Smart Contracts on a DAG?

[Abiky]

The world's most popular DAG-based cryptocurrencies (IOTA, Nano, Hashgraph, and even Constellation) have been proven to be quite versatile for delivering micropayments to the world at blazing fast speeds with no costs. They prove to be the next era of digital payments, being superior to most traditional Blockchain-based cryptocurrencies (like Bitcoin and Ethereum) of today. By integrating smart contract functionalities, DAG-based cryptocurrencies can compete with the likes of Ethereum, EOS, and other decentralized application platforms.

So far, I haven't heard of dev teams working on something like this expect for the "Hedera Hashgraph" cryptocurrency. If successfully implemented, this could turn out to become quite revolutionary for censorship-resistant applications that execute instantly without downtime or exorbitant costs.

Do you think DAG-based cryptocurrencies with smart contract capabilities will be able to topple Ethereum or any other platform in the future? What will be the implications of creating/executing smart contracts on a DAG? While I'd admit that DAG's level of security won't be the same as traditional Blockchains like Ethereum or EOS, they'll provide convenience to the end user. Thoughts?

[hello_good_sir]

I think that there is still a lot of things that need to be addressed before DAG coins can ascend to the status that ETH and BTC which use mature, blockchain technology. I've used the IOTA blockchain myself for transactions, while the UI is very nice, it has severe reliability problems that need to be urgently addressed.

For instance, it can take so many rebroadcasts for a transaction to get confirmed.

With this kind of rudimentary framework I doubt that smart contracts are going to be anywhere as what smooth as ETH or TRON has right now. Perhaps this will change in a few years time, but the technology is not mature yet.

[shinratensei_]

I don't think so and we have some smartcontracts based on DAG right now like fantom and vite but as you can see both are still on the bottom in terms of price and valuation (Im not sure if the smartcontract from both are 100% working today).
The smartcontract is actually can't be implemented in all kinds of DAG. I just try to mention how IOTA was using oracle to help it executes all of the contracts related to key features of smartcontract.
The implication of smartcontract in DAG system is much more complicated than blockchain.

[freigeist]

Maybe you could check Obyte formerly known as Byteball.
Related threads:

Declarative smart contracts in Byteball
I just did a smart contract in Byteball : mind blow.
Obyte: Totally new consensus algorithm + private untraceable payments

https://obyte.org/

[Abiky]

I think that there is still a lot of things that need to be addressed before DAG coins can ascend to the status that ETH and BTC which use mature, blockchain technology. I've used the IOTA blockchain myself for transactions, while the UI is very nice, it has severe reliability problems that need to be urgently addressed.

For instance, it can take so many rebroadcasts for a transaction to get confirmed.

With this kind of rudimentary framework I doubt that smart contracts are going to be anywhere as what smooth as ETH or TRON has right now. Perhaps this will change in a few years time, but the technology is not mature yet.

Agree. DAG technology is not as mature as Blockchain tech is. There's still a lot to learn, and lot to improve, in order to use DAG as a serious protocol for smart contract deployment. It's no wonder why Ethereum and other Blockchain-based smart contract platforms are still in the lead. The only real use cases for DAG-based cryptocurrencies seem to be instant digital payments at a fraction of the cost than traditional cryptocurrencies like Bitcoin or Ethereum. Once DAG-based cryptocurrencies have a proven track record of development, we can talk about adding smart contracts functionality for the benefit of all. Imagine how quick users will be able to interact with dApps at zero costs. This could be quite revolutionary in the future (if successfully implemented) threatening the existence of traditional blockchain networks (ETH, EOS, ADA) as we know them. But it takes time to build something rock-solid that's able to maintain scalability without sacrificing security or censorship-resistance.

Maybe you could check Obyte formerly known as Byteball.
Related threads:

Declarative smart contracts in Byteball
I just did a smart contract in Byteball : mind blow.
Obyte: Totally new consensus algorithm + private untraceable payments

https://obyte.org/

Thanks for sharing. It seems that OByte has taken the initiative to implement smart contracts in its platform. While still not a perfect solution, it's good to know that developers are working on something like this in order to challenge other smart contract platforms in the mainstream world. People would definitely want to deal with decentralized applications that perform instant calculations for free (no fees). It seems to be the next big thing in the crypto space right now. For once, I've heard about IOTA's "Qubic" initiative which is meant to bring smart contracts functionality into its DAG network. But it hasn't gained any traction (as far as I'm aware) within the mainstream world yet. Different DAG-based cryptocurrencies (NANO, IOTA, OByte, Constellation, Coti, etc.) could work together in order to focus on the development of smart contracts functionality for DAG technology. With combined efforts from these projects, we'll be able to see a more robust DAG ecosystem that could eventually replace traditional Blockchain networks of today.

[CryptKeeper]

<snip>
Thanks for sharing. It seems that OByte has taken the initiative to implement smart contracts in its platform. While still not a perfect solution, it's good to know that developers are working on something like this in order to challenge other smart contract platforms in the mainstream world.
<snip>

What is Obyte missing, what do you need for a 'perfect solution'?

