Ethereum (EVM) Compatibility and Smart Contracts
In addition to the information about the transactions processed by CloudTx chain, its nodes also permanently store and update the code and current state of smart contracts. Smart contracts are computer programs (persistent scripts) that anyone can interact with by sending transactions invoking them. Smart contracts also have their own accounts which can hold token balances.
On the network nodes, smart contracts are stored and executed in a special environment called 'virtual machine' (VM). The CloudTx chain is currently broadly compatible with Ethereum's virtual machine (EVM).
This means that any smart contract or decentralized application (dApp) that can be deployed on Ethereum or another EVM-compatible chain will also function if deployed on CloudTx Chain, including the ERC20 and ERC721 standard-compatible contracts, for instance. No modification of the smart contract code is required.