The number of Smart Contract based platforms has increased drastically over the last two years. Ethereum was the first platform with smart contracts, but after came a wave of projects such as NEO, EOS, Cardano, Tron, and many others. However, one thing was notably missing among these platforms — privacy. This is why we at Quras have decided to make the first secret contract platform based entirely on our own blockchain.
The smart contract is a code with a series of steps and operations that execute themselves. The simplest and most basic smart contract includes the definition of a transaction and an event that triggers that transaction. By using smart contracts, the operations can be carried out trustfully over the blockchain (for example, transfer of funds between parties), thus avoiding often-present lack of trust among humans.
But, as we all know, smart contracts are not exactly private. Anyone can access a blockchain explorer and see all the information that has been defined in a specific smart contract. The obvious problem that comes to mind is the inability to store any sensitive information in a smart contract without the risk that the said information could be exposed.
Nowadays, sensitive data is kept off-chain, and public information is stored on the chain. This poses a problem for all those that value their privacy and want to use smart contracts at the same time.
This is why Quras is developing a secret contract platform (with many other amazing features). The secret smart contract contracts will allow full privacy for the parties involved, through technology that will hide transaction origin and encrypted contract computation.
Privacy Supported by Secret Contracts
We consider that the new privacy technologies are necessary innovation as without them blockchain and smart contract technology lose their revolutionary properties.
Secret smart contracts will enable developers to encrypt their code, therefore hiding the sensitive information from the public. This advancement should help DApps, IoT and Big Data developers to include essential and sensitive data directly into smart contracts, without moving it off-chain to centralized servers, which are less secure. By providing a solution for this issue, QURASchain platform will enable all industries working with sensitive information such as medical, financial, legal industry to mitigate and use peer-to-peer DApps without any third-parties.
The secret smart contracts can be developed, programmed and operated over the QURASchain platform, utilizing its embedded tangle technology. Our protocol supports both deterministic and non-deterministic secret smart contracts.
Deterministic and Non-deterministic Secret Smart Contracts
The support of deterministic secret smart contracts enables the creation and processing of contracts that are based on the information internally stored in QURASchain, without any additional input. Non-deterministic secret smart contracts are contracts that require inputs from sources that are exterior to the blockchain and are also supported on QURASchain.
Our mission is to build a safer foundation for the development of the entire Blockchain industry. With the help of secret contracts and other privacy-focused features of Quras, we hope to achieve that.
If you have any questions, feel free to ask us in the comments. We are here for you!