Smart contracts have revolutionized industries by enabling strangers to transact safely and reliably, with the introduction of blockchain technology increasing the integrity and reliability of the software.
Agoric's partnership with BitGo and Babylon integration with Bitcoin's security model are crucial for institutional adoption of DeFi, providing broader access and enhancing the overall security and robustness of the platform.
Deep dives
The Value of Smart Contracts
Smart contracts are software that enforce the terms of a contract-like arrangement between third parties, enabling strangers to cooperate safely and reliably. They have revolutionized industries like e-commerce, allowing millions of people to trust and transact with strangers in ways that were unimaginable before. The first production smart contract, called the Amix, was deployed in 1989 and marked a significant milestone in the evolution of smart contract technology. Building present-day smart contracts on Ethereum and Solidity differs from the first one built in 1989 due to the introduction of blockchain technology, which provides replicated execution on machines in different jurisdictions, increasing the integrity and reliability of the software.
The Importance of High Integrity Software Execution
The introduction of blockchain technology, including decentralized transfer and consensus mechanisms, allows for the execution of software with high integrity, eliminating the need for trusted intermediaries like eBay or PayPal. This enables the creation of smart contract businesses without relying on third-party organizations. Blockchain ensures that the software itself enforces the terms of online transactions, enhancing safety and security. Running software in a decentralized environment with high integrity provides an alternative to traditional trusted intermediaries, empowering individuals and businesses to transact directly with one another. Moreover, the ability to eliminate trusted intermediaries offers significant benefits in terms of cost reduction and prevention of illegal activities.
Introducing Agoric: Meeting Developers Where They're At
Agoric is a platform that focuses on scaling developers in the crypto space. By providing a safe and composable JavaScript smart contract platform, Agoric seeks to onboard the next 14 million developers into web 3.0. Agoric's approach is to meet developers where they're at, offering an abstract programming model with familiar tools like VS Code and WebStorm. The goal is to enable millions of developers to easily participate in web 3.0 without the need for extensive training or learning new programming languages. This approach aims to facilitate mainstream adoption and scale the developer base, an essential factor in growing the web 3.0 ecosystem.
Partnership with BitGo and the Importance of Chain Abstraction
Agoric's partnership with BitGo, a leading provider of institutional cryptocurrency services, is crucial for institutional adoption of DeFi. BitGo's extensive network of institutions, whales, and exchanges provides broader access to Agoric's native token, BLD, as well as the Agoric Chain. This collaboration enables web 2.0 companies to safely transition into web 3.0 by leveraging Agoric's platform. The ability to integrate Bitcoin's powerful security model into Agoric's chain, known as Babylon integration, further strengthens the overall security and robustness of the platform. This integration ensures that Agoric can align with the security provided by Bitcoin, enhancing its value and potential as a bridge between web 2.0 and web 3.0 applications.
Dean Tribble is CEO of Agoric OpCo, the software development company supporting Agoric, the JavaScript smart contract platform, and Proof of Stake (PoS) blockchain. Dean drives the vision to build a safe and composable JavaScript smart contract platform to onboard the next 14M+ developers into Web3.
An OG Cypherpunk and pioneer in distributed systems and smart contract technology, Dean, co-designed the negotiation process and contract for the first smart contracting system, AMiX. As a Principal Architect at Microsoft, he co-designed the Midori distributed object-capability operating system. As founder and CTO for Agorics (acquired by Microsoft), he architected the brokerage information system for Schwab’s active traders and the WebMart electronic contract system for SunLabs. He was CTO of VerifyValid and VP of Deluxe, where his echeck systems have carried billions of dollars.
In this conversation, we discuss: - Hardened JavaScript - MetaMask Snaps - Building the first smart contract in 1989 - History of distributed systems - Getting acquired by Microsoft - Babylon integration for bitcoin time stamping - Agoric partnership with BitGo - $BLD and $IST - Institutional adoption of DeFi
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