Unarguably one the biggest features of the blockchain technology is the ability to build decentralized applications and create smart contracts on the blockchain, probably the most mind-blowing ability of the blockchain technology, not only are these applications and contracts secure, they also usher in another level of decentralisation and prevents the interference of middle men and/or third party influences, just as its parent technology–The blockchain.
Smart contracts are computerized transactions protocol that executes the terms of a contract, for a blockchain, they are computerized programs stored in a blockchain which can be used to automate unstoppable transfer of tokens between users according to agreed upon conditions. Smart contracts could be described as a ‘transparent vending machine’ which aids the ‘smart’ exchange of value without involving the middlemen and without censorship(as the case may be). DAPPs also popularly termed ‘smart contracts’ smart contracts are decentralized computer applications running on a distributed computing system. These two works together and even when you use these terms interchangeably, you are still right (to some extent).
Despite the Etherum blockchain ‘setting the pace’ and currently leading in smart contracts technology, many blockchains have also rolled out support for smart contracts creation and DAPPs in a bid to solve some of the problems faced by etherum smart contracts and possibly develop this technology further. However, the problems faced smart contracts and DAPPs technology are far from being completely solved.
These includes amongst others:
• Inability of current smart contracts to connect with events in the real world: Also known as the *Oracle problem*, this problem is not only faced by smart contracts and DAPPs, but also by blockchain technology as a whole, the inability of the blockchain technology to actually solve some real life problems have strengthened FUDs around it, and many have described blockchain projects whitepapers and roadmaps as mere ‘proposals and propaganda’ which are barely realisable
“Oracles” are real-time data feeds that deliver things like weather data, currency exchange rates, airline flight information, and sports statistics to smart contracts.
Integration of smart contracts, dapps and blockchain into these data to enable it access, assess, process and edit these data and also develop them further have proved a ‘hard nut to crack’ for many blockchain start-ups and smart contracts projects, this accounts for the failure of many blockchain and cryptocurrency projects.
• Scalability: Infinite scalability, that's like the most pronounced phrase in blockchain whitepapers, while existing blockchain projects struggles to achieve infinite scalability, emerging projects are hoping to realize this goal. Scalability is the ability to handle a growing amount of work by adding resources to the system. In computing and blockchain, the system would need to expand its capacity or block size so as to contain the growing amount of data on its blockchain. In less than a year, the ethereum blockchain size doubled from one terabyte (1Tb) to 2.3 Terabyte (2.3 Tb). This is in an attempt to contain the ever growing number of smart contracts created on it blockchain and DAPPs built on the blockchain, hence with increasing data on the blockchain, the goal of infinite scalability is defeated unless a different solution is sort as increasing blockchain size doesn’t mean an infinitely scalable blockchain
• Transaction speed: The Bitcoin blockchain is faster, cheaper and smart than the present day banking system, the etherum blockchain defeats the bitcoin blockchain in terms of speed, transaction charge and smartness of transactions, every single blockchain hopes to solve these three problems of speed, transactions charges and smart performances more than others as this would give them an inch over the others, unfortunately, they have struggled so much in a bid to achieve these–and the problem is only partially solved. Having defeated the financial system in this aspect, the goal of the blockchain technology is to achieve an instant, smart and possibly, a completely free (financial) transaction system which would enable smart contracts and DAPPs function even better.
How the Pascal blockchain solves these problems facing smart contracts and blockchain technology
A truly infinitely scalable blockchain
• The Pascal blockchain presents the first truly infinitely scalable blockchain. The pascal blockchain nodes only needs/keeps the last one hundred (100) blocks and hence loses the account history after a number of one hundred blocks, hence allowing the storage of infinite amount of data on its blockchain. The lost history can always be tracked using the Account seal developed by Herman Schoenfeld.
• Smart contracts on the Pascal blockchain will run on Layer 2: The layer 1 is the settlement layer with some limitations in scalability. The layer 2 presents and infinite scalable layer for the development of DAPPs and creating smart contracts, hence smart contracts and DAPPs running on the layer 2, independent of the layer, further enhances it scalability.
Transaction speed and charges
• The Pascal blockchain performs over 1600 transactions per second (This speed is constantly being enhanced), this amazing speed beats almost any other blockchains and ensures instant transactions over the blockchain. This would be a dream come true for smart contracts and DAPPs and there would be no need for lightning networks/technology or qued transactions for smart contracts and DAPPs.
• With an average transaction charge of 0.0001 PASC (0.00003$) per transaction, the Pascal blockchain achieves the zero transactions charges goal and ensures freedom of transactions over its blockchain as users would have nothing to worry about as regards the transaction charges.
Solving the oracle problem
The Pascal blockchain is limitless in its ability and integrating it into real life problems would be an easy task, this will be discussed in the course of this writing…
By the way, this should get you drooling at smart contracts and DAPPs on the Pascal blockchain
• The Pascal blockchain runs a Payload feature which will alow communication between DAPPs, this will support interactions between the DAPPs running on the blockchain, the payload can be encrypted to ensure that a third party doesn’t intercept the data sent across these DAPPs.
• The Pascal codes are flexible and simple, hence one can interact with Pascal blockchain using RPC calls developed in any language.
Smart contracts/DAPPs that can be created on the Pascal blockchain
Thinking of developing a DAPP or creating a smart contracts on the pascal blockchain?, here’s just a snippet of what you could build on the blockchain :
The Pascal blockchain is limitless as regards what could be developed, apart from Smart contracts and DAPPs, the platform provides a comfortable abode for developers to create a wide range of features, however, these smart contracts are properly affirms that the Pascal blockchain solves the Oracle problem:
• Supply chain smart contracts: A smart supply chain tracks goods production and distribution and ensures automated running of this process, a supply chain smart contracts validates the production of goods and tracks the distribution of these produced values to the consumer with details of payments and exchange of values. For instance, a supply chain smart contract ensures that:
1)A request goods or service is sent to the consumer
2) It also confirms that the consumer pays the agreed amount for these good/services
3) In case of inability of the supplier to supply these goods or perform these services, the consumer is Automatically refunded.
4) After the successful supply of the requested goods, another goods is automatically produced in readiness for the next supply.
The infinite scalable, fast and highly automated features of the pascal blockchain supports the development of this kind of smart contracts and ensure they run smoothly in a blockchain which is limitless in its storage capacity.
• Decentralized ledger/Smart payment(exchange system): The PascalCoin Account (PASA) with the account seal technology can function as a decentralized ledger and hence the creation of a decentralized exchange running on the pascal blockchain would be a good idea, the PASA can also function as an embedded blockchain and hence would allow creation of individual DEX accounts on the exchange.
• Smart Electoral voting system: The PASA can function as an immutable store of infinite transactions which can be verified individually and open to everyone, this gains applications in the electoral system. For instance, calculating the total PASC transactions to a PASA could be modified to represent votes from the electorates with the recipient PASA being the aspirants and the Sender’s PASA being the electorates. This use case could be greatly modified to suit the electoral process.
To mention just a few, the Pascal Layer 2 is currently under development, completion of this development will enable the creation of smart contracts and building DAPPs, this article is surely an understatement of its abilities.
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