When it comes to smart contract, it’s easy for us to think of the contractual applications in the Ethereum series, such as Augur, Gnosis and DAO.
Augur is a decentralized predictive market platform based on Ethereum. With Augur, anyone can create a predictive market for any theme (such as who will win in the US presidential election) that he is interested in and it provides initial liquidity, which is a process of decentralization. In return, the creator of the market will receive half of the transaction costs from the market. Ordinary users can forecast, buy and sell the stocks of events on Augur according to their own information and judgments, such as the US presidential election.
Many factors make Augur different from the traditional predictive market, but the most important difference is that Augur is globalized and decentralized. Everyone around the world can use Augur, which will bring liquidity, trading volume and a variety of unprecedented perspectives and topics that traditional exchanges have never had.
Gnosis is also a decentralized predictive market based on the agreement of Ethereum. Gnosis provides an open platform for people to predict the outcome of any event, greatly simplifying the constructive process of custom forecasting market applications. At the same time, Gnosis uses the block chain trust machine and the automatic executing features of smart contract to make players be more flexible and free to enter the forecast market, which brings greater imagination for predictive market. Therefore, some observers regard the two companies as competitors. But in fact, there are differences in technologies and goals between these two platforms.
What is the DAO? In short, it is decentralized and autonomous VC which is developed based on the block chain platform of Ethereum. Each participant obtains corresponding DAO token in accordance with the amount of the contribution of capital (Ethereum) and has the right to examine the project and vote, among which, the voting weight is associated with the amount of contribution. In the traditional venture capital fund, the investment strategy is developed by experienced fund managers and other professionals; while the DAO is based on the group wisdom of all the participants.
Smart contract is the most important feature of block chain, and the main reason that the block chain can be called as subversive technology. Moreover, it is a significant consideration factor for the central banks to consider to issue digital currency by the block chain technology, because it is a technological base of programmable currency and programmable finance. Smart contract may bring significant changes for our human social structure in the future. Although there are some unresolved issues with smart contract, it may bring the most disruptive changes to the financial services industry. And fortunately, this technology has put into practice from theory, and many professionals around the world are also working together to improve smart contract.
Different from the Ethereum, the Chaos project is a public block chain platform that targets business smart contract applications. Smart contract development based on the Chaos block chain is very convenient and reliable, reducing the cost of contract application and improving the efficiency of block chain development.
Thomas, the core developer of Chaos project said:
“Smart contract applications will enter the mainstream business areas, and business smart contract applications will be the future of block chain. Chaos, which is positioned on the commercial and easy-to-use smart contract services of block chain, and provides a value transfer eco-platform for intelligent protocol.”
For various relatively popular applications of Ethereum series currently, such as Augur, Gnosis, DAO and so on, Chaos R & D team expressed with full confidence that:
“In the Chaos network, users can deploy their own Augur, Gnosis, DAO and any other contract applications supported by the Ethereum platform more easily. The Chaos platform uses the mainstream lua and other languages as programming languages of smart contracts, which simplifies the users’ development process and learning costs.”
According to Thomas, the Chaos block chain project will open the global ICO around June 15 (North America time), and the team will actively promote collaborations with other platforms such as Poloniex and Bitfinexand. At that time, the team will show more details.
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