Upload
ripple-labs
View
785
Download
4
Embed Size (px)
DESCRIPTION
Held at Coin Congress in San Francisco on Thursday, July 24th, 2014. Codius is a set of tools for building smart contracts that work with any blockchain and even work with any other service connected to the Internet.
Citation preview
Contracts Across Coins
Smart Contracts for Bitcoin, Ripple and the altcoins
Stefan ThomasCTO, Ripple Labs
In this talk...
Why Bitcoin needs smart contracts
Codius: smart contracts across coins
The end game: a more efficient legal system
Cryptocurrencies have only solved half
of the payments puzzle
Push payments are like checks
We use pull payments every day
+Additional Rules
Smart contracts enable pull payments
1.Translate rules to code
2.Securely identify code
3.Execute with non-colluding parties
Where in the software stack should
smart contracts be executed?
Standard software architecture
User Interface
Business Logic
Database
e.g. HTML5/JS, Swing, mobile apps
e.g. J2EE, Node.js, PHP
e.g. MySQL, PostgreSQL
Distributed systems today
Client
Ledger
e.g. Multibit, Ripple Trade
e.g. Bitcoin, Ripple
???
Smart oracles: standard architecture
Client
Smart Oracle
Ledger
e.g. Multibit, Ripple Trade
e.g. Codius
e.g. Bitcoin, Ripple
Codius: Flexible, powerful, inclusive
Any programming language
Any cryptocurrency network
Any web service
“Simple works, complex fails.” – Timothy Ferriss
Now we can execute traditional contracts as
smart contracts
Contract agreement with
conditional penalties
=
We can easily encode contracts
try { agreement} catch { penalties}
Contract enforcement
How do we check the conditions?
How do we enforce the penalties?
Encode any agreement
pull payments escrowinsurance
auctions
crowdfunding
smart property securities
derivatives
equities
voting
rental agreements
spending limits
End game: a more efficient legal system
...from years of a lawsuit to a single click…
...from thousands or millions spent to dollars or pennies…
...smart contracts develop and improve over time...
Visit codius.org for the white paper!