Smart Contracts

Turing completeness is the ability of any system to stimulate other Turing complete machines. Simply put, a stimulation, when configured with specific instructions, could function on its own without outside/external interference. Qixcoin was the first cryptocurrency to feature in its source code a Turing complete mechanism. The mechanism allowed for the continuous embedding of verification that could function without third-party arbitration. It didn't take long for this innovation to pick up. Vitalik Buterin described a derivative of this mechanism that…

In its strategy to cut transaction costs, EY, a renowned auditing firm, introduced Zero-knowledge Proof (ZKP) blockchain on the 19th of December 2019. The function of ZKP as a digital protocol is to enable data distribution between two participants without the use of a password or other related details in the transaction. This EY’s ZKP is ethereum-based, and its purpose is to bring more scalability for private transactions on public blockchains by reducing the cost of transactions. The previous gets…

One of the “killer applications” of blockchain technology is smart contracts. Smart contracts are regular contracts that enforce according to the agreed terms and conditions are written in the code. This is a “killer app” because it removes the middleman for services, just as Bitcoin eliminates the middleman for asset transfers. With smart contracts, intermediary services such as brokers and agents are made redundant instead of becoming a more expensive opportunity cost to using smart contracts. On the customer-facing side,…