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The Cardano Foundation has been pushing hard and working on the effective functioning of smart contracts on the Cardano blockchain network. A novel and accessible programming language Aiken is working to enhance the development of smart contracts on Cardano.

The Aiken language comes with state-of-the-art features offering an effortless integration with other tools that meet the expectations of developers. Also, Aiken seeks to foster the growth of the Cardano ecosystem by providing smart contract development along with an optimized developer experience.

As we know, the Haskell Plutus platform is one of the only fully developed smart contract languages on the Cardano network. However, setting up a working Haskell environment is certainly challenging for developers as it involves ad-hoc compiler plugins such as PlutusTx.

Furthermore, accessories such as language serves do not usually work with the default installation settings and thus are cumbersome to configure. Also, as the Plutus platform is tied to Haskells existing language, it adds different built-in libraries, program semantics, and ecosystems that will differ from standard Haskell, which often leads to confusing situations.

Additionally, Plutus also discourages the use of other languages for off-chain code, thereby preventing teams from working with their usual tools and languages. The good thing about Cardanos architecture and smart contracts virtual machine allows for third-party tooling as well as new languages to be created atop it. Heres exactly where Aiken comes into the picture.

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Aiken will be introducing a new easy-to-learn programming language to bring a smooth smart contract development experience to developers. Since Aiken is purpose-built for the Cardano network, it will include domain-specific conveniences making the development process a lot more easier and efficient. Some of the benefits of using the Aiken programming language are:

The Aiken language seeks to reduce the time it takes for developers to get started as well as finish their projects. Aiken converts the multi-day setup experience into just a 10-minute quickstart without compromising on security and other quality aspects.

With Aiken, the compiler can take the code written in the Aiken programming language, performs a variety of checks on it, and then outputs Untyped Plutus Core programs that can be used on the Cardano blockchain.

Related: Cardano: Million TPS with Hydra and Interoperability solutions IOG and Wanchain will lead ADA to #1 in blockchain space

Furthermore, Aiken also provides a toolkit for working with the Cardano smart contracts along with low-level Untyped Plutus Core. It provides an approachable way to compile on-chain code into a higher-level representation. It can also evaluate scripts in the context of a transaction or reports execution costs.

The Aiken project started with the initial support from TxPipe having shared goals and a common philosophy. In less than a year, Aiken is now ready for the alpha release. Santiago Carmuega of TxPipe said:

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With the immense support provided by the Cardano Foundation, Im confident that Aiken will have a profound impact on our ecosystem, fostering innovation and empowering developers.

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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Cardano (ADA) launches the future of smart contracts with Aiken in ... - Crypto News Flash

XRPL Labs and FYEO have teamed up to conduct a security evaluation of the Hooks Amendment, which seeks to bring smart contracts to the XRP Ledger.

XRPL Labs has partnered with FYEO to conduct a security assessment for the Hooks Amendment, a feature intended to enable smart contract functionality on the XRP Ledger. This collaboration brings the XRP Ledger one step closer to supporting native smart contracts.

FYEO disclosed the partnership in a recent tweet, emphasizing that it has already begun a comprehensive security audit on the Hooks Amendment feature. The objective of the assessment is to ensure the security of the feature.

FYEOs proficiency in blockchain-agnostic processes will be valuable in scrutinizing the Hooks Amendment. By conducting the security audit, FYEO will comprehensively evaluate the security of the Hooks Amendment to detect and address any possible issues.

In an official statement, FYEO confirmed that the security audit of the Hooks Amendment has commenced, starting with an assessment of the features foundation before moving on to scrutinize the code base. The audit has specifically examined the usage of WebAssembly (WASM), the hooks helper functions, and the setting and execution of hooks.

The Hooks Amendment is a proposed feature for the XRP Ledger that seeks to bring smart contract functionality to the network through the implementation of Hooks, a series of lightweight smart contracts. The feature was proposed by XRPL Labs, a team of software developers working towards enhancing and maintaining the XRP Ledger.

Smart contracts are programs that automate the execution of a contract. They operate on a blockchain and can transfer assets, verify identity, and execute contractual terms automatically. The benefits of smart contracts include increased efficiency, reduced costs, improved transparency, and greater security in transactions.

Despite its robustness, the XRP Ledger does not feature smart contracts. XRPL Labs unveiled Hooks Amendment in July 2020 to address this. They released the public beta version in April 2021, which was made available to all developers looking to test the feature for any issues.

