...by Daniel Szego
quote
"Simplicity is the ultimate sophistication."
Leonardo da Vinci

Tuesday, April 3, 2018

blockchain governance and the two levels of smart contract


Blockchain governance is a complicated topic, especially if we consider not only the consortium but the public solutions as well. Mismanaged governance can cause forking and other undesired effects. It would be a great idea if governance activities of a blockchain could be actually supported by smart contracts, implying two categories of smart contracts in the system: 

1. system smart contracts, realizing basic functionalities and services related either to maintain the consensus and the system or providing general services to other smart contracts. 
2. user based or custom smart contracts, providing general user defined functionalities using both the consensus algorithms of the blockchain and the functionalities of the system smart contracts. 

The key concept of such a system smart contract layer is to provide a further integration link between the infrastructure nodes, the services of such a nodes and the system smart contracts, or putting elements of the genesis file into the smart contract.