Smart contract

From Obyte Wiki

About smart contracts, the basis of conditional payments ("smart payments"), Obyte's killer feature. And "the competition". Not too technical. Compare to Prosaic contracts, and also Autonomous Agents.

Contracts. Ethereum, right?

Obyte does simple, human-readable contracts to perform simple actions.

Ethereum does complex, programmer-readable contracts to perform complex actions.

No overlap.

But Rootstock?

Rootstock is a centralized smart-contract platform planned to be layered on top of Bitcoin. RSK was just released on Bitcoin testnet.[1]

One post: RSK is EVM on BTC (that is, Ethereum Virtual Machine infrastructure, but linked to and secured by bitcoin's blockchain instead, using sidechains.)

RSK is now supported on Trezor.[2]

Offering smart contracts

When you want to create a new smart contract with a user, your sequence is usually as follows:[3]

  1. You ask the user to send his payment address (it will be included in the contract)  
  2. You define a new contract using the user's address and your address as parties of the contract  
  3. You pay your share to the contract  
  4. At the same time, you send a specially formatted payment request (different from the payment request above) to the user to request his share. You start waiting for the user's payment  
  5. The user views the contract definition in his wallet and agrees to pay  
  6. You receive the payment notification and wait for it to get confirmed  
  7. After the payment is confirmed, the contract is fully funded.

See wiki Oracle article for examples and videos.

Recovering smart contracts

The contract is hidden once it is emptied but it still exists. To unhide it, you can send any coins, even 1 byte, to the contract address.

External links