Topic: Inside of Yuan Chain (YCC): The aftermath of DAO hack, “a new smart contract app (Read 116 times)

Yuan Chain YCC will be listed on one of the major exchanges soon, the project was launched by the Yuan Chain community, who had dedicated themselves to the research of blockchain technology and its underlying applications since 2013. Up to now, a handful of blockchain-based projects have been applied into business use by some of the fortune 500 companies, with the services provided by Yuan Chain development team. Yuan Chain is featured with a brand new smart contract method, solving the issues brought by the conventional smart contract and its “Code is law”, enterprises can utilize their businesses with integration of blockchain technology.

Smart contract definition

A smart contract is simply a digitized version of the conventional contract, which is self-executing when certain terms and conditions, in forms of codes, are met . The terms and conditions are written within the programming codes on the blockchain, smart contracts allow distributed, autonomous individuals to transact in a decentralized way without the need for a central authority.

Ethereum DAO attack

The DAO, Decentralized Autonomous Organization, is a leaderless organization that aims to empower Ethereum projects. The DAO uses conventional smart contracts which obey “Code is law” , once coded, the terms and conditions are not able to be amended. However, when the DAO was hacked, the whole Ethereum community could not do anything but let the hackers to exploit the loophole and steal ethers from the community.

Yuan Chain’s smart contract

(1)Heterogeneous smart contract

Yuan Chain community does not follow “Code is law”, different codes can be applied on the same node following the same rule (different codes developed by different development team). As long as the rule is constant, the same result will show after execution of the smart contracts. For example, say the outcome for “1+1” is to be computed, Yuan Chain community can use different programming language C++ or Go, the results will be the same if the same rule is applied.

(2)Hot replacement smart contract

Yuan Chain community improved upon the conventional smart contract, upgrading to a hot replacement smart contract. Yuan Chain smart contract users can update the contract address while the system is functioning (without shut down the node). The users can obtain the smart contract through this register.

For more information, please visit Yuan Chain official website: yuan.org