ADN Ecosystem: Executing ICO Smart Contracts
ADN Ecosystem series continues with our explanation of smart contracts. In this blog, we discuss how we will facilitate the execution of these protocols.
Previously, we discussed the ADN voting system wherein ICO participants in our ecosystem are given the power to govern how a blockchain-based project will continue. We believe that each of our beloved members should be given the platform where they can express their opinion regarding the progress and continuance of the project where they have invested their hard-earned money in.
We also talked about the contingencies that we need to come up with should special cases call for it. Not only will we provide a platform that will allow ICO investors to vote on whether a project should continue with its development, but we are also committed to assisting blockchain developers so that they will tweak their project and make it more feasible and worthwhile.
Now, we will step back a bit and discuss smart contracts, as well as how different ADN protocol will be from other blockchain outfits. We believe a topic as foundational as this should not be left out, especially that not all ADN users are in the same league in terms of crypto knowledge.
Self-Executing Digital Protocols
Smart contracts are self-executing protocols that already have the terms of agreements between two separate entities embedded in its very codes. For it to execute properly, each term must be satisfied by both entities in the exact magnitude and fashion as intended. These are popular nowadays due to the ease they provide to the users as well as the costs that they cut.
Normally, a cross-border payment would occur from 5 minutes to a couple of days. This is because it goes through at least a couple of intermediaries that both function as gatekeepers and validators. With smart contracts, this may be rendered obsolete. In fact, a good number of banks and similar financial institutions are implementing blockchain technology for this purpose. Aside from this, smart contracts are proving to be useful in various sectors such as food, logistics, medicine, gaming, cybersecurity, and more.
In essence, smart contracts are digital agreements made between two parties that do not require any more intermediary or trust similar to a person buying a can of soda from a vending machine.
Did You Know?
Contrary to popular notion, smart contracts were already proposed in as early as 1994 by the American computer scientist Nick Szabo. Interestingly, Szabo also created Bit Gold in 1998, a good solid decade before the Bitcoin whitepaper was published.
ADN Smart Contracts
We have disclosed in our ADN whitepaper that we are using Solidity, an advanced computer programming language, for writing smart contracts on our blockchain.
Companies and developers that are planning to create decentralized applications (DApps) on our blockchain will program their own smart contracts. However, we will review the codes before approving their execution. Alongside this, we will also communicate with the developers to know their official website, team, as well as their whitepaper. We deem these things important because these reflect how well-thought their plan is.
According to a report published by Ernst and Young, about $400 million ICO funds are lost or stolen in hacker attacks. They also found out that a number of whitepapers had “clear coding errors” and they saw conflicts of interest between the companies that are issuing the tokens and the token holders.
Taking all these things into consideration, we at ADN are all the more exercising patience and vigilance to be sure that our mainnet, as well as our overall ICO and smart contract platform, will contribute to developing quality DApps and safe crowdfunding.
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