Author Topic: Smart Contracts in GadgetCoin , no gateway  (Read 565 times)

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Offline ebit

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Smart Contracts in GadgetCoin , no gateway
« on: July 01, 2015, 04:26:59 pm »
---- GadgetCoin ----
Digital currency for hardware, Internet of Things and M2M.
Zero pre-mine. Coin forging starts in June 2015
Written from scratch in C, C++ and NodeJs.
Instant transactions, transaction time is under 1 second.
Smart Contracts.
No mining. Proof of Consensus algorithm (check out our white paper).
Open source.
Code: [Select]
        "data": {
                "transaction": {
                        "id": "d5a93e56-0fea-4c2e-b4cf-a22d1c0f73f4",
                        "type": 8,
                        "account": "gdcfoundation",
                        "time": 1435182092055,
                        "currency": "GDT",
                        "contract": {
                                "id": "cb67f787-c9ca-4239-bd76-84992990811e",
                                "type": 2,
                                "action": 110,
                                "shortname": "VIDC100HOURS",
                                "purchase_price": 300,
                                "purchase_currency": "USD",
                                "interval_unit": "hours",
                                "interval": 100,
                                "commission_unit": "percent",
                                "commission": 5,
                                "execute_class": "A",
                                "ore_receive": 900,
                                "terms_hash": "931d3bd63700f6828f6b0b4dc1e33daf44d316a94b6491ea38336bb7a9260eca"
                "hash": "1ad5a51936718d12d977227af96226c55bfdd6cd8090b4d244e91391d237c694",
                "signatures": [
                                "hash": "1ad5a51936718d12d977227af96226c55bfdd6cd8090b4d244e91391d237c694",
                                "signature": "MEQCIEzmGWjd/vJK8L14p3UaRHxm9ffpnl7fFtXkijromwauAiAcxq/FelxSoytBpVssuM/AUJspVCG4ynoskP9k+LEJMA==",
                                "account": "gdcfoundation",
                                "pkchecksum": "78506168"
        "transactionhash": "c4889507c2b782554f58b71d26d4fe8baf8ba9ca2fc5801549a6521a398a27f4",
        "audits": [
                        "hash": "c4889507c2b782554f58b71d26d4fe8baf8ba9ca2fc5801549a6521a398a27f4",
                        "signature": "MEQCIEOphfi2cb+TOLucUlRiMb2EE0+CinRG758dCapM4q0sAiBr/vafgM/eyQAhe7n5rtpZL2w6DaJK3DqbBxw/+eWyAw==",
                        "account": "gdcdev01",
                        "pkchecksum": "8975d4ec"
                        "hash": "c4889507c2b782554f58b71d26d4fe8baf8ba9ca2fc5801549a6521a398a27f4",
                        "signature": "MEUCIQDGA1H91z6WUwy2tRWcGY7ydRoeVlVU5Co4n/xiNo6AcQIgZQpuWo93QBRNSjT2LB6AVLPJLD2ccVj82GR9pkNcuDs=",
                        "account": "gdcdev02",
                        "pkchecksum": "6ab6bc5c"
                        "hash": "c4889507c2b782554f58b71d26d4fe8baf8ba9ca2fc5801549a6521a398a27f4",
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                        "account": "gdcdev03",
                        "pkchecksum": "5af5c705"

Offline monsterer

Re: Smart Contracts in GadgetCoin , no gateway
« Reply #1 on: July 01, 2015, 04:36:39 pm »
I thought was interesting, but they fall back to trust in order to maintain their consensus, so nothing really that new from a consensus POV anyway. I didn't look at the rest of the design.
My opinions do not represent those of metaexchange unless explicitly stated. | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline ebit

