Power sharing miner

Before the era of blockchain, Nick Saab first proposed the concept of smart contract in 1996: a set of agreements defined in digital form, including agreements on which contract participants can execute these agreements< the basic idea of smart contracts is contracts (special transactions) that can be executed automatically (event driven) and written in code form on the blockchain

since the establishment of Ethereum smart contract, more than 90% of the contracts have been used to issue tokens, and the implementation of relevant business scenarios is still good. What is the future of smart contract? Here you can see the Bytom chain that just released the news and launched the smart contract. As the first public chain project to release AI consensus algorithm in MIT, Bytom, the original chain, released an intelligent contract based on utxo model on the 26th after the main network was successfully launched in April

different from Ethereum smart contract built on account model, Biyuan chain is the first public chain in the whole blockchain instry to build smart contract on utxo model. Biyuan chain also transforms and deepens utxo to support the operation of multiple assets. In addition, compared with the original chain, the smart contract adopts its own equity language, which is a Turing complete and interpretive high-level language. It can easily compare the assets on the original chain for operation, and flexibly integrate into various asset business scenarios

in addition to the release of contract language, more than the original chain has also released multiple contract templates, which are directly attached with clear business meaning. From these contract templates, we can directly see the scene of future commercialization landing, and can extend the imagination in a wider range

currency transaction contract

through this contract, users can trade a variety of assets in Biyuan chain and other people without going through a centralized organization. That is to say, some assets can be locked through the contract. Only when other users enter the specified amount of assets, can they unlock these assets

for example, a decentralized exchange is built on the basis of contract, through which the two parties who want to exchange different assets in different currencies can be matched directly. The transaction speed is fast, and only a very small transaction fee is charged

third party trusteeship contract

under the contract template, users can transfer the specified assets to the third party's account, and the third party decides whether to call the specified account or return to the original account. The third party trust trust trust agreement stipulates that the third party institution can only transfer the assets to the designated account or return to the original account, which prevents the possibility of the third party account from stealing. In the business scenario, it can be expected that an asset custody platform can be built on the basis of the trusteeship contract of the third-party trusteeship institution in the future, which can ensure the custody, transaction and circulation of users' assets through the double trust of the trusted third party and the contract

mortgage contract

that is, the borrower will borrow the assets, and the lender will mortgage the assets into the same contract, and the lender will obtain the borrower's assets. If the lender fails to return the borrower's assets at a certain block height, the borrower will automatically obtain the lender's mortgage assets

call option contract

in this contract, the asset issuer can sell an asset at a certain price, and the buyer can buy the asset at that price. When it exceeds the height of a block, the asset will automatically return to the asset issuer

from the above design of smart contract, we can see some advantages:

firstly, a variety of templates with business meaning provide convenience for the upper layer to build DAPP, and some core business processes can be realized without too much development; Secondly, compared with the original chain, smart contracts issuing assets have templates. Compared with different developers, the security risk under the standard template is much lower. In addition, the contract will be invoked as a sub contract than the original chain when creating the intelligent contract. The contract template changes or errors that will be invoked in the future will not affect all completed intelligent contracts, which is of high security value for the early intelligent contracts. p>

we can understand that using the ratio chain of the extended utxo model butxo to interact with assets as a new form of utxo not only avoids the emergence of data overflow and other vulnerabilities in the Ethereum account model, but also has flexibility, diversity and controllability

for Biyuan chain, the release of smart contract also marks the determination of its core, which will further promote the commercialization of the project