How we make smart contracts smarter
The Plight of Traditional Programming in a Blockchain World
Traditional automation is one system for all varieties of transactions — thousands of if-then-else statements, making them very complicated and hard to understand. To implement such a system in an Ethereum blockchain world is impractical, especially for mission-critical enterprise applications. The Ethereum Virtual Network is currently not enterprise ready to handle large volume of transactions and to respond in seconds.
How we are making a difference
5(2+x)+ 3(5x + 4)– (x2)2= 20x + 22 — x4
In algebra, we simplify the above equation before solving for x. In writing, we simplify “You’ll hear from me coming back to this point again and again” into a simpler form “I’ll keep coming back to this point”. That is, we are constantly simplifying constructs to communicate more effectively. This is how we evolve, to make the best use of our resources.
Smart contracts are meant to be unambiguous, immutable, with no arbitration. If we take a smart contract and simplify it to the lowest denominator, we are left with a fully customized smart contract to one scenario, one situation, one event.
By utilizing our low-code and no-code development platform, we generate one unique program (“Smart Contract”) for each customer contract to be deployed at real-time on the blockchain via a configurable interface. By generating a new contract for each individual use case, each program is in its simplest form — no more if-then-else statements, everything can be specific and hard-coded.
This is how we are shifting the programming paradigm starting with FintruX.
What this means to our programmers is:
Before, we have to make all programs flexible, no hard-coding; Now it is just the opposite, all hard-coding to make sure it is in its simplest form and fully customized for one scenario, one situation, one event. The smart contract becomes a binding agreement between the participants — unambiguous, immutable, no arbitration required.
For example: Before, we have to create variables like funding amount, interest rate, periodic payment date, periodic payment amount, payment frequency, etc; Now in each smart contract we can specify clearly that John borrows US$9,000 from Jane on September 20th 2017 at 5% APR and promises to pay back US$578.97 monthly on the first date of each month.
All the code is specifically catered for one fully customized event. Smaller programs lead to lower gas fees and faster transactions. Simplest is best.
To learn more about what we are trying to accomplish, please read our whitepaper.
About us: FintruX Network is the global P2P lending ecosystem powered by blockchain and no-code development. FintruX facilitates marketplace lending in a true peer-to-peer network to ease the cash-flow issues of SMEs that typically face challenges getting loan financing, such as startup companies.
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