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With the advent of readily available artificial intelligence (AI) applications such as ChatGPT, we are ushering in a new era of rapid improvements in blockchain-based smart contracts. This convergence of innovative technologies will transform industries and pave the way for unprecedented levels of contract development, automation and efficiency.

Blockchains decentralized ledger technology powering cryptocurrencies like Bitcoin and Ethereum has gained widespread attention for its unparalleled ability to promote transparency and trust among network participants. Simultaneously, AI has made incredible strides in natural language processing (NLP), machine learning (ML) and data analysis. When these two titans collide, they hold the potential to radically change smart contract execution and enhance blockchain network functionality.

By nature, blockchain networks are decentralized, ensuring no single point of control or failure. While decentralization bolsters security, it also presents many scalability and efficiency challenges. Enter AI ready to optimize data processing and storage on the blockchain. One notable limitation of blockchain technology is its sluggish transaction speed compared to traditional payment systems. AI algorithms can come to the rescue by predicting and prioritizing transaction processing, enabling faster confirmation times and a seamless user experience. Additionally, these intelligent systems can detect network congestion patterns, empowering the blockchain to adapt dynamically and maintain peak performance.

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AI doesnt stop there. It can also bolster blockchain network integrity by detecting and preventing fraudulent activities. Machine learning (ML) algorithms analyze transaction data to identify suspicious behavior and flag potentially malicious actors. This proactive security approach can not only deter bad actors but can also strengthen the networks trustworthiness.

Despite the name, smart contracts arent really contracts. They are self-executing agreements encoded on a blockchain with their terms directly inscribed in code that will automatically execute when predetermined conditions are met. They offer transparent, tamperproof and, most importantly, cost-effective alternatives to traditional contracts. Unfortunately, smart contracts, rigid by design, can struggle to process complex transactions and dont easily adapt to evolving circumstances. This is where AI can step in to enhance smart contract execution and functionality.

Since smart contracts are written in code, they can be rigid and inflexible by design. AI has the potential to dynamically adjust smart contracts, allowing them to adapt to shifting conditions and assimilate new information as it arises. For instance, a machine learning algorithm could update contract terms based on real-time market conditions or asset performance. By integrating AI, smart contracts become more intelligent and responsive, facilitating intricate and context-aware agreements that cater to the involved parties needs.

Disputes in smart contracts can stem from misinterpretations, errors or disagreements between parties. AI has the potential to greatly improve the dispute resolution process as it should be able to evaluate and interpret smart contract terms and independently evaluate and potentially resolve issues before contract execution.

AI can vastly enhance the decision-making process for smart contracts. By tapping into predictive analytics, AI can scrutinize vast datasets, identifying trends, patterns and potential risks that could affect a contracts outcome. This sophisticated analysis can deliver invaluable insights that inform smart contract negotiation and drafting, tailoring them to the parties specific needs and goals. Using a data-centric approach, we can minimize risk and reduce uncertainty, leading to more informed decision-making.

The confluence of AI and blockchain technology is paving the way for more intelligent, secure and streamlined smart contract ecosystems. With an unprecedented potential when combining AI and blockchain, its going to be interesting to see the developments from both spaces as they look to strengthen each other and improve the experience of the users they serve.

Brad Spannbauer is the founder ofCurrency Hub, a blockchain and crypto company. His career includes time in the healthcare data sector.

This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.

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AI meets blockchain: Revolutionizing smart contracts and ... - Cointelegraph

The European Crypto initiative (EUCI) took to Twitter recently to note the importance of the Data Act, which is intended to increase the amount of data available for usage, while also creating rules on who can access and utilize what data for what purposes across all economic sectors in the EU.

According to tweets from the EUCI the Data Act is significant in the regulation of Smart Contracts and making sure that the ecosystem thrives.

The EUCI is reiterating its commitment towards advocacy for policies designed to fuel innovation and in the Web3 landscape. To this effect, it has outlined some of its concerns on the legal clarity and the scope of the Data Act. Notably, IOTA, a leading open-source, scalable and feeless blockchain was invited to contribute to the position paper.

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Due to the fact that the Data Act offers a large benefit for the data-driven information, Article 30 of the Data Act might pose issues for the blockchain industry. Although that section of the article states the legal necessities for Smart Contracts in the context of data sharing, and the phrasing appeals to the Web3 and Blockchain community, the EUCI insists that it is very likely that Distributed Ledger Technology (DLT) and crypto might be affected by the Data Acts application, despite the section incorporating the most fundamental components of DLT.

