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Demystifying Smart Contracts
Bernard Peh (Founder - Whale Tech)
About Me
201
1
2013 2015 2017
Why Whale Tech?
Whale Tech is an Australian Based Blockchain
development and education company aiming to help
the companies adapt to the new Blockchain revolution.
What is a Smart Contract?
Smart: Digital automation. Disputes is enforced by
code and immutable.
Contract: an agreement between multiple parties
which could be used as evidence should dispute
between the parties arises.
We are living in the world of contracts
We exchange services everyday.
We make agreements - verbal, physical or digital.
Formula for a contract to work
A contract requires 4 criteria in order to work:
● Identity verification
● Immutability Evidence
● Commitment by staking something of value to you
● Enforcement of rightful behaviour.
Blockchain + SC = Matchmate in Heaven
● Blockchain (aka DLT) - Identity and Immutability
● Smart contracts - Staking of value and Rules
enforcement
The Blockchain Revolution
“The technology of tomorrow has expired today.”
•Blockchain 1.0: Store of value (Cryptocurrency). Eg
Bitcoin, Ripple
•Blockchain 2.0: Store of value and Smart Contracts
(Distributed Apps or DAPPS in short). Eg Ethereum,
EOS, Cardano, Neo
•Blockchain 3.0: Store of value, Smart Contracts, IOT,
AI, Scaling solutions and Inter-chain Operability.
3 Types of Smart Contracts
•Value to value: Exchanging one cryptocurrency to
another (ICO, Atomic Swaps)
•Value to Service/Service to Value: Paying a service
with cryptocurrency. Example Smart City parking,
parcel delivery, voting for the next president.
•Service to service: Exchanging a service with another
service. Example creating a website in exchange for
free medical treatment.
Value to Value - Blockbid ICO
Value to Service - Uber Post
Service to Service - Labour exchange
Anatomy of a Smart Contract
•What is the Purpose?
•How to get Commitment from Parties Involved?
•What are the Moving Parts?
•What Constitute a Successful Outcome?
•How to Validate Successful Completion of Task?
•What Constitute an Unsuccessful Outcome?
Anatomy of a Smart Contract
•What Happens After the Deal?
•Any Punishment for Malicious Behaviour?
Upgradable Smart Contracts
Unlike typical Software design, upgrading Smart
Contracts poses many monetary and philosophical
dilemma which puts a lot of stress on Smart Contract
developers to get it right the first time.
Upgradable Smart Contracts
•Pros: Save space. Efficient code. Bug fixes.
•Cons: Break immutability law and decentralisation.
What are people going to think if you have the ability
to upgrade the business rules in the middle of an ICO?
The Dangers
● immeasurable success criteria
● Unexpected behaviours
● Unaudited code (writing test isn’t enough)
● Assets being hacked
● Assets being frozen
The Wins
● Automation: Saves time and money because there
are no middle man.
● Nothing to hid. Contract is open for the public to
scrutinise.
● Forces you to think of all possible outcomes and
things that could go wrong.
● Forces you to define all conditions and play fair.
Blockchain + SC + IOT + AI at work
● Your washing machine has a part that needs repair.
● As your machine is also a node and connected to the
internet, it is also connected to the Blockchain of the
company.
● Your machine creates a Smart Contract onchain
describing the problem and asks for repair quotes
from different vendors also connected to the same
Blockchain.
Blockchain + SC + IOT + AI at work
● Each vendor submits a quote and your Smart
Contract chooses the best quote based on some
intelligent criteria.
● The vendor comes to your house and repair the
machine.
● If Machine is happy with the repair (working for the
next 3 months), it will release the funds in the
Smart Contract to the vendor.
Conclusion
● Plan well ahead before even before starting to code.
Remember its not like building a website where you
can tweak and patch all the time.
● All conditions in the Smart Contracts must be
measurable and codable.
Conclusion
● KISS principle applies. Less ambiguity in
successful/failure conditions -> lesser logic -> lesser
code -> lesser chance to be hacked -> more smiling
faces.

