Active State
The contract state changes to "Active" when the agreed amount of tokens is transferred (paid) to the contract. This state of a contract is always preceded by the deployed state.
This happens when the Contractee (buyer) transfers the amount of tokens (funds) from a personal crypto wallet* to the contract address.
The time of the transfer transaction* along with the update of the contract state can be seen in the Contract Chat. Also, an official blockchain explorer can be used to verify the transaction details.
Because the contract is in the blockchain, the transaction is processed by the nodes (individual computers). Once approved, the active contract will reflect a positive balance.
Important!
As soon as the contract enters its active state, the Contractor (seller) should start working on fulfilling its terms.
The contract remains in an active state for the duration of order fulfillment, up until its completion. The time is known as the contract due date and is agreed upon contract creation.
While the contract is active and the due date has not passed yet, neither the Contractee nor the Contractor has access to funds stored in it. What's more, no third party can manage the funds safeguarded by the Zenland contract.
Good to know
*Cryptocurrency wallet is an app (web, desktop, mobile) or a physical device that stores your public and private keys. Metamask, Coinbase Wallet, and Trustwallet are among the most used crypto wallets. Each wallet has its unique ID known as a wallet address.
**All blockchain transactions are processed by nodes (individual computers) and require gas fees to be paid. More on gas fees and why they exist can be found in "What is Network".
Last modified 1yr ago