State of Smart Contract Platforms

July 2015

07/05/2015 Smart Contract JP

List• Smartcontract.com• Orisi• Codius• Hedgy• Symbiont• BitHalo/BlackHalo

• Mirror• Hyperledger

(Digital Asset Holdings)

• Eris Industries• Ethereum • Colored Coin

• On NxT Blockchain attack needs 90 % of consensus attack.

• Allowing move Bitcoin transactions, but the programmable agreement using NxT in order to store data. One of the NxT merit is 2 minutes block time.

• Trading smart contracts, sounds like trading tokens.

Escrow, stabilized payment, smart property on NxT

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Smartcontract.com

07/05/2015

JSON response of their escrow contract

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"account": { "avatar_url": "/assets/silhouette-beb1a3384f043f8d9358ebcfcbe4d687.gif", "id": "NXT-PGNG-T4X3-PTPZ-CR3AQ", "legal_name": "Tomoaki", "nxt_id": "NXT-PGNG-T4X3-PTPZ-CR3AQ", "username": "Tom1234", "completion_rate": -1 }, "attachments": [ { "url": "https://smartcontract.s3.amazonaws.com/uploads/b343a2c11077665b1fb8b69e103c0508/test_Escrow_legal_document.docx", "sha": "abb724b2a58b4b57a4e61bff3fdfc9748d6359306da3e81780621f4ad48d64df" } ], "body": "{\"description\":\"test description\\n\",\"signature_deadline\":\"1426098000\",\"escrows\":[{\"deposit_address\":\"12zDnSNHRBq1CfJam1oc2PSgf63VSvJs3P\",\"holding_address\":null,\"amount\":\"170000\",\"currency\":\"BTC\",\"name\":\"1\"}],\"id\":\"8c3f20590c26ed6eb01e3118c174431f\",\"name\":\"this is escrow contract test1\",\"signers\":[{\"signature_key\":\"814de4b9861338e3\",\"nxt_id\":\"NXT-PGNG-T4X3-PTPZ-CR3AQ\"}],\"terms\":[{\"success\":{\"actions\":[{\"type\":\"payment\",\"to\":[{\"type\":\"BTC\",\"address\":\"1EFsfd8C3Gjx7AQZpEoTn58GfJ7zKurWFo\"}]}]},\"failure\":{\"actions\":[{\"type\":\"payment\",\"to\":[{\"type\":\"BTC\",\"address\":\"1B2KHh766LbscksgoTnNPN4iPjJtLctV97\"}]}]},\"name\":\"1\",\"type\":\"payment\",\"expected\":{\"amount\":\"10\",\"currency\":\"BTC\",\"deadline\":\"1426185000\",\"to\":{\"address\":\"1Gni19G1rrDZwYZ3wTGo5wExbq4cBvxHdL\"},\"type\":\"payment\",\"amount-currency\":\"USD\"},\"escrow\":\"1\"}],\"type\":\"payment\",\"source\":\"smartcontract.com\",\"attachments\":[{\"url\":\"https://smartcontract.s3.amazonaws.com/uploads/b343a2c11077665b1fb8b69e103c0508/test_Escrow_legal_document.docx\",\"sha\":\"abb724b2a58b4b57a4e61bff3fdfc9748d6359306da3e81780621f4ad48d64df\"}]}", "external_id": "8c3f20590c26ed6eb01e3118c174431f", "name": "this is escrow contract test1", "signers": [ { "avatar_url": "/assets/silhouette-beb1a3384f043f8d9358ebcfcbe4d687.gif", "id": "NXT-PGNG-T4X3-PTPZ-CR3AQ", "legal_name": "Tomoaki", "nxt_id": "NXT-PGNG-T4X3-PTPZ-CR3AQ", "username": "Tom1234", "completion_rate": -1, "signed": null, "signed_at": 0 } ],

"status": "awaiting signatures", "type": "payment", "escrow_deposits": [ { "deposit_address": "12zDnSNHRBq1CfJam1oc2PSgf63VSvJs3P", "amount": 170000, "holding_address": "321tUTH8WEaYvBcdJKJzSZGhmoT89f5pm8", "name": "1" } ], "terms": [ { "name": "1", "status": "in progress", "escrow_deposit": { "deposit_address": "12zDnSNHRBq1CfJam1oc2PSgf63VSvJs3P", "amount": 170000, "holding_address": "321tUTH8WEaYvBcdJKJzSZGhmoT89f5pm8", "name": "1" } } ], "tracking_updates": [ { "body": { "status": "awaiting signatures" }, "created_at": "2015-03-11T09:11:28.170Z", "owner": "Contract this is escrow contract test1", "term": null, "type": "status" } ]} 

Smartcontract.com

Orisi

• Oracle (Fact provider) should be decentralized and also to make the cost lower and make the judge faster, using MTurks for facts judgement.

• And using BitMessage for communication channel, it’s difficult to know from where the signed transaction published.

Orisi solves the dependency problem of contracts using external inputs such as stock price or checking website urls for data by creating a distributed network in which the majority of oracles have to agree to have a transaction validated.

