{"id":41739,"date":"2019-06-28T08:28:53","date_gmt":"2019-06-28T12:28:53","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=41739"},"modified":"2019-07-03T09:25:41","modified_gmt":"2019-07-03T13:25:41","slug":"visualizing-the-next-evolution-beyond-smart-contracts","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/visualizing-the-next-evolution-beyond-smart-contracts-41739","title":{"rendered":"Visualizing the Next Evolution Beyond Smart Contracts"},"content":{"rendered":"

Evolving from the Smart Contract Blockchain Platform to the Extensible Blockchain Object Model Platform<\/strong><\/p>\n

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By: Michael Holdmann<\/div>\n
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Sheets and Workbooks<\/figcaption><\/figure>\n

Sheet Analogy<\/h3>\n

In an attempt to understand the difference between a Smart Contract Blockchain Platform and an Extensible Blockchain Object Model Platform we have chosen an analogy, which we believe is widely understood at a high level: That is, Sheets and workbooks as an explanatory model.<\/p>\n

For this exercise let\u2019s assume three types of Sheet architectures<\/p>\n

1. Single sheets, external input and references between cells on a single sheet only.<\/p>\n

2. Workbooks with multiple sheets, limited such that all external input and internal sheet references, are within each individual Sheet. No references or relations are allowed between or across multiple Sheet in the workbook.<\/p>\n

3. Workbooks with multiple sheets, both external input and internal references between cells within and across Sheets in the workbook are fully supported.<\/p>\n

Bitcoin Blockchain an Example of a Single\u00a0Sheet<\/h3>\n

In the first analogy,\u00a0Single sheets, external input and references between cells on a single sheet only,<\/em>\u00a0we have Bitcoin. All transactions happening in the single Sheet are initiated and completed from\/to user accounts. A user account is a row in the Sheet. You can only reference different rows within the single sheet.<\/p>\n

\u2022 A Bitcoin blockchain represented as a single Sheet.<\/p>\n

\u2022 No explicit account state tracking.<\/p>\n

\u2022 No asset ownership tracking, only bitcoin transfer transactions<\/p>\n

\u2022 Any and all \u201casset\u201d transfers happen outside of the blockchain<\/p>\n

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Smart Contract Blockchain Platforms (Ethereum) as an Example of a Sheet\u00a0Workbook<\/h3>\n

The Second Sheet analogy,\u00a0Workbooks with multiple sheets, limited such that all external input and internal sheet references, are within each individual Sheet. No references or relations are allowed between or across multiple Sheet in the workbook<\/em>, represents the Smart Contract Platform: Whereas the smart contract is a separate Sheet within the workbook. Each smart contract Sheet acts somewhat analogous to a standalone Bitcoin Sheet, all contained within one workbook, which is the blockchain. In the Smart Contract model, each individual Sheet may complete only one transaction at a time serially on the underlying blockchain.<\/p>\n

Commonly smart contracts are used for tokenization. Each smart contract manages a completely separate and unrelated token. Thus, with the Sheet model, each smart contract is a separate Sheet that manages a single token, keeping track of the accounts and balances. All token transfers are represented as changes in account balances in the smart contract Sheet. Each account can be thought of as a row in the Sheet with its current balance and any other associated data. Again, using the Sheet analogy, all such transactions must be ordered and serialized, as though you were manually entering data and updating a Sheet.<\/p>\n

\u2022 A smart contract blockchain platform represented as a Sheet workbook<\/p>\n

\u2022 Each smart contract represented by a separate Sheet<\/p>\n

\u2022 A single underlying blockchain completes all transactions serially<\/p>\n

\u2022 Account state explicitly tracked<\/p>\n

\u2022 A smart contract Sheet tracks a token as single asset<\/p>\n

\u2022 User accounts contain smart contract token balances or any other assets<\/p>\n