US Regulators Discuss Difficulties of Smart Contract Oversight
Two members of prominent US regulatory bodies took to the stage earlier this week to talk about the difficulties of overseeing the exploding industry of smart contracts. The representatives of the federally controlled Commodity Futures Trading Commission (CFTC) and the self-enforcing Financial Industry Regulatory Authority (FINRA) took turns explaining why they were watching the industry so closely. Speaking during a panel at the Smart Contracts Symposium hosted by the Chamber of Digital Commerce, the regulators agreed that while action should be taken, it shouldn't be rushed. Addressing a....
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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....
In 2021, many smart contract platforms competed for users’ attention and attempted to be the next Ethereum killer. The terms DeFi, GameFi, and NFT, have been all over the media lately, and any of these would not be possible without smart contracts. As more smart contract platforms are introduced, it becomes hard for newcomers to […]
The FSC is in dialogues with South Korea’s crypto exchanges amid expanded regulatory oversight. Small and medium-sized exchanges in South Korea had a chance to express some of their grievances with the government during a recent meeting with financial regulators.According to a report by South Korean news outlet D.Street, the Financial Services Commission (FSC) convened a closed-door meeting with 20 crypto exchanges on Thursday.Inside sources quoted by D.Street say the closed-door session was a parley between the FSC’s Financial Intelligence Unit (FIU) and the 20 crypto exchanges where the....
More than 20 years ago, Nick Szabo proposed the use of a 'smart contract' to reduce fraud and enforcement costs associated with traditional paper contracts. His smart contract would be implemented as a “computerized transaction protocol that executes the terms of a contract” – in other words, a computer program. Like any other software, a 'smart contract' computer program would receive inputs, run a series of program steps, and supply outputs. For example, the smart contract could wait for a predetermined condition to occur (eg: a stock reaches a particular price), automatically deem the....
In 2021, many smart contract platforms competed for users’ attention and attempted to be the next Ethereum killer. The terms DeFi, GameFi, and NFT, have been all over the media lately, and any of these would not be possible without smart contracts. As more smart contract platforms are introduced, it becomes hard for newcomers to choose which is right for them. This article will examine some of the most popular smart contract platforms and share our hands-on experience with them. Ethereum Token: ETH TPS: 10 Ethereum is the world’s first smart contract platform. Developers create....