Proof-of-stake blockchain protocol Algorand and blockchain software firm Blockstack have launched a joint open-source project to support the development of a smart contract language dubbed “Clarity.” Both claim that existing smart contract languages are neither secure nor predictable enough to meet the growing needs of the emerging industry. As of this February, $1 billion in value was locked in decentralized finance (DeFi) markets, where smart contracts are used to innovate financial services such as credit and lending. In their announcement on June 10, Algorand and Blockstack emphasized the need for an alternative smart contract language that would be: “Purpose-built for …

Blockchain technology crystallizes the rise of “algorithmic power” that today presents a major challenge to traditional forms of sovereignty, legal authority and state-led governance. So goes the argument in a new post on the Oxford University Faculty of Law blog on Monday by Kevin Warbach, a professor of legal studies and business ethics at the Wharton School of the University of Pennsylvania. Warbach’s forthcoming book After the Digital Tornado: Networks, Algorithms, Humanity will argue that blockchain technology could wreak unintentional havoc if its characteristics are not understood and tackled directly. For Warbach, the immutability of blockchain ledgers and the use …

In today’s evolving business world, industry leaders across the globe are turning to blockchain technology to revolutionize their respective industries. Although blockchain is still a relatively new concept, a growing number of companies are now investing in it. Blockchain has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency and low costs. One niche area that could be poised to benefit greatly from it is lotteries. Problems with traditional lotteries Although many global economies were soaring prior to the COVID-19 pandemic, the inefficiencies of mature industries can still be addressed by implementing blockchain technology. The …

Many crypto analysts have criticized the whitepaper for Binance’s forthcoming ‘Smart Chain’, which was published on April 17. Smart Chain will be Binance’s second smart contract-enabled chain after Binance Chain. It offers the additions of full compatibility with Ethereum (ETH) and a delegated proof-of-stake, or DPoS, governance system with 21 node operators elected by Binance Coin (BNB) holders. ‘Binance Smart Chain’ garners luke-warm reception The whitepaper for Binance’s forthcoming Smart Chain received mixed reactions. Many in the crypto community posit that the chain will recycle the features of existing projects without bringing anything new to the crypto asset ecosystem. On …

The number of smart contracts deployed on the Ethereum network reached 1,971,632 in March, hitting a new all-time high and marking a 75% increase from the previous month. Dune Analytics, an online analytics platform, recorded the number of contracts deployed on Ethereum over the last 12 months with the average only registering around 670,000 contracts per month. Notably, this peak coincided with the cost to deploy on Ethereum being at one of the lowest points, with developers spending an average of $11,600 to do so. This suggests that the adoption of the Ethereum platform is on the rise, signaling strong …

An Argentinian consortium of banks and technology companies under the patronage of the Central Bank of Argentina is promoting a pilot program implementing blockchain. The system would be used to handle direct account debit claims. The pilot was announced on April 21 by IOV Labs, the developer of the RSK blockchain. The company is part of the 2019 Financial Innovation Roundtable, which also includes Sabra Group, Banco de la Provincia de Córdoba, BBVA, ICBC, Banco Santander and others. The group has worked for several months since the end of 2019 to create a system that would track bank account transactions …

A startup has launched a leveraged token and a decentralized stablecoin based on Bitcoin (BTC)-powered RSK and its second layer solution Infrastructure Framework layer (RIF). According to an announcement shared with Cointelegraph on April 21, Bitcoin-based decentralized finance (DeFi) protocol MoneyOnChain launched the new products on RSK’s sidechain. A DAI competitor on Bitcoin’s blockchain The new DeFi platform, dubbed RIF on Chain will feature RIF Dollar (RDOC), RIFX and RIFpro (RPRO). RPRO is a token that mirrors the price of RIF but also grants passive income by collecting a share of the fees generated by platform transactions. RDOC is pegged …

Tencent’s digital bank WeBank is exploring the integration of the DAML smart contract language for its consortium blockchain FISCO BCOS — the chain that will undergird China’s national Blockchain-Based Service Network (BSN). On April 16, WeBank announced that integration of the Digital Asset Modeling Language (DAML) — open sourced by its creator, software firm Digital Asset, last year — would help it deliver pioneering blockchain solutions across finance, supply chain and other sectors in China and worldwide. Developed back in 2016, DAML is an expressive language designed for financial institutions to model and execute agreements using distributed ledger technology (DLT). …

From its obscure beginnings over a decade ago to its current status as the leading cryptocurrency in the world, Bitcoin’s (BTC) tale on its own can make up for a pretty entertaining movie. With the prevalence of Bitcoin and blockchain-related topics in mainstream media nowadays, it is perhaps not a surprise that more films mention or highlight cryptocurrencies and blockchain technology. For instance, Anthony Mackie, the actor who plays “Hawkman” in the Avengers movies, promoted Litecoin (LTC) last year in a video published by Vanity Fair. Meanwhile, in February, another well-known actor, Jim Parsons, narrated a cartoon version of himself …

A company that aims to change advertising through blockchain announced its decentralized application is now functional across several social networks, including Facebook, Instagram, Twitter and YouTube. The Atayen-owned Smart Advertising Transaction Token, known as SaTT, claims it upgrades the advertising transaction process thanks to blockchain while removing the high costs associated with launching a campaign, reducing payment delays for publishers that rely on ad revenue, and injecting some much-needed transparency into the industry with performance-based payments. At the same time, this helps remove from the process third parties that inflate costs for everyone, achieves automation and allows brands to assess …

Dapper Labs, the team behind CryptoKitties and the Flow Blockchain, has revealed a partnership with Facebook’s Libra stablecoin project to share open-source technology. Speaking to Cointelegraph, Dapper Labs’ CTO Dieter Shirley revealed that Dapper’s Flow blockchain will adopt Libra’s Move as it’s virtual machine (VM), while Libra could utilize Dapper’s smart contract programming language Cadence in a technology-sharing partnership. Shirley stated that Flow will benefit from Move’s performance efficiency, while Libra could benefit from Cadence’s developer-friendly design. Both teams found inspiration in linear type theory Dapper Labs had been developing Cadence for roughly a year before launching the language through …

Smart contracts are immutable programs: Once a contract is deployed, it cannot be altered. This allows users to be sure that the rules by which their funds are operated will not be changed. However, the same feature makes creating secure smart contracts extremely complicated. If you create a contract with a bug or vulnerability, it is there forever. That’s why testing is even more crucial for smart contracts than for traditional applications. Related: What Are Smart Contracts? Guide for Beginners Why testing is necessary First, let’s clarify what problems tests can and cannot solve. For this purpose, let’s point out …