The conditions of a smart contract are determined by its creator and written into its code. Here are some examples of conditions that can be included in a smart contract:
- Fund transfers: A smart contract can include conditions for transferring a specific amount of cryptocurrency between participants when certain conditions are met.
- Condition fulfillment: A smart contract can perform specific actions when certain conditions are met. For example, it can automatically pay a reward to a participant if they have completed a specific task.
- Time restrictions: Smart contracts can include conditions related to time. For instance, it can automatically unlock certain funds after a specific time period has elapsed.
- Multi-signature: Smart contracts can also incorporate conditions related to multi-signature requirements. For example, multiple signatures may be required to execute a specific action.
These are just a few examples of the conditions that can be included in a smart contract. They can be highly diverse and depend on the specific use case.