DAMN, Research Proposal that Aims to Make Smart Contracts Work for All
DAMN, a research proposal seeking to provide arbitration for smart contracts, has been presented to the public. Its creators seek feedback to determine its necessity in a growing digital currency ecosystem. Community engagement. DAMN - or Decentralized Arbitration and Mediation Network - has been submitted to public forums and open platforms such as Github, Reddit, etc to seek public participation and voluntary collaboration to achieve a broad community engagement that could lead to funding and partnership opportunities. This could play out well considering that the interest in smart....
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Amid new concerns about the viability of blockchain smart contracts, one company is releasing a proposal that seeks to make it easier to ensure their security. Developed by Smart Contract Solutions, the open-source Zeppelin project aims to offer a community-driven framework for secure, audited code. The goal is to prevent the unintentional loss of funds, a danger perhaps best illustrated by the collapse of ethereum's biggest smart contract, The DAO. Since ethereum is the best-known smart contract platform, the first set of tools are written in its programming language Solidity. But,....
The European Union has published its new Data Act, a law proposal that aims to regulate the generation and handling of data by the actors that harness it. The act, in its large scope, touches on the subject of smart contracts and proposes that every smart contract should have a termination function to stop the flow of transactions when required.
Smart Contracts Might Be Stifled by EU Data Act
The newly proposed EU Data Act, published on February 23, aims to regulate and control the ways in which data is being generated, bringing legal clarity to the data market in Europe.....
Interests in smart contracts have grown lately especially with the formation of The DAO – Decentralized Autonomous Organization which is based on Ethereum. What Are Smart Contracts? They are computer applications in which contracts are written into computer code and perform or execute automatically. These applications are expected to run as programmed without any possibility of downtime, censorship, fraud or third party interference. These trusted and permanent records shared across parties through a tamper-proof network have the potential to reduce costs, increase automation, and remove....
Ethereum’s community is standing up to the challenge of securing smart contracts by taking steps to implement the lessons learned from the DAO. Microsoft Research, Harvard University and Inra, a French national research institute that employs 2700 computer science researchers from the “world’s most prestigious universities”, have published a highly technical paper [PDF] on the formal verification of smart contracts. The paper presents a framework to analyze and formally verify Ethereum smart contracts using F*, a “functional programming language aimed at program verification.” The initial....
Solidity and EVM make smart contracts available to every developer out there, regardless of experience. This is a good way to boost innovation in the smart contract space, but may not yield the best results in the initial stages. The recent debacle surrounding The DAO has shed an interesting spotlight on smart contract technology. Since individual developers wrote the entire concept of this project, it looks like smart contracts are not completely trustless. There is still a lot of work to be done before this technology is ready for mainstream adoption. Not everyone is capable of – or....