Nevilwin(@Nevilwin)'s insights

Explore More From Creator

--

Since the widespread adoption of smart contracts, the norm has been for contracts to run on and be executed by the blockchain itself. However, the Peercoin Foundation recently revealed in a blog post that it's been exploring a decentralized method to shift the execution of smart contracts off the blockchain. This approach promises significant advantages such as enhanced privacy, reduced fees, and improved scalability. Through this off-chain technology, the Peercoin Flutter app will be equipped to handle various decentralized applications, including prediction markets, financial contracts like binary options and futures, as well as other contract types relying on data provided by an oracle, such as sports betting and election results. Peercoin envisions its second layer as a collection of independent dApps with off-chain execution of app logic. Final balances are settled on the Peercoin mainnet. In essence, by moving smart contract execution off-chain, several favorable outcomes are achieved: - **Increased Privacy**: Contracts appear as regular transactions externally, devoid of identifying information. - **Lower Fees**: This results from reduced size and inexpensive signature validation. - **Improved Scalability**: With most computational work done off-chain, scalability is enhanced, settling only on the main chain. Operating financial contracts with minimal on-chain activity while ensuring integrity and confidentiality marks a significant step towards a more accessible and efficient blockchain ecosystem. According to the blog post, this project has been underway for over a year, with the recent successful test of threshold signature support on Peercoin’s testnet being a notable milestone. **How Does it Work?** The plan integrates several technologies: - **Threshold Signatures**: Economically viable consensus method within groups, off-chain, private, and scalable. - **Discreet Log Contracts (DLCs)**: Contract execution without scripting or virtual machines, keeping details secret except for involved parties.

--

DESPITE REGULATORY CHALLENGES, WORLDCOIN REMAINS FOCUSED ON FORGING PARTNERSHIPS WITHIN THE TECH INDUSTRY. Worldcoin's central operation is focused on collaborating with key players in the tech world, such as OpenAI, a leading company in artificial intelligence, and the creator of the popular ChatGPT application. Alex Blania, CEO of Tools for Humanity, has hinted at potential collaborations with OpenAI, emphasizing that details are still being worked out. While specific plans haven't been disclosed, there's a natural synergy in how they could collaborate. The recent revelation of Sam Altman as OpenAI's chief adds weight to the project's significance, according to Blania. He downplays concerns about challenges, noting that the company has received approval to engage with regulators, demonstrating its viability. Addressing concerns from Spanish and Portuguese regulators regarding child privacy laws, Worldcoin has implemented a self ID verification system. Additionally, users can now request deletion of their World ID through a dedicated app, aiming to address regulatory issues and enhance user privacy.$WLD #worldchain

--

#wordlcoin , co-founded by Sam Altman, is advancing its biometric verification technology and expanding partnerships worldwide $WLD , moving beyond the AI sector. Under the management of Tools for Humanity, the company is enhancing its Orb technology and forging alliances with key figures in technology and finance. This strategic initiative demonstrates Worldcoin's commitment to expanding its reach and establishing a stronger presence in the dynamic realms of AI and digital identity.

--

Latest News

Walsh Emerges as Leading Candidate for Federal Reserve Chair

--

Stablecoin Supply Growth Slows Amid Fed's Cautious Outlook

--

Significant TON Transfers to Platform Contract Identified

--

Security Alert Issued to Azbitm by SlowMist

--

Significant Losses for Investor as Ethereum Position Liquidated

--

Explore More From Creator

Latest News

Trending Articles