bitcoin-dev
Smart Contracts Unchained
Posted on: April 5, 2019 06:00 UTC
ZmnSCPxj proposes an alternative method to implement smart contracts without launching a separate blockchain or sidechain, while achieving security similar to federated sidechains and additional benefits to privacy and smart-contract-patching.
The mechanism enables the federation to be selected by the participants instead of being defined as a fixed set by the smart contract platform. Participants can advertise themselves by locking some bonded amount on the blockchain to act as trusted executors of smart contracts. Participants then select such executors they believe to be trustworthy and decide what voting quorum of the selected executors is sufficient to convince them of the correct execution of the smart contract. However, too many choices may require more cognitive effort for humans, making it not a good idea in general.