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What is the best definition of chaincode with Hyperledger?

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What is the best definition of chaincode with Hyperledger?

A.

Chaincode is a decentralized transactional program, running one the validating nodes.

B.

Chaincode is centralized transactional program, running on the validating nodes.

C.

Chaincode is centralized transactional program, running on the peer nodes.

D.

Chaincode is a decentralized transactional program, running on the peer nodes.

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