The smart contracts implemented through the Hooks Amendment aim to surpass Ethereums smart contracts in functionality by providing a more streamlined and efficient solution.

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XRP Ledger Makes Progress Towards Supporting Native Smart ... - The Crypto Basic

As the world continues to evolve, so do our technological advancements. One of the most recent developments in the European Union (EU) is the introduction of the smart contract kill switch. But what exactly is it, and how does it affect the world of decentralization?

The EU parliament recently passed a bill requiring smart contracts to include a kill switch. This means that in the event of a security breach or other emergency, the switch can be used to terminate the contract and prevent any further action from taking place. Some have expressed concern about the impact this could have on the autonomy of smart contracts, but others argue that it is a necessary precaution to prevent potential damage.

The EUs Smart Contact Kill Switch

On March 14, the European Parliament passed a bill designed to protect data privacy while promoting innovation, but a controversial clause known as the Data Act has raised alarm bells in the Blockchain ecosystem. Essentially, the new law requires all smart contracts to include a mechanism that can either destroy the contract or pause its operation in the event of a major bug or security breach.

This mechanism is commonly used by administrators to shut off a device or software in the event of a security threat. In a smart contract setting, the kill switch can either destroy the contract or deploy a halt, patch, and re-release of the contract in the case of a major bug or breach.

Article 30 of the Data Act requires smart contracts to have a clearly defined mechanism to terminate or interrupt their operation. The provision aims to ensure that a mechanism exists to terminate the continued execution of transactions and that the smart contract includes internal functions which can reset or instruct the contract to stop or interrupt the operation to avoid future accidental executions. The conditions under which a smart contract could be reset or instructed to stop or be interrupted should be clearly and transparently defined.

The other provisions in Article 30 are less controversial. Section B of the article requires smart contract providers to incorporate control mechanisms for terminating transaction execution, which offers an extra layer of security against exploits. However, this focus may offer some contradictions to what DeFi is supposed to be. Smart contracts are supposed to provide autonomy in transactions, thus eliminating third parties.

At first glance, this might seem like a sensible precaution. After all, were all concerned about cyber attacks and data breaches these days. But in the world of Blockchain and cryptocurrency, where autonomy and decentralization are key tenets, the idea of a kill switch has ignited a firestorm of controversy. Many in the crypto community worry that the kill switch could give regulators and government entities too much power over decentralized finance (DeFi) and other Blockchain-based systems.

Whats more, the language of the Data Act is currently vague, leaving room for interpretation and speculation. Is the kill switch really a self-destruct button? Or is it more like a pause function, which can freeze a smart contract until the situation is resolved? And what exactly are the conditions under which non-consensual termination or interruption of a smart contract would be permissible? These questions and more have been swirling around the Blockchain community since the passage of the Data Act.

Some argue that the kill switch is a necessary evil, a way to ensure that smart contracts can be terminated in the event of a major security breach or bug. Others worry that the kill switch is a slippery slope, a tool that could be abused by regulators or powerful entities to control and manipulate the Blockchain ecosystem. As with most things in life, the truth probably lies somewhere in between.

Also read Google Enters AI War with Bard: Did it use ChatGPTs Data to Train it?

Why did the EU introduce it?

The European Union introduced the smart contract kill switch as part of its Data Act to address data privacy without stifling innovation. The aim was to give people more control over their personal information. The kill switch was introduced to ensure that smart contracts are secure and to prevent unauthorized access or data breaches. However, the introduction of the kill switch has generated concerns in the Web3 community. Some fear that the kill switch mandate would curb the decentralization of smart contracts by giving one person or a group of people the power to shut down operations.

How the Kill Switch Affects Decentralization

So, how dangerous is the smart contract kill switch? It really depends on who you ask. Some argue that it is a necessary tool to prevent hacks and other security breaches from causing serious damage, while others worry that it could be used to manipulate contracts unfairly and stifle innovation. Ultimately, it will be up to individual companies and organizations to decide how they want to incorporate the kill switch into their smart contracts

Pros of the Kill Switch for Decentralization

Proponents of the smart contract kill switch argue that it provides a safety net for consumers and prevents incidents such as the DAO hack of 2016, which resulted in millions of dollars worth of cryptocurrency being stolen due to a flaw in a smart contract. On the other hand, critics suggest that the kill switch undermines the very purpose of smart contracts, which is to enable trustless, decentralized transactions without the need for intermediaries.

