blockisthenewchain.com
  • Home
  • Cybersecurity
    • All
    • Corporate Security
    • Data Security
    • System security
    • Web Security
    edge computing

    How important is Edge Computing Security?

    Enhance Smart Cybersecurity

    Three Cognitive Technologies to Enhance Smart Cybersecurity

    phishing_result

    An 11-fold increase in phishing attacks exploiting SaaS platforms

    phishing attacks exploiting saas

    A Simple Guide to Manually Renewing an SSL Certificate

    Protecting Your WordPress Site

    6 Tips for Protecting Your WordPress Site

    Secure SSH Server

    8 Ways to Secure SSH Server Connections on Linux

    Trending Tags

    • Vulnerability
    • IoT-Security
    • Metaverse
    • Application Security
    • Cloud-Security
  • Hacking stories
    • All
    • Apps Hacking stories
    • Exchange Hacking stories
    protect your smart home

    How to protect your Smart Home from hackers

    Hacking Anonymous

    6 ways the hacker group Anonymous is waging cyber-war against Russia

    Investment scammers

    Investment scammers target dating app users

    Axie-Infinity-AXS-Metaverse

    Hacking Story: How a fake job offer took down the world’s most popular crypto game?

    Trending Tags

    • Artificial-Intelligence
    • website security
    • Deep-Learning
    • Hacker-Attack-and-Defense
  • News
    • All
    • Business
    • Crypto News
    • Cybersecurity News
    • World News
    Vitalik-meta

    Meta’s metaverse is doomed, says Vitalik Buterin

    Tiner metaverse

    Tinder puts its metaverse and digital currency project on hold

    bernard arnault

    Bernard Arnault’s investment fund will invest 100 million euros in Web3

    invest in cybersecurity startup

    How can VCs invest in cybersecurity startups in challenging times?

    Venture-Capital-decline

    Cybersecurity Venture Capital Investments: Severe Decline in Q2 2022

    SaaS Security Certification

    A Comprehensive Guide to SaaS Security Certification

    Trending Tags

    • WEB3
    • DEFI
    • Crypto
    • Blockchain
    • Data Security
  • Blockchain
    • All
    • Cryptocurrency
    • Metaverse
    • NFT
    • Trends and DEFI
    • Web3
    blockchain API

    Excellent blockchain API for developers

    The next generation of blockchains

    The next generation of blockchains – cross-chain interoperability

    massa-autonomous-smart-contracts

    Can autonomous smart contracts be the future of blockchain technology?

    blockchain-Blockisthenewchain

    Blockchain Basics – What is Blockchain Technology

    metaverse-cloud

    How will the metaverse affect cloud security?

    What is MetaMask

    What is MetaMask? And is it safe to use?

  • Startups
  • Login
No Result
View All Result
  • Home
  • Cybersecurity
    • All
    • Corporate Security
    • Data Security
    • System security
    • Web Security
    edge computing

    How important is Edge Computing Security?

    Enhance Smart Cybersecurity

    Three Cognitive Technologies to Enhance Smart Cybersecurity

    phishing_result

    An 11-fold increase in phishing attacks exploiting SaaS platforms

    phishing attacks exploiting saas

    A Simple Guide to Manually Renewing an SSL Certificate

    Protecting Your WordPress Site

    6 Tips for Protecting Your WordPress Site

    Secure SSH Server

    8 Ways to Secure SSH Server Connections on Linux

    Trending Tags

    • Vulnerability
    • IoT-Security
    • Metaverse
    • Application Security
    • Cloud-Security
  • Hacking stories
    • All
    • Apps Hacking stories
    • Exchange Hacking stories
    protect your smart home

    How to protect your Smart Home from hackers

    Hacking Anonymous

    6 ways the hacker group Anonymous is waging cyber-war against Russia

    Investment scammers

    Investment scammers target dating app users

    Axie-Infinity-AXS-Metaverse

    Hacking Story: How a fake job offer took down the world’s most popular crypto game?

    Trending Tags

    • Artificial-Intelligence
    • website security
    • Deep-Learning
    • Hacker-Attack-and-Defense
  • News
    • All
    • Business
    • Crypto News
    • Cybersecurity News
    • World News
    Vitalik-meta

    Meta’s metaverse is doomed, says Vitalik Buterin

    Tiner metaverse

    Tinder puts its metaverse and digital currency project on hold

    bernard arnault

    Bernard Arnault’s investment fund will invest 100 million euros in Web3

    invest in cybersecurity startup

    How can VCs invest in cybersecurity startups in challenging times?

