Validity SmartChain Development Update

TL:DR

This is an exciting time for Validity! I have several new functions in active heavy development that will significantly increase the value of the project.

IPFS offloading of large data

Smart contracts require data. Large smart contracts require large amounts of data, and large amounts of data slow down blockchains. Currently, Validity has used an entirely on-chain model with all contract data being stored directly in the chain. This works well for small, fast types of contracts, but becomes a problem as contracts get bigger. NFT’s are a popular type of contract, but they require a lot of data. To expand the capabilities of the SmartChain, we are implementing IPFS offloading of large contracts.

We are implementing a new model, were large data contracts are stored on IPFS, and loaded dynamically into the SmartChain during syncing.

NFT Collections

Using the new IPFS offloading, we are implementing NFT collections stored on IPFS and anchored in the Validity chain via their IPFS unique identifier. Using this method, large NFT collections with many members can be created and traded using the existing SmartChain infrastructure without causing significant blockchain bloat. Specific information on the Collection creation process will be available when the NFT collections launch.

Improved SmartTx status tracking

Sometimes a SmartTx fails or is invalid. This can be due to underpaid fees or other reasons that cause the Tx to be invalid. The current model rejects these transactions with little or no explanation as to why. We are improving the Tx processing model to maintain the failed transactions in the current chain and include the failure messages. This improvement will assist the user in troubleshooting why their transaction failed, and keep a more accurate record of all attempted smart transactions in the chain.

Exposing operation type transactions

When a user edits their profile, transfers an NFT, or votes on an election, these operations execute in the model, but are usually not shown in the chain. We are updating this behavior so all operations are easier to view and audit.

Adjusting transaction execution costs

Current SmartContract costs are calculated using on-chain transaction size. As we move to a IPFS offloaded model, the on-chain transaction size will remain low, however there remains increased execution cost and additional cost for IPFS storage. To fairly compensate for this, the required fees for SmartTx’s is being updated to reflect on-chain impact, execution cost, and IPFS storage. Large contracts can be set to expire at a user defined time, or to remain indefinitely. The longer a contract remains active, the higher the cost will be. Fees will continue to be paid to the staking nodes via the existing spread-fee protocol.

Thanks for your continued support!

JJ12880

Justin Jacobeen