CTO of OracleChain Dr. Chenggen Song Gave A Speech About Smart Contract Development at WBC
CTO of OracleChain Dr. Chenggen Song Gave A Speech About Smart Contract Development at WBC
Introduction： Organized by the World Blockchain Council (WBC), the 2018 World Blockchain Conference co-sponsored by Jinse Finance, GMGC, 3 o'clock community, and BIT.GAME was held by CNCC on April 3rd at the China National Convention Center in Beijing, China. The Summit participated of well-known academic institutions all over the United Nations from blockchain technology companies, nearly 1,000 blockchain industry elites from more than 30 countries around the world was attended. The Summit had leaders’ summit,CEO closed-door conference and project, road shows, blockchain + digital entertainment forums, etc.
(The content is partially selected from the speech about smart contract development at CNCC by Dr. Chenggen Song.)
Dr.Song: Good afternoon everyone! What I want to share with you today is about the development of smart contracts. There are some speakers that shared their own products. Some people will ask "Why we even need the smart contracts? we can have many more other ways than just Bitcoin." My personal understanding of which role the smart contract plays or what function can be achieved after the smart contract is grafted on the blockchain is just like someone mentioned before, for example, the game is a really good combination point. All data in the game can be generated on the chain. My rules, my tokens, and even the equipment can also be coded, and they all can be placed on the chain. But there is a problem. Do we only rely on the blockchain to live then? Nope, we are still a human being. We still need to worry about the weather in Beijing? Is it rainy, dusty or hazy. At this time, there is an urgent problem came up that how does the blockchain get data from the outside world? Getting a real-world data in a centralized system is pretty simple. We just need to go to the webpage. But in the blockchain it is much more difficulty. At this point, we came up with the idea of Oracle. It means the prophecy machine. What is like in the computer? It is a God-like existence. You can ask any questions from it. For example, you can ask Beijing whether it will be sandstorm tomorrow. And it will explain to you what the weather will look like tomorrow or any questions which you were struggling to find an answer.
We understand that not only the implement but also the trigger for smart contracts is needed, then we provide the time triggers. We don't know what time is in the blockchain, but these oracles can tell you and trigger the contract.
We can actually support a variety of data collection methods. We can be authoritative data published by the Beijing Meteorological Observatory, or it can be decentralized consensus data. We can look at this from above. In fact, we can let the submitter of the data generate some actual benefits. We can define our reward rules. The smart contract wants to use data and we must ask it to answer the cost incurred in this process. The costs incurred can be directly rewarded to the providers of the data. Both centralized and decentralized are good enough to enable the value of each person’s point of view to truly provide data.
The above is all my thoughts on the development of smart contracts. Thank you all for your precious time.