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references:reference:https://www.mturk.com/mturk/welcomehttp://orisi.vanillaforums.com/discussion/4/mturk-and-distributed-oracles-two-tiered-arbitration

Codius

• Codius stops the development, because “Codius is just a way to make decentralization easier” ~ from Bitcoin Magazine. There are small needs for the hosting.

• Not as decentarlized because of oracle needs, even if they have significant number of inquiries they stop the development.

Codius is an open hosting protocol. It makes it very easy to upload a program.~from Codius site.

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references: https://bitcoinmagazine.com/20985/ripple-discontinues-smart-contract-platform-codius-citing-small-market/

Hedgy

• They have 2 services for elimiinating Bitcoin Volatility with the use of smart derivative contracts.

• 1. BitForward- Safest Over-The-Counter forward contract on the P2P market. Allows speculators to gain consistent exposure to the price movement of Bitcoin without buying or selling the underlying asset.

• 2. BitLock Timelock contract in order to eliminate volatility of miners, merchants, remittance processors and to unlock it they will use various oracles to settle contracts automatically

To eliminate Bitcoin volatility using smart contracts.

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references:http://hedgy.co/http://hedgy.co/bitforward.htmlhttp://hedgy.co/bitlock.html

Symbiont

• Counterparty Founder Adam Krallenstein is CTO and Founder of the team.Medici project developers went to Symbiont, supported by former CEO at the NewYork Stock Exchange.

• 1. $1.25 mil raised, and competitor maybe Mirror (later shown on the presentation)

• 2. Decentralized trading, p2p settlement, build in Escrow and clearing.

Symbiont is building the first issuance and trading platform for smart securities on blockchain technology

8references: https://github.com/symbiont-io

BitHalo

• Without bloat.

• With easiness

• Targeting many features

• Marketplace is one of the important feature of them.

BitHalo aims to allow users to use smart contracts on Bitcoin blockchain, OS X, Window, Linux client has already released.

9BitHalo: https://bithalo.org/update/

BitHalo/ BlackHalo

• BitHalo has another client, named “Black Halo” that has multisig wallet inherently, and using Black coin for transactions.

• They has market place style design, and will have reputation in that, will be like Ethereum Mist browser.

10BlackHalo: http://blackhalo.info/

Mirror

• Hedging and Risk Management for Bitcoin, raising $8.8 mil

• Nick Szabo, first author of the idea of smart contract helping the team.

• Mirror will automate trade settlements and zero counterparty risk.

Mirror aims to be smart contracts platform that democratizes access to financial markets.

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Mirror: https://mirror.co/Mirror Tech blog: https://medium.com/mirror-blog/why-bitcoin-transaction-malleability-is-still-a-problem-and-how-to-solve-it-89edbb47d4bf

Hyper Ledger (Digital Asset Holdings)

• Will be tens of thousands of transactions per second for financial transactions

• Trading smart contracts, sounds like trading tokens.

Hyper ledger don’t use crypto currencies at all.Their smart contracts will be run ontheir asset manageement protocol hyper ledger.

12reference: http://hyperledger.com/

Digital Asset Holdings Business model

1. Syndicated Loans of corporate * Using decentralized coordination mechanism of Hyper Ledger.

2. Private Stocks by tokenization* Tokenization

3. US Treasury REPO * increase liquiduity and regain the trustness for the promise of repo.

13reference: http://www.digitalasset.com/

Eris Industries

• DB and Server they provides, we can use it, or we can refer their nice tutorials. (Also they have forum to ask about DApps and Smart contracts development)

• The founder, Casey Kuhlman is a lawyer and an engineer.And this presentation is easy to understand about legal approaches to smart contract. https://www.youtube.com/watch?v=wnFqOfR5a7I

Eris industries empower developers to embrace participatory software architecture via distributed computing and smart contract systems. from twitter

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reference: https://erisindustries.com/

Ethereum

• Wiki is the best place to know official information. https://github.com/ethereum/wiki

• You know, many information on the web, you can write a contract easily as you write normal programming language.

• Also they have next wen3.x platform vision.

Ethereum is creating new blockchain, virtual machine, programming language, for modular, stateful, turing-complete scripting contract platform

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Ethereum wiki: https://github.com/ethereum/wiki

Nodes on world

Colored Coin

• Open assets protocol will be used by NASDAQ private market, and

• Now Bitcoin can be used without transaction malleability, with the version 3.0 block penetration and soft-fork of normalised transactions.

• So the ColoredCoin will also be treated on smart contracts on BItcoin Blockchain, see these practical smart contract using Bitcoin on C# Nicolas Dorier. https://aois.blob.core.windows.net/public/Blockchain%20Programming%20in%20CSharp.pdf

Protocols on Bitcoin blockchain, for implementing new features.

16reference: http://blog.coinprism.com/2015/05/16/nasdaq-using-openassets/

http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/ Suggestign normalized contract, “Richardian contract” which is signed by issuer and attached to assets