Despite this controversy, the European Union believes that the smart contract kill switch offers significant benefits, such as:

Compliance with GDPR

The General Data Protection Regulation (GDPR) requires companies to ensure the security and protection of personal data. If a smart contract processes personal data, a kill switch can provide a way to stop the processing if a breach or security issue is detected. This feature offers an added layer of security to ensure that personal data is not compromised and reinforces trust in the technology.

Consumer Protection

If a smart contract is used in a consumer-facing application, such as an e-commerce platform, a kill switch can protect consumers in case of a malfunction or vulnerability in the smart contract. This can help prevent financial losses and ensure consumers trust in the platform. With the integration of a smart contract kill switch, users can have peace of mind knowing that they are protected from potential losses due to technical issues.

Regulatory Compliance

In the EU, financial services are heavily regulated, and smart contracts used in financial applications need to comply with various regulations, such as the Markets in Financial Instruments Directive (MiFID II). A kill switch can provide a way to comply with these regulations by allowing the suspension or termination of a smart contract in case of a violation. This feature is particularly crucial in ensuring that financial transactions are conducted in a secure and compliant manner.

Risk Management

Smart contracts can be used in applications involving high risks, such as insurance or derivatives trading. A kill switch can help manage these risks by pausing or terminating the contract if certain conditions are met, such as a sudden market crash or a security breach. When compared with a classic kill switch mechanism, the pause functionality represents a better fail-safe. Not only does it protect the network if caught on time, but it also salvages the contract and its funds by enabling it to resume operations.

However, with the pause functionality comes the question of security. To pause the smart contract, code admins need to use the systems private key, which becomes vulnerable to cyber-attacks once used online. In theory, access to this private key could give hackers admin privileges to the entire contract and could compromise the immutability of smart contracts.

To address this concern, smart contract admins can deploy a pause functionality without endangering the security of the entire smart contract by using different keys. One key enables the pause functionality, while another enables the unpause functionality, with both keys stored in an offline manner for added security. Separating the pause and unpause keys and storing both in a truly offline manner strengthens the security of the smart contract and eliminates potential points of failure.

Also, read Top 5 Ways To Recover Funds From Crypto Currency Scam

Cons of the Kill Switch for Decentralization

There are also drawbacks to the smart contract kill switch that must be considered. For instance, on August 30, 2022, OptiFi, a decentralized exchange, accidentally triggered a kill switch to its mainnet. This kill switch led to a permanent shutdown and the loss of USDC stablecoin tokens worth $661,000. While this kill switch was not utilized in a smart contract setting, it highlighted the risks that a classic kill switch poses on crypto-related projects and businesses.

Read more from the original source:

The EUs "Kill Switch": What Does It Mean For The Future Of ... - Blockchain Council

Law 2.0 Conference is heading to Las Vegas, USA this July to tackle questions of legitimacy around the use of smart contracts and how to prevent scams.

In addition to considering their legality, the experts will discuss the potential for scams, spam, and fraud related to smart contracts and what safeguards to take to ensure their safety and accuracy. The conference will take place on July 1012, 2023 at Caesars Forum, Las Vegas, USA

Smart contracts, a digital method of establishing legally binding agreements, have become increasingly popular in the digital world and have created a huge wave of excitement about their potential use cases. Despite this excitement, questions of their legal enforceability and legitimacy remain unanswered. Law 2.0 Conference organizers hope that, through a three-day program of panels, talks, and presentations by leading academics, technologists, lawyers, and policymakers, they can work to define the legitimacy and enforceability of smart contracts and shape the conversation around how they will be used going forward.

Sai Narula, Manager of the Law 2.0 Conference team states, "We're looking forward to a dynamic and engaging program that can shed some light on the controversial issues surrounding smart contracts. We're eager to uncover any practical answers we can offer, as well as present a clear understanding of the underlying legal and technological issues involved." The participants will be addressing topics such as the social, economic, and ethical implications of smart contracts; whether they comply with current international legal requirements; the technology available and in development to enable such binding contracts; and the potential risks to consider and workarounds needed when setting up these agreements. Ultimately, this event provides a chance to set the framework for understanding the world of smart contracts, considering their place in legal regulations, and making them viable in order to take advantage of their incredible potential. The ultimate goal is to allow people to better use technology to securely engage in financial transactions, enter contracts and have them legally binding. To know more about the topics that will be covered, visit http://www.law2conf.com.

