Smart Contracts are blockchain-based, self-acting protocols that activate when specified code criteria are met. Among the myriad of blockchain applications, Smart Contracts emerge as a game-changer. Qubic enhances this game, pioneering an innovative approach to Smart Contracts, merging efficiency with security.
How Qubic's Smart Contracts Operate
Qubic's Smart Contracts revolve around public functions encapsulated in the contract's source code. These functions receive a C++ struct as input and emit another C++ struct as output. To trigger a function (which necessitates client software), a transaction is made with the
destinationPublicKey associated with the contract index.
Some more geeky details
The `inputType` of the transaction is set to the index of the called function, and `inputSize` is set to `sizeof(inputStruct)`. The `amount` can be non-zero to simultaneously transfer qus when a smart contract function is called, and the amount is deducted from `sourcePublicKey` only if the function is called.
Data from the input struct are injected between `inputSize` and the signature. If not enough data are supplied, the remaining portion is filled with zeros. If the data exceed the actual input data, then the input is truncated.
Proposal and IPO Process
Before a Smart Contract's integration:
- It must undergo a proposal voting by the quorum. Specifically, ⅔ of the 676 computors need to participate in the voting, with a majority required for contract acceptance.
- The shares associated with the Smart Contract undergo an IPO using a Dutch auction model. Spotlight on Qubic's Smart Contracts Qubic launched its journey with an IPO of 676 shares for a decentralized exchange termed Qx. Also, Smart Contracts enable QUs burning for transaction costs, reminiscent of Ethereum's gas model. An instance saw the first Smart Contract obliterate over 10.18 trillion QUs — roughly 15% of the total available then. This signifies the deflationary nature of QUs via Smart Contracts on Qubic.
Key highlights include:
- Use of Qubic Units (QUs) as "energy", making contracts frictionless and expansive.
- Deflationary by design, with QUs used during execution being "burned".
- Integration capability with real-world data using Qubic's oracles.
- While QUs are used in Smart Contract execution, it remains cost-free for users due to self-financing from its IPO. However, there's flexibility, as contracts can charge users QUs for specialized services.
The Road Ahead
With the robust Qubic blockchain combined with the adaptability of Smart Contracts, developers are armed with an unparalleled toolkit. As the Qubic framework grows, its Smart Contracts are set to diversify and expand their influence.
In summation, Qubic rejuvenates the Smart Contract landscape, intensifying efficiency and making them apt for real-world applications. By merging external data, it broadens dApp possibilities, guiding us towards a future of unmatched blockchain interactions.