Simply said, a "smart contract" is software that runs on Ethereum's blockchain. It's a collection of code (its functions) and data (its state) that lives on the Ethereum blockchain at a single address. Smart contracts are an application of the blockchain that goes beyond the first phase of Bitcoin, which was mainly focused on its uses as currency.
There are many smart contract platforms out there besides Ethereum, which is the most popular one today and has the most developer activity around it. Smart Contracts can ensure objective execution based on mutually agreed-upon terms enforced by code. They have the potential to reduce middlemen and thereby reduce cost and save time. They will most likely foster a closer connection between software developers and the judicial system. Smart Contract MLM Platform is one in which a smart contract is written or built on both Ethereum and TRON networks that enables users to earn both Ethereum and Tron Tokens as rewards.
Smart Contract is a well-known virtual contract that is also developed from the blockchain but the purpose is different. That is this smart contract is widely used to build trust between the people through signing the digital contract and also to ensure the safety & security for their assets too.