Our website is using the Cookies technology. By continuing to use our site, you are accepting the Terms of Use

Close

Giant Smart Contract Fees Transparency

18-02-2019

We would like to point out a serious advantage of Giant smart contracts currently developed by the core members of our team — Dmitry Filinberg, Dmitry Myachin and Alexei Bokarev. Quite recently, the views resembling our own were shared by an unlikely source.

In a recent Twitter discussion, BitTorrent founder and Chia.net blockchain project lead Bram Cohen mentions that a good crypto project needs to “separate out state transitions from their justifications”. He stresses that blockchain transactions must have “clear dependencies” — everybody needs to see how much is paid to cover costs. As he thinks, the current Ethereum gas mechanism is not following this principle.

All three of the aforementioned Giant Devs are seeking to build a system where every user can anticipate how much Giant Coin (GIC) needs to be spent to perform an operation with a smart contract of choice before any actions are even made. When Alexei joined our team, he made clear that this financial transparency issue is extremely important for the well-being of the whole future system.

In his tweets, the founder of BitTorrent criticizes the Ethereum economic model. Here it’s important to draw the line between GIC and ETH. First of all, we have no gas -- its role is fulfilled by Giant Coin (GIC). All Ethereum smart contracts are stored on the blockchain in a binary code, while Giant Contracts written in JS will be placed on the off-chain storage. This makes a great difference because in our case, you will be able to open the source code and quickly assess the methods (functions) you are going to use. This also opens up a wide range of opportunities for smart contract modifications.

Bram Cohen is not a strong Proof-of-Stake supporter like us which you can witness from the same tweets linked above. However, this division makes it even more noteworthy to see how he and Giant founders independently reached similar conclusions about transaction fees and smart contracts transparency.

You can also read what the Giant developers think on programming languages for secure smart contract systems in a separate post. Follow our progress reports to see what we are doing at the moment and to learn the project history. Stay tuned!