    Venture-Capital-decline

    Cybersecurity Venture Capital Investments: Severe Decline in Q2 2022

    SaaS Security Certification

    A Comprehensive Guide to SaaS Security Certification

    Trending Tags

    • WEB3
    • DEFI
    • Crypto
    • Blockchain
    • Data Security
  • Blockchain
    • All
    • Cryptocurrency
    • Metaverse
    • NFT
    • Trends and DEFI
    • Web3
    blockchain API

    Excellent blockchain API for developers

    The next generation of blockchains

    The next generation of blockchains – cross-chain interoperability

    massa-autonomous-smart-contracts

    Can autonomous smart contracts be the future of blockchain technology?

    blockchain-Blockisthenewchain

    Blockchain Basics – What is Blockchain Technology

    metaverse-cloud

    How will the metaverse affect cloud security?

    What is MetaMask

    What is MetaMask? And is it safe to use?

  • Startups
No Result
View All Result
blockisthenewchain.com
No Result
View All Result
Home Blockchain Trends and DEFI

Can autonomous smart contracts be the future of blockchain technology?

Blockchain technology has penetrated many areas of the modern world and is fundamentally changing the financial ecosystem. Inspired by the dream of a decentralized and democratized approach to dealing with financial services (to prevent repeated excesses, or even outright misconduct, by centralized financial institutions), blockchain technology has clearly achieved tremendous success over the past few decades. progress.

BlockIsTheNewChain by BlockIsTheNewChain
October 27, 2022
in Trends and DEFI, Blockchain, Cryptocurrency
418 9
0
massa-autonomous-smart-contracts
28
SHARES
1.4k
VIEWS
Share on TwitterShare on LinkedinShare on FacebookShare on Telegram

From the creation of digital currencies to their integration with the blockchain digital ledger (i.e. Bitcoin), to the introduction of smart contracts on the blockchain (i.e. Ethereum), to the more recent introduction of Decentralized Exchange (DEX: Decentralized Exchange) and the proliferation of decentralized applications (DAPPs), blockchain technology has come a long way and seems set to continue. However, while the dream of fully decentralized finance (Defi) seems to have become very popular among tech enthusiasts who continue to develop this infrastructure, it has yet to materialize. As a result, more Defi innovations are still being developed.

Smart contracts are at the heart of decentralized financial infrastructure as they govern the execution of transactions on the blockchain. In relation to blockchain’s business and technical aspects, smart contracts play a key role. They are basically financial management protocols written in a code format that govern transactions on decentralized systems of record such as blockchain. However, smart contracts on currently available and widely used blockchains such as the Bitcoin blockchain and the Ethereum blockchain have centralized management methods. This limits the current capabilities of blockchain technology.

massa lab 1

Currently, smart contracts need to be triggered to function. This means the smart contract code is dormant on the blockchain until a specific event (such as a transaction, update or configuration request, etc.) is initiated by the blockchain user and causes the appropriate smart contract to wake up and perform a task (i.e. trigger). This reactive thinking leads to blockchains being managed by centralized servers or bots (to coordinate user requests and smart contract functions). This centralized control limits usable blockchains because it reduces the security of the blockchain and ultimately defeats the purpose of decentralization.

Combined with other factors such as architecture and consensus protocols (Proof of Work vs. Proof of Stake), this centralized management of smart contracts leads to a well-known problem in blockchain technology referred to as the “triple dilemma.” This basically means that blockchains currently have to sacrifice scalability, security, or decentralization in their operations. Scientists are currently exploring a variety of ways to try to solve this “trilemma” problem. Recently, there has been a breakthrough in the introduction of autonomous smart contracts on a new blockchain known as the Massa blockchain.

Autonomous smart contracts solve this “trilemma” by being able to operate independently of external triggers, thereby minimizing the need to centrally manage them, thereby promoting the three factors of scalability, security, and decentralization, not at the expense of any factor. This is the main idea behind the development of the Massa blockchain by three French scientists. Currently, they have released a beta version of the blockchain for public access.

Next, we will further explore autonomous smart contracts and their implications for the future of blockchain technology.