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Re: Smart Contracts in GadgetCoin , no gateway
« Reply #2 on: July 01, 2015, 11:42:23 pm »
It used node.js
Transactions and smart contracts
The general concept of smart contracts
Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract,
or that obviate the need for a contractual clause. Smart Contracts are also programs that formally encode certain
conditions and outcomes. The code is agreed upon by the contracting parties in advance and the execution of the
smart contract is audited by a neutral system, in this case the GadgetCoin system. Smart contracts usually also have
a user interface and often emulate the logic of contractual clauses. Smart contracts aim to provide security superior to
traditional contract law and to reduce other transaction costs associated with contracting.
A smart contracts infrastructure can be implemented by replicated contract execution using cryptographic hash
chains and Byzantine fault tolerant contract broadcasting. Each node in the peer-to-peer network could act as a title
registry and escrow, executing changes of ownership and automatically checkable rules governing those
transactions, and checks the same work of other nodes.
There are two main smart contracts from functionality viewpoint
a) Configuration smart contracts to provide users with a function to set the main attributes of a device. Using
the configuration smart contracts users can perform various functions including but not limited to update the
device security settings, enable/disable software modules and upload firmware updates.
b) Device operation smart contracts to execute hardware functions on the device including operations on the
UART, SPI, I2C buses, Ethernet, WiFi and Zigbee protocols.
Use cases
The GadgetCoin smart contacts are suitable for virtually any hardware use cases. A few examples of possible
Internet-of-Things device smart contracts:
- Garage door controller. This particular use case puts forward the idea of a controlling the garage door of a
family home using a GadgetCoin smart contract. Each family member would have an Android or iOS phone
to interact with the device on the garage door. The configuration of the hardware is managed via the
configuration smart contract located on the device. The smart contract operation executes the door's
close/open functions via the SPI bus. The system ensures that the peer to peer security is based on PPKI
functions so that only designated users can open the garage door by signing the smart contract request with
their private key. Smart contracts also allow for a high degree of flexibility: when the owners are away on
holiday but need to let somebody into the garage, they can authorize their neighbours or a parcel company
to open the door via smart contracts. Multi signature requirements can be addressed in a case where a door
is guarding valuable goods and the owners only want it opening when all of them have authorized it. A good
example of this would be a bank vault, where the vault only opens when three directors have authenticated
within a 1-minute period.
- Self-storage controller. There are many businesses that currently use complex software to manage
availability, booking, security, and customer relation management (CRM) for the renting of spaces. By
employing GadgetCoin smart contracts, such complex systems are no longer a necessity. The peer node
customer puts in various search criteria such as location, size of the storage and price into the smart
contract search UI control. The block-chain returns the available storage units in the specified area. The
peer node customer books the unit and pays for the service with FIAT money, crypto currency or both,
depending on the business preference. At this moment the availability of the storage unit is updated and
marked as not available in the block-chain and a timer is enabled in the hardware to monitor the expiry date
of the contract. The peer node customer drives to the storage unit facility. The peer node customer sends a
PPKI signed “Open the gate” request to the main gate controller hardware. As the block-chain knows that
the contract was purchased by the peer node customer, the main gate controller opens. The customer
drives to the storage unit and opens the hardware controlled door of the unit. The service remains available
until the paid period has expired. In this example laid out above, the security, access control, booking,
payment, service consuming requirements are addressed by one unified system and protocol, GadgetCoin.
- Car park controller. Smart cities have always been a hot topic when discussing the future of Internet-ofThings
devices. Car park management is a part of the smart city ecosystem and an excellent use case of
the GadgetCoin smart contract solution. In this use case the availability of each car park meter is managed
and published by the smart contract. The availability data is located in the block-chain. The peer node user
in this case would be the driver. The driver can put in the post code or latitude/longitude in the smart
GadgetCoin White Paper rev. 1.0
Page 16 of 28
contract search UI control to find the nearest area with available parking spaces. If the price and availability
matches with the search criteria the driver can go directly to the parking meter instead of circling and
searching for parking space in the city. When the driver arrives to book the parking space, they can pay for it
with FIAT money or Bitcoin. Right at this moment the availability data is instantly updated and the park
space is marked as not available to other drivers. When the driver leaves the parking space the ultra-sonic
sensor of the parking meter picks up the movement, and the smart contract issues a query to ask the driver
if they wish to terminate the contract. If the answer is yes the parking meter flags the availability of the newly
available smart contract to the block-chain. Security, booking, payment and provisioning is managed by one
simple concept - the block-chain enabled smart contract and creates an extremely sophisticated intercity
parking system.
- Gym. Using smart contracts allows users to consume hardware services in ways that were not possible
before. This is especially true in the case of gym equipment hardware. The smart contracts allow ad-hoc use
of the equipment in the gym. Instead of having a monthly membership contract with the gym, users can
instead utilize the gym service on a pay as you go basis. The block-chain stores the smart contract
transactions and shares the availability of equipment data with nearby users. Complex availability and
booking systems would be a thing of the past as block-chain based smart contracts provide the gym
business with real-time booking and availability data. The booking and availability data management is built
into the protocol, so that any user can easily look it up and query it. Most importantly, smart contract
technology also allows the integration of gym equipment into all kinds of online services that are associated
with individual GadgetCoin accounts. The user buys the smart contract and the machine is linked to the
user’s account during the period of contract. Then the smart contract uploads the performance and data
usage of the gym bike, treadmill or rowing exercise machine to the online services that track the user's
performance. For example there can be a heart rate sensor smart contract that uploads physiological data to
the online services. The data from the gym hardware enables data mining and the thorough analysis of user
performance. As demonstrated by this use case, GadgetCoin has the capability to manage security,
booking, payment, provisioning, access control, availability and can interface with data mining applications.
- Dependency smart contracts. The system supports more complex use cases when smart contracts
communicate with each other and the execution of a contract depends on the data exchange with another
contract. A temperature sensor smart contract can call the air conditioning smart contract when the
temperature rises. A water level smart contract can call the water pump contract when the water level drops.
A carbon-dioxide sensor can call the ventilator contract if the smoke levels suddenly increase. One system,
« Last Edit: July 02, 2015, 12:01:35 am by ebit »

Offline ebit

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Re: Smart Contracts in GadgetCoin , no gateway
« Reply #3 on: July 02, 2015, 12:21:10 am »

Payment Services
The system supports three types of payment integrations
1. Implement new digital currencies utilizing the unique features of the GadgetCoin peer to peer network and
block-chain that allows account based transactions and instant transaction processing. This implementation
allows entirely trustless payment processing without utilizing third party or trusted entities. The payments will
be between the peer nodes and trusted green addresses won’t be required for payment processing

2. Link existing digital currency newotrks with the GadgetCoin system. Such implementation requires the use
of trustless green addresses to speed up transaction processing time and instant acceptance of the
transaction. The green address is an increasingly popular concept that is built on top of the Bitcoin network.

