Ethereum pioneered blockchain in our ecosystem by democratizing the concept smart contracts. However, the developer wishes to expand the possibilities of these jobs by introducing the concept “time machine” for transactions. An approach that would allow them to do so condition on future events.
- Smart Transactions introduces the concept of a “time machine” for transactions, enabling smart contracts contingent on future events.
- Vlad Zamfir presented the Smart Transactions project at Devcon 2024, which promised the increased dynamics of Ethereum.
Ethereum and the “time machine”: towards more powerful smart contracts
Smart contracts have been the main value proposition of Ethereum since its inception in 2015. Until now, smart contracts have operated according to predetermined rules, run once all initial conditions have been met.
On the occasion of Devcon 2024 held in Bangkok, Vlad Zamfirone of the developers who enabled the transition to Ethereum’s Proof of Stake has revealed a new project.
With a title Smart Transactions (STXN)it is a platform that allows applications to perform transactions based on future events.
In other words, it allows you to add more complex conditions for transactions. This allows smart contracts to be triggered by specific future events.
In practice, this innovation would make it possible to program a transaction to take place only if a future condition is met. For example, a user could send funds with the condition that the transfer will only occur if the value of a particular asset reaches a certain level.
“These assumptions can be absolute, such as the dollar value of a particular asset, or relative—for example, whether one asset is worth more than another. The potential permutations are almost limitless, greatly increasing the dynamics of a larger blockchain for developers. »
In fact, several months have passed since then Smart transactions cooperate with the company Consensysafter both entities entered into a research agreement.
Potential applications
The arrival of this new feature could redefine the way some decentralized finance (DeFi) applications work on Ethereum.
In the DeFi sector, protocols could create dynamic credit contracts. This can be, for example, a loan or installment adapted to market parameterssuch as interest rates or asset volatility.
This could also find application in the insurance industry. Payments could be conditional on specific events.
“It also allows us to travel back in time in the sense that Ethereum smart contracts are no longer limited by what was known at the time they were written. We believe this provides a fundamental solution to the balance between flexibility and immutability on blockchains. »
The Devcon 2024 conference is a catalyst for announcements for the Ethereum ecosystem. Simultaneously with the conference The Ethereum Name Service (ENS) protocol has announced the launch of its own Layer 2 called Namechain.