- Kadena releases Pact 3.0 with multiple new features for smart contract users.
- Founder Stuart Popejoy explains why the new smart contract process is sets Kadena apart from other platforms.
Kadena is a blockchain startup that was formed by Stuart Popejoy, evolving into a multi-million-dollar enterprise. Popejoy, who used to be the blockchain lead for JP Morgan, recently announced some changes that could revolutionize the way that smart contracts function. Speaking about the Kadena platform, Popejoy said:
“Pact 3.0 generally makes available the features that makes hybrid blockchains a reality… We now have the smart contract language for hybrid blockchains.”
The latest version of Pact, which is their computer programming language, was just released today, and it is meant to help with the safe and simple development on smart contracts on the blockchain ledger. This is the third major release of the code, and Popejoy said that this new feature set for Pact 3.0 will support a connection between the smart contract execution of private and public networks.
At this point, the ScalableBFT private platform is already prepared for Kadena. In October, Kadena plans to launch a public blockchain platform called Chainweb. Speaking with CoinDesk, Popejoy added that this platform allows programmers to:
“write a very simple smart contract that is able to exchange data back and forth between the public and private parts of a hybrid blockchain application.”
He added that the programmer doesn’t actually have to exit the Pact smart contract to perform all of these actions.
With the release of Pact 3.0 today, there are three feature sets that the company wants users to focus on:
- Payment verification support
- New “capabilities” functionality
- Modular governance for credibly changing code in smart contracts
The first of the features is simple payment verification (SPV) support, which means that developers are able to create smart contract environments on the blockchain for Kadena. In doing so, the smart contracts will verify off-chain transactions independently with other blockchain networks. Popejoy said that the use of this tool includes “proving that something happened on a public blockchain in a private blockchain, proving that something happened on a private blockchain in a public blockchain.” Basically, it allows users of the coding to show one action occurred through another blockchain.
The next functionality – “capabilities” – allows rights-based computing to securely occur on the blockchain. Explaining the functionality a little more generally, Popejoy added, “A capability can be seen as a right to do something that exists in data.” The use of both private and public keys in the transfer of tokens is a perfect example of a capability that already is on traditional networks.
With modular governance, Pact 3.0 creates a more diverse way for developers to change and update the code of a smart contract credibly. Pact separates itself from other smart contract languages in that it is not a Turing-complete language, and it also does not have immutable decentralized applications (dApps). Ever since it was created, the dApps built with the use of Pact are easy to alter after they have been executed, though it requires approval of at least one designated stakeholder.
Highlighting the changes, Popejoy said:
“We had upgradeable smart contracts right from the start, but it wasn’t full governance because a single or multi-signature model is basically a centralized model. Now, you can have governance controlled by whatever logic you can think of and an obvious example would be some kind of [token holder] based governance like we see in a kind of staking system.”
Popejoy added that the immutability of the blockchain could become one of the defining traits of smart contracts as a whole, saying that it is easy to blend the ideas of immutability and smart contracts. Still, he commented that smart contracts are not actually able creating applications that are self-executing and immutable, but about creating business models that are about to safely function on the blockchain.
He also noted that the idea of smart contracts originally begins as this way for business models to be moved onto the blockchain. However, Popejoy pointed out that there is instantly an issue with this process, because the business model has “to be really safe, and not just safe, but to be simple.” Ultimately, this requirement for simple smart contracts for “non-technical” users to understand led Popejoy and Pact to this new solution.
- Source: First Appeared Here
- Published Time: 2019-06-07 13:49:55
The views and opinions expressed in the article Kadena Pact 3.0 Release Includes Updated Language for Smart Contracts on Hybrid Blockchains do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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