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Law 2.0 Conference Reviews The Legitimacy Of Smart Contracts in the USA - EIN News

Home Journal Unleashing the Potential: Tools and Apps on the Ethereum Blockchain

The Ethereum blockchain has emerged as a versatile platform for the development of various tools and applications, far surpassing its initial purpose as a digital currency. With its decentralized nature, smart contract capabilities, and expansive ecosystem, Ethereum has become an attractive option for developers and innovators alike.

Ahead of another incremental network update called Shanghai, we decided to explore the types of tools and apps that can be created on the Ethereum blockchain, showcasing its potential to revolutionize various industries. We will also evaluate how this potential may transform the price of ETH and the whole crypto market in general.

Not many blockchains can offer the same functionality as Ethereum. And when we get to compare the ecosystem size, no other blockchain comes even close to what Ethereum has to offer. Whether you are an ETH believer, or a developer looking to build on the network, here is a list of tools and apps, Ethereum currently has to offer.

One of the most prominent use cases for the Ethereum blockchain is decentralized finance, or DeFi. DeFi platforms allow users to access various financial services, such as lending, borrowing, trading, and investing, without the need for intermediaries like banks or financial institutions. Unlike major centralized crypto exchanges like Gate.io, the disadvantages of such platforms include lack of support, complicated UI, and at times, lack of security.

Non-fungible tokens (NFTs) have gained significant traction in recent years as a means to represent unique digital assets, such as art, collectibles, and virtual real estate. Built on the Ethereum blockchain, NFTs enable artists and creators to tokenize their work, ensuring authenticity and ownership. Marketplaces like OpenSea, Rarible, and Magic Eden have emerged to facilitate the buying, selling, and trading of NFTs, further expanding the possibilities for creative industries.

The networks smart contract capabilities have made it an ideal platform for building decentralized applications (dApps) that offer a wide range of services. Some popular dApps on Ethereum include:

The Ethereum blockchain also enables the development of identity and verification tools that can help streamline and secure online processes. Platforms like uPort and Civic provide decentralized identity solutions, allowing users to manage and share their digital identities securely while reducing the risk of identity theft and fraud.

Ethereum-based tools can help improve transparency, traceability, and efficiency in supply chain management. By using smart contracts and blockchain technology, companies can track the movement of goods and verify their authenticity, resulting in greater trust among consumers and businesses alike. Examples of Ethereum-based supply chain solutions include VeChain and OriginTrail.

Since its inception in 2015, Ethereum has experienced significant fluctuations in price, marking several key milestones along its journey. Initially, Ether (ETH), the native cryptocurrency of the Ethereum network, was introduced at a price of around $0.30 during its presale in July 2014. In 2017, Ethereum experienced its first major surge, reaching an all-time high of approximately $1,400 in January 2018, driven by the growing interest in decentralized applications (dApps) and initial coin offerings (ICOs).

Following this peak, the cryptocurrency market faced a bearish trend, and Ethereums price plummeted to around $85 in December 2018. The advent of decentralized finance (DeFi) and non-fungible tokens (NFTs) in 2020 rejuvenated Ethereums value, as the network became the backbone of these innovative sectors. This led to another all-time high in May 2021 when ETH price surpassed $4,300. Despite periodic setbacks and corrections, Ethereums price has continued to climb, reflecting the platforms utility and adoption in the ever-evolving world of blockchain technology.

Given the size of Ethereum ecosystem of apps, smart contracts and staking, analysts predict that the price of ETH may grow beyond $4,800. The main reasoning behind this is that Ethereum boasts real utility. Some compare it to the internet of the blockchain world, so the future is definitely bright.

The Ethereum blockchain has proven to be a versatile platform for the development of various tools and applications, thanks to its decentralized nature and smart contract capabilities. From decentralized finance platforms and non-fungible tokens to decentralized applications, identity and verification solutions, and supply chain management tools, Ethereum is revolutionizing industries and opening up new possibilities for innovation. As the ecosystem continues to grow and mature, we can expect to see even more groundbreaking applications emerge on the Ethereum blockchain, further solidifying its position as a critical force in the world of technology and finance.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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Unleashing the Potential: Tools and Apps on the Ethereum Blockchain - Captain Altcoin