BTC Relay Bridges BTC With Ethereum, Allowing BTC Verification For Smart Contracts
ConsenSys, a blockchain technology company, and Ethereum have developed BTC Relay, an Ethereum contract that allows Ethereum users to pay with bitcoin. Servicing as a bridge between Ethereum and bitcoin, BTC Relay is a tool for developers who want to verify bitcoin transactions for Ethereum and smart contract applications. Community members, called Relayers, provide BTC Relay with new bitcoin block headers generated by bitcoin miners. Ethereum app developers can make API calls to BTC Relay from smart contracts to verify bitcoin network activities. Anyone can join the Ethereum network and....
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Aesthetic Integration, a London-based fintech that applies “formal verification” to analyze safety and fairness of algorithms in financial markets, recently announced the launch of Imandra Contracts, a solution the company calls the world’s first platform using formal verification for blockchain-backed smart contracts. The announcement was made at the Devcon2 conference as part of International Blockchain Week in Shanghai. Imandra Contracts applies advances in artificial intelligence, mathematics and computer science to bring improved rigor to the electronic financial markets and other....
Smart contracts, a feature of "Bitcoin 2.0" technologies such as Ethereum, could soon operate on the Internet of Things (IoT), control objects in the physical world, and power a new decentralized version of the sharing economy, for example sharing services similar to Uber and Airbnb that operate in pure P2P mode without centralized management. Smart contracts represent a disruptive innovation with a huge potential. In 2001, legendary cryptographer Nick Szabo spoke of smart contracts that solved the problem of trust by being self-executing and having property embedded with information about....
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....
With contributions from Zerado, FinTech Network have produced a whitepaper that looks at smart contracts and how they could improve efficiencies within the banking sector. The whitepaper highlights: How smart contracts aim to provide security that is superior to traditional contract law and ways they can reduce other transactional and administrative costs. The workings of Ethereum as one of the best examples of smart contracts in practice. Ways that smart contracts could benefit areas such as mortgages, clearing and settlement, KYC & bonds. How challenges with conceptual misalignment,....
Hackers are soon going to be the new lawyers as the adoption of smart contracts increase in the near future. The advent of Blockchain 2.0 and Blockchain 3.0 has given rise to new ways of automation using Bitcoin’s underlying technology. There are special cryptocurrency platforms like Ethereum, Rootstock, Counterparty, Lisk and more that allows people to create smart contracts on the blockchain. These smart contracts enable automation by allowing developers to set trigger conditions. These trigger conditions are certain prerequisites, when met, will execute the function programmed on the....