House of Shade Ep 3 - Smart Contracts
Link to video: https://www.youtube.com/watch?v=vpfltSOQ1ng
In this article I’m giving you a quick summary about the 3rd House of Shade Podcast which just launched today (21st of March 2022).
At the moment it’s 3 people working internally on the contracts for Shade Protocol. Guy Garcia who is one of these three people is pretty sure that they going to expand in the future. So they’ll be more than just three people.
There will be DApps that will be build on top of Shade Protocol. Mohammed Patla who is also working internally on the contracts for Shade Protocol said that there are now three big and two small teams working on projects that are being build on top of Shade Protocol. He mentioned that one is already very close to completion.
If you’re very new to crypto and don’t know what a smart contract is you can skip to 11:55 of the video where Guy Garcia gives a very good explanation about the topic which also can be understood by people without any technical background. Anyway I’ll give you a link for a more detailed video that explains smart contracts from the ground up.
What’s the difference between normal smart contracts and smart contracts on the Secret Network?
The best way to describe Secret Network smart contracts is “programmable privacy”. When you’re developing a smart contract on the Secret Network you can make public as much information as you want but if there are parts or things you don’t want to be accessible publicly these things doesn’t have to be accessible publicly. With a normal smart contract like on the Ethereum blockchain EVERYTHING is public by default. So there is no way to hide or protect information on the blockchain. In general you can decide on Secret Network which information is accessible by an individual or by public.
Smart contracts on the Secret Network are written in Rust which is a programming language widely used throughout a variety of different industries. On the contrary Solidity which is the programming language for Ethereum smart contracts is only used for smart contracts on EVM compatible blockchains like Ethereum itself, Binance Smart Chain, Polygon and some more. So it’s way more easy to find programmers that can use Rust because of the above mentioned points than finding programmers that can code in Solidity. Even if the programmer has not programmed smart contracts before it’s more easy to get started in Rust than in Solidity.
Core Smart Contracts on Shade Protocol
Mohammed Patla said on this interview that the core contracts are a minting contract, an oracle contract, a staking contract and a treasury contract. There will be a contract on its own for staking derivatives and one for lending.
The staking derivatives contract will definitely coming out before the launch of Shade Protocol mainnet. As mentioned above the staking derivatives contract will be a standalone contract.
Here is a list of the sequence which contracts will come out first:
- Minting and reminting of Silk
Some of the contracts will launch together because they’re heavily depending on each other. For example minting depends on treasury and vice versa. Staking depends on treasury and governance depends on staking. They will all work in a synergy fashion.
Which contract is or was the hardest one to work on?
According to Guy Garcia it was the airdrop contract because it is the first contract that everybody is using. It needs to be secure and obviously it needs to not get hacked. For him it was very scary because it defines what happens in the future for Shade protocol. He also mentioned there were some issues with the airdrop and the Terra network.
Process of Shade Contract Development
- What is the user really looking for when he’s interacting with the smart contract?
- What is a DAO member looking for when he’s interacting with the contracts?
These are one of a few questions that the Shade team asks themselves before they’re planning what needs to be done. With these questions in mind they make a list of what features need to be implemented and really scope it out what goes into the launches.
Once they are done with this overview the team takes a more detailed look at these things and make a plan how these things can be implemented in or as smart contracts.
It is very important for the team that the user has a very smooth experience when interacting with the contracts so they try to get as much done in one transaction which makes it a better experience for the user instead of signing multiple transactions. Signing multiple transactions could be also expensive for the user.
The last part of the development is the implementing which is also the easiest part according to Guy Garcia because everything was well planed before.
Impacts of Secret Network Upgrades on Shade
The most important upgrade will be the support of crosschain smart contracts which could give Shade the possibility to do smart contracts in other cosmwasm enabled blockchains. For example if there is something which doesn’t matter if it’s public or not it could be deployed on other chains where gas fees are cheaper so the enduser can save money as well. This could lead to a multichain Shade Protocol service.
The most important thing is that SNIP tokens can be used crosschain. This would make $SHD and $SILK available on Osmosis, JunoSwap and many more DEXes. The possibilities are endless.
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