Understanding the “Triple Dilemma”

Blockchain technology is currently limited by the “triple dilemma,” a long-standing problem in computer science involving the mutual limitations of security, scalability, and decentralization. According to the Cryptopedia.com website, this problem was first discovered by early computer scientists as the CAP (Consistency, Availability, and Partition tolerance) theorem. The CAP theorem describes how decentralized data storage can only guarantee two of the three critical properties listed (namely, consistency, availability, and partition tolerance). Because blockchain is essentially a decentralized data store, this CAP theorem also applies to it, which is what leads to the “triple dilemma”.

Public chains must choose between scalability, security, and decentralization in their operations. An accepted blockchain premise is known as the “trilemma.” For example, with well-known blockchains such as Bitcoin and Ethereum, transactions are mostly between scalability and decentralization. This problem is mainly due to the architecture of existing blockchains. In existing architectures, it uses a proof-of-work consensus protocol to verify on-chain activity, specifically a slow linear node-to-node approach in Bitcoin. Validating activities (such as transactions) on the blockchain by consulting multiple nodes on the chain (i.e. consensus) is necessary to ensure security and decentralization. As more nodes are added to the blockchain, a problem arises because validating transactions with nodes takes more time, which affects scalability. On the other hand, however, solving this problem by using fewer nodes for validation affects decentralization and security (i.e. hackers can easily spoof a few nodes and manipulate the blockchain). Hence the so-called “triple dilemma”.

The centralized management of smart contracts through servers or centralized bots further magnifies this already existing problem. Servers can be hacked, bots can get wrong, and the scalability of centralized systems is limited. Ultimately, this centralized control limits the goal of decentralization. The trade-off between scalability and decentralization in blockchains can be measured using the Nakamoto Decentralization Coefficient (“NDC” for short). Therefore, the concept of autonomous smart contracts has been developed in order to solve the problems of decentralization and scalability in existing blockchains. The graph below shows that the decentralization and scalability of the Massa blockchain are greatly improved through autonomous smart contracts. This is compared to the Bitcoin blockchain, Ethereum blockchain, and other blockchains.

image

Comparing the Massa blockchain to other blockchains without autonomous smart contracts (Source: beincrypto.com)

Therefore, the introduction of autonomous smart contracts to solve the trilemma can be said to be a key “game rule adjustment” in the decentralization of blockchain technology.

Solving the “Three Dilemmas”

In fact, scientists have considered many solutions for different blockchains, trying to solve the “trilemma” problem. Listed below are some of the more well-known solutions.

  • Bitcoin introduced the Lightning Network. The network introduces a second layer for off-chain transactions across multiple payment channels.
  • Ethereum proposes a dual proof-of-stake model that includes an execution layer for smart contracts and a consensus layer for transactions.
  • According to reports, Algorand has successfully solved the “trilemma” problem using its Pure Proof of Stake model.
  • There are also reports that the Massa project’s approach to using autonomous smart contracts has also successfully solved this dilemma.

As the title suggests, our discussion in this article focuses on the autonomous smart contract approach. This kind of contract not only solves the “trilemma” problem but also provides a new automatic decentralization layer in blockchain technology.

Massa Project

The Massa project was launched in 2017 by Sebastian Forestier (CEO), Damir Vodnikalevich (head of development and technology), and Adri Initiated by Ann Laversani Fino (Head of Corporate Strategy). Their goal is to solve the aforementioned “trilemma” by creating autonomous smart contracts

11048486 1
Sebastian Forestier

5EbZpcdQ 400x400 1
Damir Vodnikalevich

According to massa.net, the team achieved this by creating a brand-new blockchain (MASA). This blockchain combines proof-of-stake consensus (which prioritizes value on the blockchain when validating activity) and multi-threaded block graphs (facilitating parallel block creation) into an efficient new system of blockchain capabilities, called blocklike. They then developed autonomous smart contacts triggered by information stored on-chain, features that enabled their blockchain to run thousands of low-energy operations in a second.

Through autonomous smart contracts, the Massa project successfully promotes the decentralization and scalability of the blockchain. According to a Cryptonews.com report, this is the first blockchain with 1,000 NDCs, along with other perks such as decentralized web hosting. The testnet phase of Massa Blockchain, which launched in 2021, has reportedly managed to attract more than 7,000 actively running nodes. It also crossed the threshold of 4,000 transactions per second. The release of a new version of the mainnet (official blockchain) will improve the weaknesses of the testnet, targeting a throughput of around 10,000 transactions per second. This is a huge advancement in blockchain technology.

