#Basic features
Regardless of the network, every smart contract has:
#Address
A unique and permanent identifier showing the location of the smart contract for that token
#Code
A program that defines how a smart contract generally works (the set of functions it can perform)
##State
It shows the current state of a smart contract, for example, keeping track of how much of the token each address owns
Let’s take USDT as an example. It has an immutable TRC-20 smart contract address: TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t
It keeps the current balance of USDT on the TRON network with the list of accounts that own these funds.
How transactions work on smart contracts
As we mentioned above, a smart contract represents:
a dynamic structure that maintains, for example, correspondence between user addresses and balances;
a predefined set of functions that users can invoke.
When, for instance, Peter wants to send some USDT to Ann, the smart contract calls the “transfer” function. This function deducts the specified amount from Peter's balance and adds it to Ann’s. So, a smart contract records the movement of funds from one address to another.
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