Discord Technical Discussion — Advantages and Disadvantages of Public Chain Smart Contract
Dear KuChain Community,
We had our first tech community discussion yesterday, here’s the transcript, for your kindly information. If you are interested in particular topics, please feel free to join our social media channels and let us know your thoughts.
Topic: Advantages and disadvantages of public chain smart contract
Time: 26/08/2020 5:00pm (UTC+8)
Discord channel: https://discord.gg/jTCUuqN
Cain, Tech Head of KuChain
As a blockchain technology enthusiasts, Cain is now serving the role of leading developer and tech head of KuChain. He is a full stack developer with rich Dapp development and public chain related tool library R&D experience.
Flora: In the field of cryptocurrency, smart contracts are defined as applications or programs running on the block chain. Usually, smart contracts are a set of digital agreements with specific rules, which can be enforced. These rules are predefined by the computer source code, and all network nodes will copy and execute these codes. Block chain provides a place for smart contracts to store the code and state, and integrates the basic executing environment with consensus, then a basic smart contract system based on block chain is formed.
Today we invited @Cain, the core developer of KuChain, to share his views about smart contracts. At the same time, he will also share some information about the technical aspects of KuChain.
Flora: This is a free and easy technical communication, welcome to participate in the discussion at any time.
Cain: Yes, in fact, public chain develop team needs to consider many factors when introduces smart contract. While EVM engine in the public chain brings advantages, it also brings some problems that cannot be ignored.
Flora: But it seems that most public chain teams choose to develop smart contracts as their core modules now.
Cain: Yes, for public chains, smart contract seems to be a ‘standard configuration’. Because once the public chain owns smart contract, it owns unlimited scalability and the ability to run logic on the chain, it can do anything except turn itself into Ethereum.
However, as far as the current state of the public chain is concerned, developing a better EVM or a faster infrastructure cannot replicate the success of Ethereum. To know the reason, we need to analyze the advantages and disadvantages of the smart contract for the public chain.
Flora: Please share your opinions with us.
Cain: Sure, I will talk about the situation in a targeted way based on KuChain. Let’s think about the benefits that smart contract brings.
Firstly, developers are free to expand and upgrade their functions without permission using smart contracts. Secondly, smart contracts help Dapp teams quickly verify their ideas.
Flora: Developers could implement their logic on smart contracts. The dapp teams no longer need to develop complex underlying technologies, which will help them save costs and resources.
Cain: Yes. At the same time, smart contracts attract many developers to participate in the construction of the application layer. The more developers use smart contracts, the richer the development of smart contracts related applications.
The last thing I want to talk about is the gas fee of smart contracts is dynamic charging, which helps the public chain realize a more logical resource charging model. We get these experiences from Ethereum.
Flora: Smart contract provide developers with the ability to organize logic on the chain, it also helps us achieve the modularization of contracts.
Cain: The existing DeFi projects are like financial building blocks, which allow developers to better assemble advanced applications, and promote the expansion of new models and scenarios. However, the problems caused by smart contract cannot be ignored.
Flora: Such as?
Cain: Some prominent issues, such as the historical data of outdated contracts on the chain will become a burden of the chain.
For some Dapp entrepreneurial teams, the security audit of smart contracts is essential, but the high audit cost is not conducive to the startup of these teams.
Furthermore, poorly-performing contracts will increase the burden on users when they use applications.
Finally, for new public chain team, they may lack the foundation and support of the community when they introduce the smart contracts.
Flora: Yes, at this stage, developers and users are more inclined to participate in the Ethereum ecosystem. So will KuChain team develop smart contracts as core modules like most public chains?
Cain: As a public chain project in Cosmos ecosystem, KuChain needs to consider the impact and cost when we made the decision whether to integrate EVM at the initial design stage. Because we are clear about our business requirements, KuChain will not be compatible with EVM at the initial stage but will implement the determined business logic through Cosmos SDK. We hope to meet the business requirements in the most suitable way. If we can serve the ecology of Cosmos or Ethereum through KuChain’s business, we will give priority to the cross-chain solution of IBC or Ethereum.
Flora: Understand, are you going to develop and support smart contract in the future?
Cain: Of course, if KuChain owns larger application scenarios and expansion requirements in the future, we will consider to be compatible with EVM and to implement smart contracts on the chain. I think this should be decided by KuChain community at that time.
Flora: Okay, thank you very much for your sharing.
Cain: That’s my pleasure.
Flora: If you have any questions, please leave messages here, or you to continue to discuss. Thank you all for participating!
Cain: Thank you guys.
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