Smart contracts have been an idea since 1994 when Nick Szabo first coined the term. Relating to the general idea of digitally facilitating and enforcing a contract, smart contracts have been implemented in a wide range of applications from the simple transferring of bitcoin to more complex trees of contracts that serve as the foundation of decentralized exchanges.
Ethereum is arguably the leader in this space with the ability for anyone to create a smart contract and publish it to the blockchain for the Ethereum Virtual Machine to process whenever called upon.
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There is one major handicap in the smart contracts of today, they are only able to act with the data that they are given within the blockchain they reside in. This one-dimensionality limits the capability of the contracts to a small subset of applicability and makes the execution speed of the contract dependent on the congestion in the network at the time. Smart contracts for IoT use would have to be smarter, faster and able to utilize information automatically from multiple sources of differing types.
Data storage in the INT blockchain
INT’s multi-chain architecture allows for the creation of subchains based on IoT device or purpose. The idea is to create a network of blockchains, all specifically designed for each IoT device, separate in their function but connected at their core. It does this by treating each subchain as a partition of the state with the subchain nodes processing transactions separate from other chains in order to segregate congestion and maintain availability. With this splitting up of network traffic between subchains, contract execution on one chain is not dependent on congestion experienced in another.
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By using namespace region declaration, all data within all subchains is stored in the Thearchy chain and available to any contract. This gives contracts the ability to act with input from different IoT devices and any transactions within the network.
The INT smart contract
INT’s aim is to create a network suitable for all IoT applications with smart contracts that are as easy to develop as they are to use. INT uses JavaScript, one of the most widely used languages, as the smart contract language paired with the powerful and proven Node.js run-time environment as the execution engine. This pair makes learning and development cost much lower than other proprietary language/VM choices.
Node.js allows developers to easily test smart contracts locally before publishing on the blockchain, further reducing development cost and risk of unknown vulnerabilities. It is specifically designed for throughput and scalability by taking the processing and execution of data and events outside what would be the Virtual Machine and processing it locally on the node. This allows for more network throughput and more complex contracts for cheaper gas consumption.
With Node.js, users can create modules that can handle various core functions of the INT network and all subchains. These use an API that standardizes function calls, greatly reduces the complexity of interacting with the network.
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Using INT’s native namespacing and the Node.js API, creating powerful, multi-chain smart contracts will be simple and cheap.
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