Have you already heard about 'Autonomous Agents' (AA)? These are like smart contracts with a jscript like script language.

More about AA here: https://medium.com/obyte/introducing-autonomous-agents-6fe12fb12aa3

[Abiky]

What is Obyte missing, what do you need for a 'perfect solution'?

Have you already heard about 'Autonomous Agents' (AA)? These are like smart contracts with a jscript like script language.

More about AA here: https://medium.com/obyte/introducing-autonomous-agents-6fe12fb12aa3

As for a "perfect solution", I'm referring to a "tried-and-tested" solution that's stable just like it is in ordinary Blockchain networks like Ethereum and EOS. Considering that DAG is relatively new, smart contract functionalities are not widely tested and guaranteed that they will perform without issues (experimental). Still though, it's interesting to see a DAG-based cryptocurrency taking the effort of integrating smart contracts functionality into its platform. Obyte could simply skyrocket in price, if there's demand for dApps on a DAG network. As far as I know, IOTA and Obyte have been working heavily on integrating smart contracts functionality for their own benefit. But I hope that other DAG-based cryptocurrencies like Nano, Constellation, and Hashgraph make use of smart contracts too in order to ramp up the competition.

If smart contracts become widely successful on a DAG network, then you could expect traditional Blockchains to lose ground in the mainstream world. DAG-based cryptocurrencies will become superior than Bitcoin, Ethereum, and any other known Blockchain network to date. It seems to be the next big thing in crypto today. Blockchains networks that are at risk of being replaced, are those which have smart contracts functionality like Ethereum and EOS. That's because DAG-based cryptocurrencies with smart contracts will become much more attractive for developers and individuals alike. But we'll see what happens with smart contracts on a DAG within a couple of years from now. All in all, DAG-based cryptocurrencies seem to be a great investment to make for the long term. Just my opinion

[Nadziratel]

The world's most popular DAG-based cryptocurrencies (IOTA, Nano, Hashgraph, and even Constellation) have been proven to be quite versatile for delivering micropayments to the world at blazing fast speeds with no costs. They prove to be the next era of digital payments, being superior to most traditional Blockchain-based cryptocurrencies (like Bitcoin and Ethereum) of today. By integrating smart contract functionalities, DAG-based cryptocurrencies can compete with the likes of Ethereum, EOS, and other decentralized application platforms.

So far, I haven't heard of dev teams working on something like this expect for the "Hedera Hashgraph" cryptocurrency. If successfully implemented, this could turn out to become quite revolutionary for censorship-resistant applications that execute instantly without downtime or exorbitant costs.

Do you think DAG-based cryptocurrencies with smart contract capabilities will be able to topple Ethereum or any other platform in the future? What will be the implications of creating/executing smart contracts on a DAG? While I'd admit that DAG's level of security won't be the same as traditional Blockchains like Ethereum or EOS, they'll provide convenience to the end user. Thoughts?

I am reading about Ferrum Network lately. They have a similar idea.

Ferrum Network is a Cross-Chain Interoperability DAG Network, next generation protocol designed to connect with every blockchain and DeFi applications.

It is DAG based interopreability network and also offers DeFi applications.
As you may know, DeFi applications is getting involved our lives daily. And I like their some ideas. But they've just started few months ago. Just watching now. I will decide a while later.

[Abiky]

I am reading about Ferrum Network lately. They have a similar idea.

Ferrum Network is a Cross-Chain Interoperability DAG Network, next generation protocol designed to connect with every blockchain and DeFi applications.

It is DAG based interopreability network and also offers DeFi applications.
As you may know, DeFi applications is getting involved our lives daily. And I like their some ideas. But they've just started few months ago. Just watching now. I will decide a while later.

This is quite interesting. Making Blockchains interoperable is key to mainstream adoption of crypto. With a DAG model, you get better scalability and energy efficiency. It's believed that DAG-based cryptocurrencies will eventually replace traditional Blockchain-based cryptocurrencies of today. They're still not secure & enough for mainstream use (as far as I know) though. But I believe they will improve over time until they become a perfect solution for micropayments and smart contracts.

Now that we have another DAG platform (Ferrum Network), the competition between DAG-based cryptocurrencies will become fierce like never before. Smart contracts powered by a DAG platform seem to be the next big thing in crypto land today. They'll have better performance and lower costs than Ethereum, EOS, and TRON combined. But their success will largely depend on mainstream use. If people continue to use Ethereum more thoroughly for smart contract interaction, then DAG-based cryptocurrencies with smart contract functionality will be just a "gimmick".

Nonetheless, it seems that DAG-based cryptocurrencies are a good long-term investment. With constant development and innovation, they have a lot of potential to radically transform the crypto space as we know it. Best of all, most (if not all) DAG-based coins are relatively cheap compared to giants like Bitcoin and Ethereum which are slower and cost-inefficient. But ultimately, the people will decide which cryptocurrencies will stay alive within the mainstream world. Just my thoughts