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Demystifying Smart Contracts

  • 1. Demystifying Smart Contracts Bernard Peh (Founder - Whale Tech)
  • 3. Why Whale Tech? Whale Tech is an Australian Based Blockchain development and education company aiming to help the companies adapt to the new Blockchain revolution.
  • 4. What is a Smart Contract? Smart: Digital automation. Disputes is enforced by code and immutable. Contract: an agreement between multiple parties which could be used as evidence should dispute between the parties arises.
  • 5. We are living in the world of contracts We exchange services everyday. We make agreements - verbal, physical or digital.
  • 6. Formula for a contract to work A contract requires 4 criteria in order to work: ● Identity verification ● Immutability Evidence ● Commitment by staking something of value to you ● Enforcement of rightful behaviour.
  • 7. Blockchain + SC = Matchmate in Heaven ● Blockchain (aka DLT) - Identity and Immutability ● Smart contracts - Staking of value and Rules enforcement
  • 8. The Blockchain Revolution “The technology of tomorrow has expired today.” •Blockchain 1.0: Store of value (Cryptocurrency). Eg Bitcoin, Ripple •Blockchain 2.0: Store of value and Smart Contracts (Distributed Apps or DAPPS in short). Eg Ethereum, EOS, Cardano, Neo •Blockchain 3.0: Store of value, Smart Contracts, IOT, AI, Scaling solutions and Inter-chain Operability.
  • 9. 3 Types of Smart Contracts •Value to value: Exchanging one cryptocurrency to another (ICO, Atomic Swaps) •Value to Service/Service to Value: Paying a service with cryptocurrency. Example Smart City parking, parcel delivery, voting for the next president. •Service to service: Exchanging a service with another service. Example creating a website in exchange for free medical treatment.
  • 10. Value to Value - Blockbid ICO
  • 11. Value to Service - Uber Post
  • 12. Service to Service - Labour exchange
  • 13. Anatomy of a Smart Contract •What is the Purpose? •How to get Commitment from Parties Involved? •What are the Moving Parts? •What Constitute a Successful Outcome? •How to Validate Successful Completion of Task? •What Constitute an Unsuccessful Outcome?
  • 14. Anatomy of a Smart Contract •What Happens After the Deal? •Any Punishment for Malicious Behaviour?
  • 15. Upgradable Smart Contracts Unlike typical Software design, upgrading Smart Contracts poses many monetary and philosophical dilemma which puts a lot of stress on Smart Contract developers to get it right the first time.
  • 16. Upgradable Smart Contracts •Pros: Save space. Efficient code. Bug fixes. •Cons: Break immutability law and decentralisation. What are people going to think if you have the ability to upgrade the business rules in the middle of an ICO?
  • 17. The Dangers ● immeasurable success criteria ● Unexpected behaviours ● Unaudited code (writing test isn’t enough) ● Assets being hacked ● Assets being frozen
  • 18. The Wins ● Automation: Saves time and money because there are no middle man. ● Nothing to hid. Contract is open for the public to scrutinise. ● Forces you to think of all possible outcomes and things that could go wrong. ● Forces you to define all conditions and play fair.
  • 19. Blockchain + SC + IOT + AI at work ● Your washing machine has a part that needs repair. ● As your machine is also a node and connected to the internet, it is also connected to the Blockchain of the company. ● Your machine creates a Smart Contract onchain describing the problem and asks for repair quotes from different vendors also connected to the same Blockchain.
  • 20. Blockchain + SC + IOT + AI at work ● Each vendor submits a quote and your Smart Contract chooses the best quote based on some intelligent criteria. ● The vendor comes to your house and repair the machine. ● If Machine is happy with the repair (working for the next 3 months), it will release the funds in the Smart Contract to the vendor.
  • 21. Conclusion ● Plan well ahead before even before starting to code. Remember its not like building a website where you can tweak and patch all the time. ● All conditions in the Smart Contracts must be measurable and codable.
  • 22. Conclusion ● KISS principle applies. Less ambiguity in successful/failure conditions -> lesser logic -> lesser code -> lesser chance to be hacked -> more smiling faces.

Hinweis der Redaktion

  1. Today many people mix blockchain smart contract together but the fact is they are 2 different technologies. We’ll talk about blockchain later but we’ll be focusing on Smart contract in this seminar.
  2. A Smart contract is just a digital contract enforced digitally.
  3. You exchange money for food You exchange time and energy for knowledge You exchange your life for someone you love.
  4. Take marriage for example, its a contract between 2 person. To get married, you will need 1) Your identity card/Passport 2) Immutable proof like Witness, certificates, ring. 3) Shown commitment: Staking your time and money in your partner. 4) You can’t marry someone else unless you are divorced.
  5. We will be covering some basic terminologies like centralised and decentralised exchanges, soft and hard fork and most important, know how to use a hardware wallet.
  6. Blockchain 1.0 - 2009. (bitcoin) Blockchain 2.0 - 2014. (ethereum)
  7. Buy other tokens for Ethereum. It is sad that more and more ico are not using smart contracts for ICO because that means no transparency.
  8. Things to consider when writing smart contracts
  9. Things to consider when writing smart contracts
  10. If you are a smart contract developer, make sure all the conditions are well defined before starting to code. And always get an auditor
  11. If you are a smart contract developer, make sure all the conditions are well defined before starting to code. And always get an auditor