Although the three proposals for the Data Act text, made by the EU co-legislators, differ significantly in some parts, all three versions can be seen as a cause of concern. For example, both the European Commissions and the Councils versions have a definition of a smart contract, which, if adopted, might influence the interpretation and application of other EU regulations. EUCI wrote.

The EUCI went on to explain that no direct consensus exists around the term smart contracts, despite the term gaining attention for its potential use cases. The term is a niche term that particularly refers to the code that utilizes DLT to carry out orders.

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We are concerned that the current scope and wording of the Data Act may inadvertently encompass smart contracts based on DLT, which by their inherent nature and design, may prove difficult or even impossible to comply with certain requirements proposed in the Data Act and may hinder the development of this novel technology, which the Union seeks to support. The EUCI added.

Conclusively, the EUCI, in its Data Act Position paper asked co-legislators to consider negative ways in which smart contract regulation without distinctions is harmful. The position proposed recommendations centering adoption of terminology and replacement of certain terms, as well as clear distinctions between the various types of Smart Contracts.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

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IOTA and EU Create Position Paper for the Future of Smart ... - Crypto News Flash

Pune, April 25, 2023 (GLOBE NEWSWIRE) -- The Smart Contracts Market was assessed to be worth USD 190.34 million in 2022, and it is projected to expand to USD 1077.7 million by 2030, with a compound annual growth rate of 24.2% during the forecast period of 2023-2030, as reported by SNS Insider.

Market Overview

Smart contracts are self-executing digital contracts that allow two or more parties to transact with each other without the need for intermediaries like banks or other financial institutions. These contracts are built on blockchain technology, which provides a secure and decentralized platform for their execution. One of the key benefits of smart contracts is that they can help to automate complex business processes, thereby reducing costs and increasing efficiency. They can also help to ensure the integrity and transparency of transactions, as all parties can view the terms of the contract and track its execution on the blockchain.

Market Analysis

The global smart contracts market is experiencing significant growth, primarily due to the increasing adoption of smart contracts in various industries such as supply chain, banking, government, insurance, and real estate. Smart contracts offer a secure and transparent way to execute and manage contracts between parties, without the need for intermediaries. One of the main drivers of this growth is the growing popularity of Blockchain technology. Smart contracts are built on top of blockchain technology, which provides a decentralized and secure platform for executing and managing contracts. As more businesses and industries recognize the potential of blockchain and smart contracts, the demand for these technologies is increasing rapidly.

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Key Company Profiles Listed in this Report Are:

Impact of Russia-Ukraine Conflicts

While the conflict may create some short-term challenges for the smart contracts market, it could also create opportunities for the use of smart contracts as a means to address some of the challenges created by the conflict. Ultimately, the long-term impact of the conflict on the market will depend on a range of factors, including the duration and severity of the conflict, as well as broader geopolitical and economic developments.

Smart Contracts Market Report Scope:

Key Regional Developments

The smart contracts market is expected to continue to grow in the coming years, with North America and Europe projected to maintain their key positions in the market. These regions have been at the forefront of adopting smart contract technology and leveraging blockchain technology to drive innovation and growth in various industries. The region has a robust technology infrastructure and a highly skilled workforce, which has allowed businesses to adopt and integrate smart contract technology into their operations.

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Key Takeaway from Smart Contracts Market Study

Recent Developments Related to Smart Contracts Market

Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porters 5 forces model

7. PEST Analysis

8. Smart ContractsMarket Segmentation, by Blockchain Platform

9.Smart ContractsMarket Segmentation, by Technology

10.Smart Contracts MarketSegmentation, by End-User

11. Regional Analysis

12. Company Profiles

13. Competitive Landscape

14. Conclusion

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About Us:

SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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Smart Contracts Market to Surpass USD 1077.7 Million by 2030 ... - GlobeNewswire

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Last month in late March 2023, IOTA developers announced the release of the ShimmerEVM testnet, and in no time the platform has attained significant milestones.

In just around a month since its launch, the Shimmer EVM testnet has hit a transactions milestone of around 1 million with over 38,000 active wallet addresses. Additionally, the platform has also deployed more than 2,200 smart contracts.

IOTA co-founder Dominik Schiener also congratulated the Shimmer team for hitting this milestone noting 1 million transactions on the Shimmer EVM in less than 1 month, a big milestone that shows the resilience, speed, and reliability of the network. He further added that the next milestone in sight should be 10 million transactions.

