Smart Contract platforms (like Ethereum) offer a powerful new way to build decentralized blockchain based applications. But, there are several major problems that exist which prevent wide adoption of these systems:
- The programming models are complex and difficult to reason about.
- It’s difficult (or impossible) to verify that programs are correct.
- It’s very costly to develop and run Smart Contracts on existing systems.
- The systems themselves don’t scale.
These problems greatly limit the applications that can take advantage of blockchain or Smart Contract technology, even though the interest in doing so is enormous.
Incentum is a new, innovative way to build Smart Contracts on a blockchain like structure (Computational DAG) that alleviates or solves these problems. It introduces several new concepts into Smart Contract technology, making it easy (and even fun) to build powerful Smart Contract based applications:
- Incentum has a simple, elegant, and powerful programming model. Smart Contracts can be developed in any browser.
- The programming model is directly reflected in an underlying cryptographic DAG which we call the Computational DAG.
- The Computational DAG is constructed to simplify consensus.
- There is a generalized notion of tokens, which can represent any asset, and in fact any thing. All tokens are created with Smart Contracts. You can tokenize anything, and manipulate it with Smart Contracts.
- Incentum uses a very powerful technique to facilitate communication among Smart Contract participants. Incentum Smart Contracts generalize the notion of contract output, so it’s easy to tell if a Smart Contract is expecting something from you, and to signal participants that something is required. This opens up Smart Contract technology to a much broader range of applications.
- And lastly, Incentum Smart Contracts are portable. The Computational DAG is independent of any consensus algorithm or blockchain platform. It can be embedded in any existing or future platform that offers consensus. Our first target is Cosmos.
We will be discussing the Incentum Smart Contracts in a series of forthcoming blog posts.