Overview of Qora — Smart Contracts and Decentralized Web
Considering very dynamic development of last months and the fact that there never was any kind of newsletter before, I decided to sum up things regarding Qora’s current development status and also to analyze it’s position in crypto world. In last months, Qora brought to life two highly important „features“. Firstly, Automated Transactions went live on May 17th. Soon after, world’s first Atomic Cross-Chain Transfer happened between Qora and Burst blockchains under the direction of CIYAM team. Secondly, with latest 0.22 release a social network has been introduced as a usecase of the next big thing — the decentralized web. Some necessary updates and bug fixes improved the client too, but lets focus on AT and DW.
Although Automated Transactions and especially the ACCT event interested some people in crypto world, the final impact was not so hard, as one would expect, and we failed to draw a proper attention to Automated Transactions (so far). Few experimented with ACCT’s and vbcs later added a nice example — the infinite loop rewarding forgers with 50 Qora — truly smart solution. People probably haven’t yet completely realized that Automated Transactions are working Smart Contracts, the key mechanism for 2.0 coins, and it’s in fact the same thing, what Ethereum is about to bring soon. Qora with AT does what Ethereum does (or will do).
Comparing Ethereum’s IPO (21k BTC) and Qora’s market cap (1400 BTC), something isn’t right here, but put the market aside now. It’s known that people invest mostly because of a promise of profit, rather than because they want to use the technology. But I believe they are there developers waiting for Ethereum release, so why don’t we get them for Qora? Some of them? I think it’s time for key stakeholders to release some funds and motivate these guys, because we need them. We need them the same way Ethereum needs them too.
Our advantage and bait could be the second important feature — a decentralized web, which is by the way the key aim of Maidsafe project. Yes, Qora does what Maidsafe will do. Qora developers tied Names with Arbitrary Transactions, so they created NameStorage service — a database management system for semi-structured data in blockchain. Engine for decentralized applications has been started. Tools for 3rd party developers are ready and Qora core team hints, that more can be expected soon. „Lot of usecases have become already possible to be made by talented ones and we have more to add for them, at least we are working on connecting two important dots and after that, almost everything will be possible,“ said Qora team to me. And they continued: „we also want the common user, who has troubles with difficult logic of AT, to be able to create his own smart contract comfortably“.
I have to say that I appreciate what these guys have done so far. They are first class developers just like Ethereum and Maidsafe people. And what they are missing is just better background and more reactions from the rest of crypto world. And maybe some helping hands too. To get Qora rid of the last bugs (like the neverending „closing Qora with cross“ story), so the client would be ready for masses. The position of Qora isn’t easy. People tend to ignore what we are doing. I am afraid, that only because they fear for their investment somewhere else. We should focus on making them try Qora. We don’t need more investors who buy and hold. This is senseless for crypto that was designed to be used every day. So this is a call for you, we need new members of our (barely) community. No worries, once they try Qora, they will stay!