Why Hybridverse is building its Euro-backed Stablecoin on Zilliqa using the new Programming Language Scilla
After the development of our first proof of concept in November 2018, we have applied and have been selected to be part of I3P — Treatabit, the Incubator for Innovative Enterprises of Turin’s Polytechnic University, the Incubator is also the location of our main development office.
(I3P is ranked 1st in Italy, 5th in Europe, 15th worldwide by the UBI ranking, the Global Benchmark Report of best academic incubators).
Hybrid Euro (HEUR) is being built on Zilliqa Blockchain
Why we’re building HEUR Stablecoin on Zilliqa.
Zilliqa is the most innovative blockchain in the space, and the first blockchain to implement sharding, which is a a decentralized computing mechanism that enables transactions to scale almost linearly as the number of nodes scales, resulting in faster transactions than legacy decentralized platforms, sharding has been a task that many projects and enterprises in the blockchain industry tried to solve and to address, Zilliqa is the only one that solved it and is the only blockchain with a working sharding as of now.
When building a blockchain solution, decentralization, security, scalability cost efficiency, innovation are the main variables that a development group has to take in account along with adequate regulatory, business, economic metrics development, in this article we’ll be focusing on technological aspects.
We at Hybridverse, have a “ fundamentals before everything” approach, we want the best in terms offer for our users, technologically and economically.
Zilliqa, the very first blockchain with working sharding tech in the world, was released on June 10th 2019 after the impressive work of Zilliqa Team.
We’ve evaluated different blockchain platforms based on decentralization, security, scalability, Txs costs, innovation criterias, let’s break it down:
Decentralization first of all.
Many blockchain platforms are not very much decentralized compared to Bitcoin (10500 nodes) or Ethereum (8300 nodes), if we take EOS whichhas less than 25 operating nodes, pretty centralized, the situation is better in the case of TRON which has 1,200 nodes, we could have more examples of blockchain platforms with less than 100 nodes, however we want to go straight to the point, usually less nodes means faster transactions but also less security, in the case of Zilliqa it has 2,400 nodes 99x more than EOS 2x more than TRON in just 1 week of mainnet activity and not only that, thanks to its sharding technology the platform manages to process transactions in a scalable and decentralized way, allowing to provide high-throughput performance with no compromises on network security.
Security is also first.
When operating a stablecoin payment network , security is a must, but let’s take a step back, let’s talk about details, because details are very important, as Leonardo Da Vinci once said “details make perfection, and perfection is not a detail”, at Hybridverse we value details very high, this is a detail about Zilliqa:
While many projects in the “crypto industry” urged to release the mainnet quickly for the hype, Zilliqa’s approach was totally different, instead of pushing the hype by releasing a mainnet with a small number of nodes, the Zilliqa Team choose to delay the mainnet in order to guarantee security, this very choice is an important detail that shows how this project puts fundamentals before hype, during that time a bootstrap phase was carried, this method allows miners to join the network in order to secure it and increasing the number of nodes in a period in which transactions are not processed and resulted as we said before in the astonishing number of 2,400 nodes which is almost 100x more than the number of nodes on EOS which in terms of capitalization is way bigger, but this teaches that capitalization doesn’t mean security, instead technology does, Zilliqa placed the security of its network before the hype, this is a fundamental detail that developers should value very much when choosing the platform to build on.
Safe by Design Native Programming Language.
Smart contracts on Zilliqa are programmed in a brand new language specifically created by the Zilliqa Team , which is Scilla Language, the reasoning behind this choice is first of all a security reasoning, because:
· Scilla is an intermediate level language that acts as a compiler as an in-between step when translating a computer program into machine code. Simply explained, before compiling the program into code for an actual, physical machine, the compiler first translates it into intermediate code suitable for a theoretical, abstract machine, this means that Scilla is bug resistant compared to higher level languages because if the code is bugged, can’t be compiled and the smart contract can’t be deployed on the blockchain.
· Scilla design is mostly focused to enforce a robust secure mechanism for writing the smart contracts specifically by excluding known vulnerabilities at the language-level as well as being susceptible to formal verification.
· Non-Turing Complete: Makes it less complex by eliminating recursion and loops except for primitive structured recursion as well as it restricts the computational model to certain mechanism of communication in which it ensures that external calls only happen at the end of the transaction in order to avoid any loopholes. Unlike solidity that is a Turing-complete language which is more expressive to the point that it is vulnerable to attacks as occurred, in addition; makes it less capable to formal verification.
· Safe standard libraries: Scilla delivers a set of standard libraries in which its designed to handle arithmetic under-flows and over-flows by including all the auxiliary libraries within the contract itself. Which eliminated the need to call external libraries making it more secure.
· Susceptible to formal verification: Scilla is verified by default during its design process through coq which is a formal proof management system and an interactive theorem prover that allows the expression of mathematical assertions, mechanically checks proofs of these assertions.
· Possible Adaptation on other Blockchains: Scilla is intended as an Intermediate Representation for high-level languages in which can be adopted easily on other blockchains.
A secure language on a secure blockchain can avoid those incidents that happened with Solidity before like the “re-entrance attack” of DAO incident and “”Change to critical state variable” of Parity hack.
Scilla is in continuous development and improvement based on the research by the Zilliqa Team which was highlighted recently with the announcement of the Cashflow Smart Contract Analyser that assist in identifying bugs that cause unintended cashflow paths that could end up with extreme results.
Cost efficiency = cheap transaction costs for users.
Cost efficiency is important for global transactions, we aim not only to deliver faster transactions than current stablecoins but also cheaper transactions, and Zilliqa is prepared also for that, meanwhile transactions fees on Bitcoin and Ethereum networks are 1.50$ and 0.016 $ respectively, (along with a very slow Txs speed), transaction costs on Zilliqa are enormously low, we talk about 0.000023 $ which is 700x less than ETH and BTC fees, this allows Hybridverse to provide to its users not only the fastest stablecoin but also the one with the cheapest fees, allowing for nano payments.
Innovative vision for the 4.0 industrial revolution.
The Zilliqa ecosystem puts innovation as its core, with many more features planned by the Zilliqa Team during the development of this amazing infrastructure, such as: improvements of contracts execution time, provision of a privacy layer, higher level languages support, formal verification, on the smart contracts side, in terms of ecosystem there will be many Dapps with which we will be able to collaborate, in order to innovate together our respective ecosystems, on top of the Zilliqa Ecosystem gathering many new projects that have joined, are joining, and will be joining, this will allow us to offer more solutions compatible with our stablecoin, such as wallets, DEXs , libraries that can be used to build solution involving our stablecoin (e.g automatic settlements) and other Scilla based Dapps.
Zilliqa is proactive in increasing adoption, which means we’ll have many projects to collaborate within an innovative environment.
Hybridverse adopts the Zilliqa blockchain for its smart contracts which it will ensure a secure by design system with implementation of the Scilla Language, high throughput with sharding technology allowing for higher scalability, cheaper transaction costs , with no compromises on decentralization and network security, in an Ecosystem that sees security and efficiency as core features, in a continuous improvement environment, that has a bright future.
The #progressnothype vision that Zilliqa adopts to revolutionize the smart contracts space, is a core value that Hybridverse shares and wants to implement in its own way to revolutionize the stablecoin space.
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