3. Link existing FIAT money payment networks with the GadgetCoin system. FIAT money payments will be
processed using tokens. To use FIAT money with the GadgetCoin system, the payment service providers
will convert FIAT money into GadgetCoin tokens and the smart contracts are purchased with the tokens.

« Last Edit: July 02, 2015, 12:24:11 am by ebit »

Offline ebit

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Re: Smart Contracts in GadgetCoin , no gateway
« Reply #4 on: July 03, 2015, 12:36:27 am »

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Re: [ANN] [GDC] GadgetCoin | Smart Contracts on Hardware | IoT | M2M
July 02, 2015, 09:30:23 AM
Reply with quote  #274
Quote from: jiefangqian on July 02, 2015, 12:16:47 AM
1BcxEMN3R3rs7cyy93vNu4zVJQepPnd7vP      1.1664 BTC
is me Wink

Payment Services
The system supports three types of payment integrations
I am bitshares fans
I want to know,does the system supports bitusd or bitcny?
The bitusd=usd
About bitshares:,16447.0.html

I am a big fan of Bitshare too. I think Dan Larimer an honest young man with lots of integrity and obviously he is an extra clever guy. As far as I know GadgetCoin uses the Bitshare methodology to pedge the token to 1US$ though I am not entirely sure if that is really the case.
I hope they will work with Bitshare, both projects could gain a lot from a partnership.

I also suggested already to these guys to try working with Supernet as well. I always have a mixed feelings about James (jl777) but one thing is sure he knows what he is doing and he is an extra talented guy, again both projects could gain from the partnership.

Thank you for your cooperation. We are updating the system with hot fixes and your VICR contract will be active later today.

Regarding to Bitshares, the plan is to enable payments to main digital currencies and BitUSD is certainly one of them. We will contact the devs of all main currencies to make this happen. It's worth mentioning that GadgetToken is pedged to one US dollar and the implementation is based on the Bitshares philosophy and concept.

We have been receiving questions regarding to the number of coins, the number of VICR contracts and generally how many GDC coins will be issued on the system.

There are 1,000 ores have been deposited (2x500) to two long time supporters. Their accounts and user names were used during the test. One user will supply streaming node servers and the other user does marketing work on a very important market and we felt their long time support must be acknowledged with this symbolic deposit which by the way was the live test of the forging method.

Following these one-off deposits the consensus criteria, which we have been talking about for a while was activated on the system, and since that it is not possible to deposit any ores without having an associated smart contract. As a system rule, currently only VICR smart contracts can be associated with ore deposits and nothing else can trigger ore deposit. Since new type smart contracts can be initiated only with community consensus and this rule which we proposed long time ago built into the system, unauthorized smart contracts can't exists on the system. If you see any other ore deposit in the blockchain then the VICR related ones then that is a fraudulent transaction and as such it will be cancelled. 

That means until the live, paid broadcasting start only the VICR related coins will be issued on the system, and therefore only a VICR smart contract can be associated with an ore deposit. Once the live video streaming start then the streaming nodes will receive coins as well for providing processing power and bandwidth, but their contract class is "B". The "A" priority class VICR contracts are the first in the queue when the models cash out and buy GDC for a minimum of US$ 1.00 - the video streaming server nodes must wait with selling their GDC until the VICR contracts has been paid off. By enforcing this built in business rule the system ensures that the VICR angel investors are paid first.

How many VICR contracts will be issued? We are talking to two angel investors outside of the crypto world, but I can't see we sell more than 200 contracts all together, which result in less than 200,000 GDC.

Offline ebit

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Re: Smart Contracts in GadgetCoin , no gateway
« Reply #5 on: July 03, 2015, 12:37:14 am »
Another question was "What is the difference between GDC and GDT?"

GDC is GadgetCoin and GDT is GadgetToken. We have already explained the role of GDC - the broadcasters must pay the network fee in GDC. GDC is a purpose built digital currency to collect fees (like Ethereum does with the gas).

GadgetToken (GDT) is like Bitshare's BitUSD, and it is our centralized solution for the volatility problem. When we started to talk to businesses about Internet of Things device micropayments, the main issue was the volatility of digital currencies. Adult camera services and other more mainstream businesses such as security providers and CCTV system integrators are unable to run a business using a volatile digital currency. From a business viewpoint the volatility of digital currencies are simply unacceptable, therefore we must peg something to 1 US$. This pegged entity is GDT on the GadgetNet network. End users such as viewers of the adult live shows know nothing about GDC (most of them have hardly heard about Bitcoin), and when they want to watch a live show then they will have to buy GDT for a 1 US$ per token price by paying with Bitcoin or US dollar, Euro GBP, etc. When the models cash out the system buys the GDT from the model for a US$ 1.00 per token price and burns the token (if there is no new buy request from viewers).