ContractNet's philosophy and reason for existence is to be the global exchange of IoT data, and the platform for some of the most exciting applications on the decentralized web.
ContractNet FOR DAPPS, vice president of blockchain technologies for IBM.
Dapps have long shown promise on a platform like blockchain. What has been missing is authenticated data from outside of the blockchain. ContractNet solves this by enabling a network of oracles and sensors.
ContractNet is designed to be extremely programmable and easily integrates with the standard web in order to ease the development of this nexus between web 2.0 and the interconnected future of smart devices. It is accessible to the end user via decentralized applications utilizing a hybrid of web2.0 and web3 interfaces.
No dependence on third parties that may change the rules or “fork” Low transaction fees Adaptability – PoW can be upgraded to PoS Advanced mining algorithm to block miner attacks Slow block time to include lower-memory devices Increased decentralisation
1Implements EVM but uses a slower blocktime to decrease the bloat of required memory
3Solidity contract programming language
4FSolidM as framework for smart contracts, protecting against error and vulnerability
5Nodes will verify and execute the functionality of each smart contract
6Longer blocktime allows lower-memory embedded systems to interface with the network directly
7Smart devices and sensors will act as oracles, and securely write data to smart contracts on the blockchain
8Embedded systems will participate in the consensus mechanism and also provide data to control contracts