EOS.IO SMART CONTRACTS febuary and march 2018
INTRODUCTION
WHAT IS Eos.IO?
EOS.IO could be a new approach to capital punishment localized good contracts on a blockchain.
EOS.IO uses a number of identical ideas that formed earlier blockchains like Graphene, the engine that powers widespread sites like SteemIt and Bitshares. Like Graphene, EOS.IO is Free Open supply computer code (FOSS) and free beneath the Massachusetts Institute of Technology License.
The EOS.IO style acknowledges the issue and expense associated with a supposed "hard fork," wherever associate existing blockchain should be abandoned and its contents ported to a brand new chain so as to alter new options or correct some major computer code deficiency. it's designed to avoid the requirement the maximum amount as doable.
HOW EOS.IO IMPROVES UPON GRAPHENE AND alternative CRYPTOCURRENCIES
Blockchain-based technologies and cryptocurrencies ofttimes create the thought news as a result of they need variety of deficiencies; the Eos.IO style has options that address every of those considerations, as follows.
Issue: Account Recovery
The first issue ordinarily encountered with alternative blockchain-based technologies is that the inability to reverse transactions, even within the short-run.
With EOS. IO, a complicated associated protrusile permissions system makes it doable to recover an account within the event that non-public keys ar lost or taken.
Issue: Scaling issues
Interchain communication among multiple instances of Eos.IO permits for boundless horizontal scaling, whereas additionally maintaining the normal attributes of a blockchain.
Issue: Security Expenses
Another common downside with normal blockchain technologies is that the sheer expense associated with securing the chain mistreatment proof-of-work
Distributed proof-of-stake drastically reduces the electricity prices of running associate Eos.IO blockchain compared to any proof-of-work blockchain.
Existing blockchain-based, distributed application frameworks, like Graphene, even have variety of shortcomings. The EOS.IO style has options that address every of those considerations similarly.
Issue: an absence of Alan Mathison Turing Completeness
This downside considerably restricts the categories and options of applications which will be deployed mistreatment the technology.
EOS.IO achieves the Alan Mathison Turing completeness lacking in Graphene by as well as delayed transactions, which might be scheduled (and rescheduled) mechanically by code.
Issue: High Usage Expense
EOS.IO incorporates a refined resource allocation theme through that information measure, computation, and storage for distributed applications ar allotted severally by staking tokens instead of paying a fee. These staked tokens ar retrievable, creating application usage free, and block producers ar salaried through alternative means that than per-transaction fees.
Issue: Weak Security
Other frameworks expertise similar security weaknesses to people who plague alternative cryptocurrencies within the world.
The antecedently mentioned Eos.IO permissions system permits for account recovery, and at the side of delayed transactions, makes it doable to claw back unauthorized transactions while not disrupting the integrity of the blockchain.
WHAT ar good CONTRACTS?
Unlike normal legal contracts, that ar written by lawyers and enforced among the court system, good contracts ar created (and enforced) through cryptanalytic code.
Nick Szabo, a legal scholar and cryptanalyst, created "smart contracts" so strangers might interact in electronic commerce safely and firmly.
Decentralized ledgers manage blockchain contracts that are:
Stored and replicated on the system
Trackable and visual to all or any users among the blockchain
Supervised by the network of computers that runs the blockchain
EOS.IO options AS CONTRACTS
Many EOS.IO options ar enforced as contracts on their own chains. Contracts ar necessary as a result of they'll be amended and updated among the chain itself, maintaining chain continuity whereas additionally adding new options, addressing bugs, or managing the network.
EOS.IO is meant} with options intended to create it easier to manage a blockchain among participants with non-chain written agreement obligations to at least one another.
The blockchain is the ledger for staked tokens, and token stakeholders vote on-chain for such things as:
Which accounts ar block producers
When computer code upgrades should be performed
Resource limits among the system
USE CASE: a sensible CONTRACT FOR A FARMERS' CO-OP
Here could be a easy use case which will assist you higher perceive the advantages of Eos.IO good contracts. To concentrate on the necessary interactions, we've got unbroken each the situation and also the logic easy.
Let's say that a co-op has many farmers World Health Organization have united to sell bushels of wheat at identical price; they produce a sensible contract to facilitate these transactions. Traders then come back to the co-op to shop for (and later resell) the wheat.
The good contract is liable for trailing all of the following:
Farmers' inventories
Traders' purchases
Fulfilment of these purchases
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