Smart Contracts and Autonomous Smart Contracts

According to TechTarget.com, a smart contract is a decentralized program that executes business logic in response to a specific event that triggers it. Smart contracts are often developed by business professionals and programmers to manage activities such as value exchange, service delivery, unlocking of protected content, and decentralized data storage such as blockchain. Because of this reactive thinking, a smart contract requires continuous management of its operation. Existing blockchains rely on centralized systems such as robotic networks or cloud infrastructure for automation. Nevertheless, this centralized management also magnifies the “trilemma” problem from yet another angle.

massa lab
Centralized smart contract management (Source: Massa website)

Due to the obvious problems caused by the centralized management of smart contracts, the MASA team developing autonomous smart contracts is said to have raised the following question;

“Why advocate for decentralization when you continue to rely on an apparently centralized way of interacting with smart contracts?”

Therefore, they came up with the concept of autonomous smart contracts to solve the trilemma through a new layer of decentralization. Therefore, autonomous smart contracts can be defined as smart contracts whose automation does not necessarily require external management, i.e., the ability to independently perform pre-assigned operations on the blockchain. It operates using blockchain data and can also request external information without additional administration.

massa lab 2
Autonomous Smart Contracts (Source: Massa website)

Currently, only the Massa blockchain has this smart contract capability. This functionality is achieved by storing transaction and smart contract data on the blockchain. The smart contract can then access the data at any time for autonomous operation.

Autonomous smart contracts are increasingly recognized in decentralized finance. The CEO of Dusa, a maker of automated marketplaces built using the Massa blockchain, had this to say;

“Thanks to the autonomous smart contracts and blockchain custody of our web application, we are able to offer a 100% decentralized DeFi experience for the first time. These technological innovations allow us to fully autonomously execute users’ potential trading orders and optimize Clearing management, and all of this with full consideration of security protections for our users.”

conclusion

Finally, let’s analyze the impact of autonomous smart contracts on the future of blockchain. Considering how blockchain technology has evolved on an incremental basis, and the vast improvement that autonomous smart contracts have on the blockchain, it is reasonable to point out that existing blockchains such as Bitcoin and Ethereum may also implement autonomous intelligence contracts to break the “triple” dilemma. While there are other solutions to the “trilemma”, autonomous smart contracts stand out in that, in addition to solving the “trilemma”, they promote decentralization, which is fundamental to the creation of cryptocurrencies in an automated manner in principle. So, while it is impossible to predict the future with certainty, autonomous smart contracts appear to be a breakthrough technology that will change blockchain technology in a big way.

Tags: BlockchainCryptoDEFIFutureStartups

Related Posts

blockchain API
Blockchain

Excellent blockchain API for developers

by BlockIsTheNewChain
March 27, 2023

Blockchain technology has been applied in many industries and has steadily gained the support and trust of users. Many startups and...

Read more
The next generation of blockchains

The next generation of blockchains – cross-chain interoperability

October 31, 2022
blockchain-Blockisthenewchain

Blockchain Basics – What is Blockchain Technology

October 27, 2022
metaverse-cloud

How will the metaverse affect cloud security?

October 12, 2022
What is MetaMask

What is MetaMask? And is it safe to use?

September 4, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

  • Vulnerability Scanning

    The most popular Web vulnerability scanning tools

    36 shares
    Share 14 Tweet 9
  • Excellent blockchain API for developers

    29 shares
    Share 12 Tweet 7
  • 6 ways the hacker group Anonymous is waging cyber-war against Russia

    31 shares
    Share 12 Tweet 8
  • Blockchain Basics – What is Blockchain Technology

    28 shares
    Share 11 Tweet 7
  • Can autonomous smart contracts be the future of blockchain technology?

    28 shares
    Share 11 Tweet 7

  • About
  • terms-and-conditions
  • Privacy & Policy
  • Contact

© 2022 Blockisthenewchain - The latest Blockchain, Cybersecurity News, and Startup Reviews by BLOCKisthenewCHAIN.

No Result
View All Result
  • Home
  • Cybersecurity
  • Hacking stories
  • News
  • Blockchain
  • Startups

© 2022 Blockisthenewchain - The latest Blockchain, Cybersecurity News, and Startup Reviews by BLOCKisthenewCHAIN.

Welcome Back!

Sign In with Facebook
Sign In with Google
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.