The launch of the ShimmerEVM testnet a month ago was a key step in expanding the reach of the interoperable Shimmer protocol to w very wide community of blockchain developers and users who have been working on the EVM-compatible smart contracts.

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The launch also proceeds with the highly-anticipated and much-awaited release on the Shimmer network and brings endless possibilities and features available in the Shimmer protocol. As part of the public testnet phase, IOTA developers shall further test the ShimmerEVM and validate it as part of their efforts to find bugs and improvements in this case.

Within a very short time of its release, there have been multiple projects testing their deployment on the ShimmerEVM testnet. Earlier this week, the Shimmer network announced another major infrastructural development on the ShimmerEVM testnet, dubbed the Pyth Network.

In a recent development, the Pyth Network has also deployed its oracle contracts on the ShimmerEVM testnet. This deployment would allow projects on Shimmer to pull real-time price data onto the EVM, which is very crucial for derivatives platforms and lending protocols.

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In another major development, Web3 gaming experience IOTAHeroes is launching the Treasures of Shimmer Battle test on the newly launched ShimmerEVM network. The two-week-long campaign shall start on May 3 and will allow users to month their own hero characters. This gives participants an opportunity to partake in a prize pool of 1,300,000 SMR tokens.

Additionally, upon completing tasks on IOTAHeroes, users will be rewarded with a limited-edition item upon the games launch. IOTAHeroes is also a member of the Touchpoint Open Builders Program, providing the IOTA community with an opportunity to enjoy a casual RPG and participate in Play2Earn activities.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

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IOTA's Shimmer EVM Breaks Records: 1 Million Transactions and ... - Crypto News Flash

Decentralised exchanges (DEX) are blockchain technologies that allow two or more participants to conduct peer-to-peer transactions. Due to the decentralisation of asset exchange protocol, there has been a rise in the no of decntralised exchanges. They are decentralised because the functionality of smart contracts eliminates the need for central authorities.

Take a look at the top decentralised Exchanges in the world:

This decentralised exchange was launched in 2018 and ever since then, it has been a flexible protocol that has attracted a lot of DEX users. It is a place for traders, liquidity providers, and developers to earn, build and swap tokens.

A recently approved token approval mechanism known as Permit2 makes the Uniswap protocol even more desirable. The Permit2 integrates ERC20 and NFT into a single router. Uniswap uses the TWAP price to avoid smart contract mismatch with DeFi protocols which can lead to oracle problems.

With centralised exchanges losing confidence in the ecosystem, the need for decentralised exchange has increased rapidly. DyDx is a layer-2 protocol and a non-custodial decentralised cryptocurrency exchange with up to 20X leverage 0 trading fees on its trading platform. Protocol safety and Governance are two important things for DyDx.

The dYdX exchange is developed on a layer-2 solution that allows for quicker transaction speeds, lower gas costs, lower trading fees, and lower minimum trade volumes (to avoid whale-transaction detection on the protocol).

Integral size is a custom-built DEX that aggregates huge trade orders on-chain and offers professional traders zero price effect as well as a 30-minute TWAP swap time for digital assets.Twap trading is one of the integral size DEX. Integral size guarantees 100 percent delivery with no impact on large trading volumes while on other DEXs trading large volume is quite risky.

The MEV protection included in the price contract with Integral SIZE is to reduce the influence of arbitrageurs and price front-running. This is critical for modest and real orders.

Curve Finance is a liquidity-matching decentralised exchange that uses automated market makers to trade stablecoins. Automated market-making has a lot of advantages like improving price delivery efficiency and reducing slippage for traded pairings. These pools are smart contracts and the smart contracts validate stablecoin switching, which is the exchange of two or more tokens in the basket.

The Curve Finance exchange supports major stablecoins such as DAI, USDC, FRAX, USDT, and TUSD. Swaps between wrapped tokens like wBTC, wETH, and wrapped staked Ether,stETH, are also possible.

According to Coingecko, Pancake Swao is the highest traded volume decentralised exchange and it is built on the BNB smart chain. Users can use Pancake Swap to access a blockchain protocol with much lower transaction costs than protocols based on the Ethereum and Bitcoin blockchains.

Pancake Swap users can earn the native token CAKE by trading and exchanging on the network or even giving tokens in the Liquidity Pool.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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Top Decentralised Exchanges around the World - The Coin Republic