Arweave, a blockchain network that stores data for the long term, has come out with a completely new way to write smart contracts.
Users will run Arweave smart contracts on their own computers, not on the blockchain. There is a new way to make smart contracts that doesn’t charge for gas. SmartWeave is one of them. There are only times when it runs a smart contract’s code, not all the time.
It’s like homemade pizza and Pizza Hut. Putting data in the freezer makes it accessible when needed. Users’ computers only need to understand data when required.
When you do lazy evaluation, you make sure that the data is correct and that each piece of data came into the system.
Arweave is like Blockstack in that it lets users log into a kind of internet that they can use right away. A wallet can move around all kinds of apps without having to log in to each one separately. Williams thinks this will lead to new and interesting experiences that we can only partially imagine now.
Arweave’s major objective is to create a technology that provides affordable and long-term network data storage.
SmartWeave will open up a whole new level of functionality, both because of what it can do and because of the language it runs on.
It was easy for Williams to think of an example of a DAO. This is what the DAO is: a group of people who run a blogging platform that anyone can use, but whose most important front page is controlled by a committee.
People who want to invest in a company with other people can do so through a legal DAO. OpenLaw, a law firm, has just launched its first legal DAO.
Everyone on the committee would have a governance token that let them vote on which posts should go on the front page, and they would be able to use it to do that. Arweave would record all of their votes for posts when they opened it and cast them.
All computers that visited the blog utilized the votes to construct the main page that each user sees when they first arrive.
Arweave provides pre-built applications for developers, such as an ERC-20-like non-fungible token (NFT) module.
When the processing moves off-chain, smart contracts have a lot more freedom.
Williams predicts machine learning and AI in SmartWeave smart contracts if Arweave becomes popularity. There will be no extra costs or space on the blockchain because faster CPUs can be used.
Here, there’s another reason to be happy: safety.
As a result of the proliferation of new base layer smart contracts, new languages for generating safer smart contracts have arisen. There was also Kadena’s Pact, Blockstack’s Clear, Dapper Labs’ Cadence, and others.
The nodes don’t do a lot of work. Web users must trust the code that is being run, but not the blockchain. Like how the web works.
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