What's the major difference between SMT's and ERC20's, fundamentally, one powers Dapps/smart contracts while the other powers Web 3.0. For those who don't know, "A smart contract is an agreement between two people in the form of computer code. They run on the blockchain, so they are stored on a public database and cannot be changed."source
Ethereum was launched in 2014 and and has since been at the top of the scene, been through several stages of metamorphosis, developed, exploited and still being developed upon.
Yet without a doubt, Ethereum is the best foundation of Smart contracts all over the world, as far as we are presently concerned, in community, in number of developers, in innovations, developments and sadly but unfortunately, in exploits too.
When it comes to smart contracts, I'm okay with Ethereum being the top whatever, except for the fact that these smart contracts have been exploited way too much or keeps being exploited way too much, over $200 million in ETH has been lost due to exploits in Smart contracts over the years.
Although this is not totally Ethereum's fault as an infrastructure, its like expecting every application built on Android to be all round perfect, Ethereum as an infrastructure has been built to withstand hacks and invasions from its core backed by security characteristics of POW. However when most smart contracts are written and the code published, the immutability in Ethereum as a blockchain disallows the loophole in the contract from being rolled back or fixed.
The solution devised by the Ethereum community in attempt to ensure complete security was to set to up a committee of developers to focus on auditing of smart contracts for loopholes/bugs by creating bounties for bug hunting in the smart contract before final publication/execution of the code on the Ethereum Blockchain.
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But a valid question will be, how much could a bounty be worth compared to how much could be exploitable? Will you rather steal the millions or be compensated in thousands?
it will improve the quality of the vetting by incentivizing reviewers when they file successful bug reports or help resolve disputes. Reviewers will also be staking Solid tokens in the reports they create, which they can lose if they don’t do quality work. This ensures the fair use of the platform and disincentives schemes to hide bugs and later exploit them.
So, while Blockchains like Hive have both the Infrastructure and capacity to run Dapps and smart contracts, its also the future of the Web as we know it today, Web 3.0. This post explains the transition of websites and the evolution of each and gives more understanding to my focal point.
In the post I wrote titled "Blockchain Is The Future Of Websites And Here's Why", I thought it was a genius post, judging by the quality of engagement it garnered, It was a futuristic post that claimed that Blockchains would be the foundation of every website and hopefully Hive will be at the pinnacle of it.
Well, I'd just like to let you know that not just websites, but also every web application we use will be powered by blockchain technology. Why do I say so?
Data and Analytics
- I admit that when it comes to computers, bots are tools that could be programmed to do basically anything, this is even more apparent in the crypto world, we see trading bots, farming bots, voting bots, name it, one important bot that will play a huge roll in the development of our future in Web 3.0 will be analytics bots, though they probably already exist, but are plagued with one thing, bot accounts infestation, a lot of blockchain data analytics gotten today have a chance of being inflated by Bots rendering the analysis useless/incorrect.
But this is where I see Blockchains like Idena coming into play, an infrastructure powered by proof of Human which uses artificial intelligence to identify real human before operating on the blockchain. Obviously any application that infuses Idena will be hot cake for marketers who want data from verifiable resources within a verified human populated community.
Smart media tokens are meant to be powered by blockchains like Hive, Hive is susceptible to bot attacks however minimal, and since SMT's are not out yet, it will be interesting to see how Idena interoperates with Hive to eliminate or reduce the population of bot account in the dapp ecosystem, or
Hive dapps can incorporate Idena into their applications whereby better analytics can be made more transparently available and bot free.
SMT's can have the positive impact on Hive as Smart contract did on Ethereum Blockchain if done right, also I'm not sure Hive will loose over $200million in Hive and not crumble to the ground as ETH did and still exists till date as number 2 in the world, so its taken a while, yes, but I have no problems with it being prepared enough to be close to perfect.
But then again there will always be bugs that are only found while using the product, no code is perfect, which is why I will suggest that Hive applies Ethereums strategy of having an SMT bounty hunting community. The aim of this community will be to detect bugs on SMT's, SMT's are a total new paradigm in the evolution of Hive blockchain and we can take pragmatic steps ahead.
I have no idea when SMT's will be released, and the protocol might be way different from how I expect it to be - the Ethereum way, there might be more security on hive, the only hack/exploit ever faced by
Steem Hive community was the famous Sybil attack, which has been mitigated to the lowest minimum for now.
Could Hive be the safer choice for Smart contracts or second layer solutions?