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The chequebook contract is a smart contract used in the Swarm Accounting Protocol (SWAP) to manage cheques that are sent between nodes on the network. The contract is responsible for keeping track of the balances of each node and ensuring that cheques are valid and can be cashed out correctly.

When a node sends a cheque to another node, it includes a signed message that specifies the amount of xBZZ tokens being transferred and the recipient's address. The chequebook contract receives this message and verifies that it is valid by checking the signature and ensuring that the sender has enough funds to cover the transfer.


Settlement of cheques is not enforced by smart contract.

If the cheque is valid, the contract updates the balances of both nodes accordingly. The recipient can then cash out their xBZZ tokens by sending a transaction to the blockchain that invokes a function in the chequebook contract. This function transfers the specified amount of xBZZ tokens from the sender's account to the recipient's account.

The chequebook contract also includes some additional features to prevent abuse. For example, it can impose limits on how much debt a node can accumulate before requiring payment.

The chequebook contract plays an important role in ensuring that SWAP operates smoothly and fairly by providing a secure and reliable way for nodes to exchange value on the network.