Tallahassee Journal

Practice of Chaos in Business Smart Contract

Practice of Chaos in Business Smart Contract

Recently, a business easy-to-use smart contract platform Chaos is highly praised in communities around the world. The idea of smart contract comes into people’s vision with the development of Ethereum platform. And now Chaos is another practitioner of the smart contract platform.

People often ask me, “What smart contract is used for? What has it achieved?” Even for those who know about block chain and smart contract, sometimes it would be also surprisingly difficult to present specific large commercial cases. So let us explore what the scenarios are based on the Chaos. This paper can be used as a guide for new members of a community and gives them a reference.

Payment system

Major cases aiming at Bitcoin can also be applied to the Chaos network. There is a lot of argument in respect of using COS (token of Chaos network) as Currency or value storage. However, COS can be used for transfer of value transfer. Payment with COS can be validated by the node or miner network, and then is written to an unalterable ledger, just like the block chain of Bitcoin.

Investment in real digital assets such as gold

In the Chaos smart contract platform, gold trading contract application is allowed to publish and gold digital asset tokens are issued, where by contract you can buy gold tokens and can redeem and exchange your tokens for physical gold at any time. The transaction needs no broker or bank, with no loss storage and near-zero fees, which is direct and safe. In addition, the trading object is more than gold and may be other precious metals, jewelry, oil and oranges, etc.

Crowdfunding

Kickstarter, Indiegogo and other organizations have been dominating the crowdfunding area over the past few years. For example, a startup has raised new ideas and set a goal, and if it raises funds successfully via crowdfunding, Kickstarter will charge 5% of the amount as fees, with the rest delivered to the start-up company. However, in the Chaos block chain, if the startup raises funds successfully, smart contract will automatically transfer the funds to the company, and does not charge any fee. In addition, the Chaos crowdfunding contract ensures the information about raising objects, raising investors and capital flows to be open, transparent and tamper-proof.

Internet of Things

Internet of Things may become a big market worthy of trillions of dollars. Chaos can build a bridge connecting block chain and the real world. By publishing smart contract related to the Internet of Things via Chaos, all assets (bicycles, apartments, cars, etc.) can be digitally locked or unlocked to be turned into income by leasing.

Market prediction

Market prediction provides traders or speculators with a method of betting on the binary results of an event. It is not a simple thing to put the information obtained from the real world in block chain reliably and credibly. If successful, we can see a new type of collective intelligence management, which has been considered to provide many useful applications.

Web hosting

Decentralized web hosting means that a web page is hosted to everyone. It indicates that this page may be attacked by DDoS or censored by the government. Smart contract based on Chaos is a potential and uncensored Internet. For example, by putting some de-centered poker cards in the contract, you may have a form of online gambling, which is unable to be prohibited by the government, simple and subversive.

Social networks

Have you ever been censored by the administrator of your favorite forum? A rating system can be employed through smart contract to study decentralization of the online communities. Through open source codes and rules controlled by smart contract, censorship scandals will be thoroughly eliminated in the future.

Energy transfer

Chaos allows publishing energy trading contract applications on the block chain, so that all residents can transfer or sell their surplus renewable energy to their neighbors. Such case provides a more efficient utilization and cheaper energy for all communities equipped with solar panels.

Marriage contract and wills

Your marriage will be formalized and will be put on the block chain. Similarly, a simple smart contract may transfer your assets to your next of kin after you die. However, there is no legal support currently, but such goal may be achieved one day in the future.

Decentralized exchange of encryption currency

Decentralized exchange of encryption currency can be deployed through the Chaos smart contract platform. This application can be extended to lots of areas, such as decentralized goods market, etc.

Financial market

One of the most obvious cases of block chain is financial market. Rampant cheating, fraud and market manipulation will be subverted by block chain. But let us face the reality, that maybe banks, the government and the ones in power would never do such thing. If the block chain technology of Chaos is applied to financial market, there will be a major subversion in the whole market.

Election

Fair elections can be proved. Everyone is scheduled to vote one time, and only once. No one will be censored and banned from voting. It is said that Ukraine will try this way of voting. Be quick to deploy related applications on the smart contract platform of Chaos!

Apart from the above use cases, how many others have not been discovered? Remember, the block chain and smart contract has a development history of only two or three years. Ethereum, Chaos are still far from mature products. I’m curious that what disruptive changes would happen to the whole society as a result of commercial applications of block chain and smart contract in the next few years.

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