What are smart contracts?

A smart contract is a program that executes a task set by its creator. It is enforceable by cryptographic code. The smart contracts can be used in many different ways.



The creation of public blockchains has made smart contracts a commonly used protocol, it allows two parties to exchange money and other valuable assets without having to pay for the services a middleman.



The Ethereum blockchain was designed to support smart contracts. ETH developers can develop smart contracts that serve many different functions. They can be used for banking & financial services contracts as their similarity to legal contracts could be used in mortgages, bonds, settlements, and Insurance claims.

Another use case for smart contracts is ICOs/DAICOs, it makes the whole process more transparent as investors can view the smart contract and see how many investments have been paid in and how many tokens have been sold.

Smart contract protocols can also be used to help online users manage their digital identities. You can store identity documents like passports on applications that allows you to reveal your information to select people at any time, but ensure you are protected and this information can't be accessed by anyone and they can't keep a copy without your permission.

Taxa's Hyper Smart Contracts

Taxa has built a network that will be able to handle hyper smart contracts. The hyper smart contracts are even faster and better than the ones we use in the Ethereum blockchain. They are super secure, can store lots of data and they can be used by developers in a flexible way.

The Taxa Network will use hyper smart contracts to enable users to use their software development kit (SDK). The SDK includes collaborative computation, digital assets exchange, identity authentication, secure wallet, payments and a whole lot more.

The Client, Public Blockchain and Trusted Execution Layers

The Taxa Network is broken down into three layers; the client layer, public blockchain layer and the trusted execution environment (TEE) layer.

The client layer includes the SDK I wrote about in the article above. The SDK can be used by developers to build DApps on the Taxa Network.

The next layer is the public blockchain layer. Taxa Network users will use the public blockchain layer to process settlements, allocate jobs and change statuses.

Trusted Execution Environment (TEE) layer is the layer that will consist of TEE nodes. The nodes will power the smart contracts on the Taxa Network, so that clients and the public can operate and process tasks. Trusted Execution Environment (TEE) nodes will include hardware and software.

Taxa Network Development Stages

The development of the Taxa Network project began back in Q3 2017, the team then prepared the proof of concept at the end of last year. In Q1 this year a prototype was released, after this the team then finalised work on the whitepaper and this was shared with the public in Q2. The current stage of development is the testnet. The Taxa team are working diligently in the background to get the testnet completed by the end of this year. The next stage will be the mainnet which they hope will be ready by Q2 2019.

The team are very busy at the moment so their communication has been a bit quiet, but rest assured they are working extremely hard on the testnet and the development of the project is their number one priority.



Links

Website: https://taxa.network/

Facebook: https://www.facebook.com/taxanetwork/

Twitter: https://twitter.com/taxanetwork

Medium: https://medium.com/

Telegram: https://t.me/taxanetwork

AngelList: https://angel.co/taxanetwork