Smart contract and block chain technology currently have gradually entered a new economic vision. Smart contract is a decentralized self-government contract where the protocol is encoded and the codes run in block chain. At present, block chain research focuses on two areas: the underlying technology of block chain and the upper application. The underlying technology of block chain is mainly to solve the problem of transaction velocity, such as Lightning Network. Upper application of block chain is mainly to build a Turing-complete programmable environment and a supporting tool library, so that developers can quickly implement de-centered applications on it. The pioneer in this field was Ethereum.
From its birth, the Ethereum project has been labeled with smart contract, which is committed to creating an ecological platform for smart contract. So far since its IPO in 2014, Ethereum has gradually become globalized with a hundreds of times premium in its market value to the beginning of the issue. This year, there has put forward many Ethereum series applications such as MetaMask, WeiFund, Whisper, DigixDAO, FirstBlood (1st), GNOSIS, Swarm, etc., which correspondingly completed the application layout in payment, cross-chain, betting games, self-government administration, crowdfunding and other areas. The inventions of Ethereum are really spectacular, but we can see from its ecosystem that Ethereum supports few large commercial applications. Finance, securities, insurance, people’s livelihood and other sectors closely related to national economy are still completely outside the smart contract ecosystem of Ethereum. The reason is that, firstly, Ethereum is a corporate project and there is a subjective bias in selecting development direction; secondly, Ethereum has not fully prepared for supporting large commercial applications.
Recently, a new type of business smart contract platform – Chaos project has received high attention around the world. According to Thomas, one of its core development members of the community, Chaos block chain is committed to introducing a more commercial smart contract platform, which can make up the deficiency of Ethereum in some areas and achieve differentiated development. Compared with Bitcoin, Chaos has a clear technological advantage in developing and implementing the block chain application. Based on Chaos, developers can easily develop third-party applications. Compared with Ethereum, there are no risks or worries about hard forking. Chaos is trying to create a block chain ecosystem different from Bitcoin and Ethereum, and extend itself to all areas of business.
Chaos is positioned to provide solutions to trust-absence scenarios, which creats a fundamental block chain service facility, so as to fast connect with the traditional industry business scenarios. Chaos is committed to helping businesses fast productize on block chain, truly realizing servitization and industrialization of block chain. Chaos is mainly to accomplish two aspects of technology: underlying block chain infrastructure with services supported and highly scalable business development environments and tools library at the application layer.
Chaos is not a competitor of Ethereum, or a spoiler. To some degree, what the Chaos pursues is complementarity and reconciliation. The smart contract market has such a huge foreground that it cannot be covered by one player. The development of block chain technology will drive more underlying platforms to emerge, thus some fierce competition may happen in the future. While that’s a long way to go.
From what we know so far, Chaos has been in an effort to promote national cooperation and widespread use of its applications. Thomas now has taken the lead and built business communities in China and overseas. The project has conducted friendly and close cooperation with Chinese community related businesses. It is expected that there will be new progress soon.
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