The State of Smart Contracts: Mistakes, Benefits and the Tao Project
Tao, a new smart contracts platform, has risen to challenge Ethereum, Lisk, Ardor, and other similar projects. On a market which is undergoing rapid change and growth, recently disturbed by The DAO attack, Tao makes a bet on stable, sustained growth and long-term value. The state of smart contracts market. The market of Blockchain-powered smart contracts is a nascent one, only becoming a thing a little over a year ago with the release of Ethereum, the first such platform to achieve wide recognition. The promise of decentralizing any imaginable application by running it on a Blockchain has....
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Smart contracts are an essential building block within the cryptocurrency ecosystem and are the core of many decentralized applications (dApps). These programs run when predetermined conditions are met to help automate workflows, execute agreements, and carry out other essential tasks that can be governed with “if/when…then…” statements. Programmed by developers, smart contracts are trustless, autonomous, decentralized, operate transparently, and are unable to be reversed or modified. These attributes make smart contracts a useful tool in reducing or even eliminating the need for....
Microsoft has revealed it is organizing a working group dedicated to improving smart contracts security. Named 'Kinakuta', the group aims to make it easier for the industry to share information and tips about smart contracts, the term that somewhat loosely has come to refer to self-executing blockchain-based code. Yet even while incumbents increasingly express interest in the idea blockchains could come to automate complex transactions, concerns about this use case have grown after a vulnerability led to the collapse of the technology's first large-scale implementation, The DAO. Since....
An insurance and reinsurance industry trade organization headquartered in the UK is launching a new blockchain research project. The London Market Group has announced that it will investigate the use of smart contracts and blockchain for potential applications in the wholesale insurance market. Members of the trade organization include representatives from major firms like Allianz, AIG and Lloyd’s. The organization is working with research outfit Z/Yen on the initiative, which according to statements seeks “to create a common view of the potential benefits that smart contracts could....
No, smart contracts will not rid the world of lawyers, despite the greatest efforts of blockchain innovators. At least, that's according to Nick Szabo, the man widely credited with inventing the smart contract concept itself. During the keynote address at the Smart Contracts Symposium at Microsoft's New York headquarters this week, Szabo gave an update on the industry he helped create – a talk that was followed by a string of commenters from smart contract startups. Addressing a group of about 250 people (comprised largely of members of the blockchain trade association, the Chamber of....
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....