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Topics - yury

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Dear BitShares community members,
 
While the best minds of the community are doing their best to find new options to expand BitShares adoption worldwide and add more business use cases, the OpenLedger team just cannot stand still.

We’re proud of our previous work, and now we have come up with another big feature that can bring thousands of businesses to the BitShares ecosystem: on-chain smart contracts.

We all know that BitShares is the nearest thing to a perfect blockchain — fast, secure and cost effective, it also provides many valuable features to its users: UIAs, MPAs, DEX, multi-signature accounts, voting. Other valuable standard features are being constantly implemented.

Still, when it comes to business operations, you often find yourself limited by the standard functionality and are not able to implement your custom business logic. Of course, you can create a script on your server and execute BitShares operations in auto mode, but this is not what a true DApp needs. You need on-chain logic executed inside the consensus.

Smart contracts unleash a unique ability for counterparties to operate in a trustless environment and add more traction to BitShares perfect products like MPAs, allowing people to build a complex business logic operating price stable currencies in a decentralized environment.

Numerous business cases can be implemented: scheduled and ongoing (aka token streams) payments, insurance contracts, sophisticated financial products, funds escrow and vesting, crowdfunding automation and many others.

The examples of blockchains like Ethereum and EOS show us that smart contracts and DApps are here to stay and bring with them a new type of economy and a new way of doing business: DAOs, Decentralized Autonomous Organizations. BitShares, of course, will be a part of this bright future.

Although EOS is the most modern technology at the moment, it is still in its childhood and it is probably too early to be considered a trusted operation environment.

On the other hand, Ethereum Virtual Machine has proven its ability to operate, with thousands of smart contracts already implemented and a huge army of developers ready to implement new DApps. This is the reason we selected Ethereum VM to be integrated into BitShares core and allow on-chain smart contracts to be executed.

OpenLedger team has spent several month working on the solution and at this time we believe it is mature enough to be presented to the public!

Here you can find the solution description: https://drive.google.com/file/d/1NZHPojlyNGaGbAR6L9YmvjJu7_AAXDoY/view?usp=sharing

There has already been a testnet operating for several months, where you can run your smart contracts in Btishares environment. See details here: https://drive.google.com/file/d/1Pfe246M82gPfBF3zbabkYEUazjV-k3kj/view?usp=sharing

There is a technical discussion in GitHub: https://github.com/bitshares/bitshares-core/issues/1182
 
 
We are convinced that this solution can bring many new users to the ecosystem, stimulate its usage and adoption across business environments all over the world, and raise BTS demand and therefore price. 

However, community members have raised concerns, so we would like to start a public discussion of this opportunity and decide if it should be processed as a new WP.
 
Here are some of the concerns raised by BitShares members:

1. BitShares was not originally designed to run custom smart contracts, this is something totally different from the original idea.
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Well, when BitShares were originally started in 2015, custom smart contracts were something extremely new and were not in the scope of the ecosystem. Nowadays, using on-chain scripts and DApps is a mainstream trend in the blockchain industry and there is no reason for BitShares to stay away from it.
 
2. Custom smart contracts may spam, contaminate and flood the blockchain, make it slow and heavy.
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With the implementation of an appropriate fee management process, no spam contract is allowed — any operation is paid, raising BTS demand and price. The blockchain is meant to be used, this is what it was created for, so it doesn’t make sense to limit its usage.

Of course, the service must be well paid, and the BitShares committee will keep an eye on the fee schedule to regulate smart contracts fees and make sure they pay reasonable compensation to block producers.

According to many stress tests, BitShares is able to cope with at least 4,000 TPS, and at the moment the average number of transactions is around 20 TPS, so the blockchain seems to be massively underutilized and still has huge unused capacity.
 
3. There may be fraudulent or illegal contracts running in the network.
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Unfortunately, this is true for any public blockchain and there is no sure remedy against it. Even at the moment there are scam coins and MPAs with 100% market fees operating and trading in BitShares. Implementation of VM changes nothing in this area.   


We do encourage public discussion of this proposal, your feedback is extremely welcomed!

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