contract recorded on Blockchain technology.

This smart agreement allows the two parties to trade, purchase and conduct related activities without any intermediation.

The information you can find on https://byteball.org helps to understand it I think.
Or https://wiki.byteball.org/smart-contract
https://medium.com/byteball/making-p2p-great-again-episode-iv-p2p-insurance-cbbd1e59d527