Zen Protocol presents the next generation of smart contracts

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Zen Protocol presents the next generation of smart contracts

Programming languages in crypto

It is shocking and worrying that everybody talks about blockchain, ICOs or tokens so continuously but not a lot is alleged about the constructing blocks underlying these blockchains or cryptocurrencies. People typically use the phrase blockchain as if it was some form of magical construction with some kind of mining to make it work.

Let’s take C++. Most folks have heard about C++ and there may be nothing too magical or particular about it. Well, let’s check out the tasks which can be primarily based mostly on C++: Bitcoin, Bitcoin Cash, Ripple, Monero, EOS and Stellar. So, how can this be? Bitcoin is just a few fancy strains of code in C++? Yes. Some fancy strains of code which can be placing collectively issues that existed earlier than in a smart manner: public/personal key cryptography, peer to look networks, hash algorithms/merkle timber and proof of work to safe the blockchain by forcing any malicious actor that tampers with any block to recalculate the proof of work for all the following blocks, unlikely to succeed given a excessive hash price for the community.

What about Ethereum? We want to tell apart right here between the programming language for Ethereum and the one for the smart contracts. Ethereum is written in GO whereas its smart contracts in Solidity. While it could appear that C++ is the prime programming language in crypto that isn’t the case. Why? Simply as a result of all ERC20 tokens are smart contracts and are written in Solidity, this makes Solidity the prime language in crypto.

What about different tasks? NEO relies in C# and the place we begin to discover some fascinating useful programming languages is in Cardano and Tezos. Cardano relies in Haskell and Tezos in Ocaml. These programming languages are safer than crucial languages. However, they’re nonetheless not languages associated to what’s known as “formal verification”, a expertise that repels the hackers, its code as reliable as a mathematical proof. Let’s make clear that this isn’t one thing new, the dream to create formally verified software program has existed since the starting of the area of pc science.

Formal verification, hackers’ nightmare

Most pc code, which is written informally, is evaluated based mostly primarily on whether or not it really works. However, unit testing can’t assure that software program will all the time work accurately as a result of there isn’t a option to run a program by means of each conceivable enter. Given most blockchain code and tasks are open supply and take care of big quantities of cash, if there are errors in the code, hackers will discover them equivalent to in the DAO, stealing millions of dollars.

Thankfully, there exists another, a extremely highly effective formal verification language which has stayed beneath the radar and that can educate the crypto group that innovation issues additionally in the constructing blocks.

F* is a useful language aimed toward formal verification developed by Microsoft Research. F*’s key benefits are that it’s each fairly much like F#, OCaml and Haskell, and in addition extra sensible for program verification than comparable instruments like Coq which is notoriously troublesome to make use of for basic goal programming (Coq was designed as a proof-assistant, not a programming language). Tezos, for instance, makes use of Coq to write down proofs about their OCaml code.

Formal verification is very essential in smart contracts as a result of right here is the place most errors are prone to happen. All smart contract platforms need to take care of two key issues: appropriate execution and useful resource consumption that are significantly arduous to resolve on a decentralized platform.

Zen Protocol takes F* as the place to begin for outlining smart contracts and constructed ZF* a strong proof strategies each to create proofs of correctness and to show that contracts execute in a restricted quantity of time.

But what does all this imply? What advantages that this brings? Stressing hackers, making them rush earlier than Zen Protocol launches and forcing them to seek for a brand new job is certainly a fascinating profit. However, to point out how highly effective ZF* actually is, key benefits of Zen Protocol over Ethereum might be introduced right here for the first time that can give Zen Protocol an enormous benefit and can appeal to folks to construct on it.

Zen Protocol: key benefits over Ethereum

First of all, smart contracts in Zen Protocol, due to ZF*, present proof of resource bounds. Why is that this essential? Because there may be completely no must lookup fuel costs, to subtract fuel costs or to test remaining fuel like in Ethereum. In Ethereum Virtual Machine (EVM), nothing lower than 60% of the time is spent simply counting steps on this fuel mannequin. Zen Protocol has a 2.5x improve as solely 40% of these assets are wanted.

But there may be nonetheless extra. Since we aren’t involved about fuel costs in Zen Protocol, there isn’t a must characterize smart contracts as a set of directions like in Ethereum. In Zen Protocol, the supply code could be stored, and this lets miners execute smart contracts quicker and they’re simpler to optimize robotically. In different phrases, Zen Protocol is the first NoVM smart contracting platform: as a substitute of utilizing an interpreter and interpreted code, Zen Protocol makes use of compiled code. This is orders of magnitude quicker.

Furthermore, as a result of Zen Protocol is stateless, a number of contracts could be run at the similar time. Assuming having solely eight threads that may be 8x velocity. Ethereum’s EVM runs smart contracts one after the other. ERC20 tokens are smart contracts which is why ICOs for instance can and have clogged the community earlier than. In Zen Protocol smart contracts can run in parallel as a result of there isn’t a shared world state taking benefit of parallelism in trendy computer systems.

Also, as a substitute of having a first-class or predominant token as ETH after which all the different second class ERC20 tokens, in Zen Protocol all tokens are top quality UTXO. The implication of that is that smart contracts will not be wanted and easy transactions as in bitcoin blockchain could be accomplished. In truth, Zen Protocol might be interoperable with the bitcoin blockchain.

In abstract, Zen Protocol can course of more smart contracts in less time than Ethereum, its smart contracts are quicker to run than these in Ethereum and for transferring tokens there isn’t a want of smart contracts as with Ethereum ERC20 tokens.

Formal verification just isn’t a dream anymore.  Zen Protocol is right here and it will likely be, indisputably, one of the most essential blockchains of 2018. But don’t belief me, see it for your self: testnet is already out there on the docs http://docs.zenprotocol.com/.

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