What is a Smart Contract?
A smart contract is a piece of code that is stored in the blockchain network. It consists of conditions that everyone using the contract must agree on. Every computer in the network will get the same result and in turn people will know that the outcome is always correct.
What are our thoughts on Smart Contracts?
This is a quote from RockSteady expounding on the idea and potential process of Smart Contracts:
I was brainstorming with nnamon about smart contracts in context of a private block chain, and I’m having two assumptions/hunches floating in my head.
One aspect will be the need for a storage network and market to act as buckets for encrypted offchain data, like a transient bit-torrentish network, and that we should treat execution not just as individual scripts but as discrete functions. It needs work, but do you guys see where I’m going with this? Storage network blobs should be updated by delta, and pay for their stay on the network.
This proof of capacity sidechain acts as encrypted storage, where when the contract has stopped providing fuel, the data loses redundancy on the chain. As we all know on BitTorrent what happens with a poorly seeded file it just fades out, and if there is no incentive to seed people generally don’t, so what if their clients seed the most profitable data that needs the most iops for that pool? Like someone running a smart contract social network on our chain in private would need.
If these encrypted blobs take a muktisig key to operate you can control access to it with iterating one time scripts where you send a small payment to initiate a script, you’re generated a session with your view key or whatever as part of the auth handshake with the script and then your client moves a few units with a certain payment ID attached to prove ownership of the view key maybe using the change address to watch the change come back, I haven’t fleshed that part out yet,so you use up your session of whatever you’re consuming in the script, whatever maybe betting on a basketball game.
And the script lives on that address. New address type of course the script conditionally parses data and hands out the result or computes the operations we do similar to ETH where we charge by operation with a finite resource, and then have computational units and storage units for the multiple use cases so there’s no taking advantage of the chain without paying
Simple Smart Contracts: Distributed, trustless networks have uses beyond currency. Karai is our goal for enabling distributed applications and networks beyond the main blockchain.