Matrix AI smart contracts equal to intelligent contracts (Oh yes!)

A smart contract is a computerized transaction protocol that executes the terms of a contract. In their simplest form, contracts are the set of rules to be followed when two people decide to exchange something of value. With smart contracts, you can exchange almost anything in the digital form safe and sound over the blockchain network. Smart contracts allow you to minimize exceptions both malicious and accidental, remove the middleman of the banking system, auto dealer, property management etc. and minimize the need for trusted intermediaries while keeping the trust between two parties directly. Hence, it could be said that it is the trustless tool that can be used to boot the middleman, save the transaction costs & commissions, and maintain the trust between two individuals when exchanging the values (such as payment terms, liens, confidentiality, and even enforcement) over peer to peer or decentralized network. The concepts of smart contracts first brought out by the Nick Szabo in 1994 and later the development took place with the help of Ethereum development team.

The original Smart Contract research paper by Nick Szabo

Back then, smart contracts were an idea all dressed up with nowhere to go, as no available technology could deploy them as Szabo described. There were computer systems such as electronic data interchange (EDI) that provided standards for the communication of structured data between the computers of buyers and sellers, but no technology that could actually trigger payments and cause money to be exchanged.

Bitcoin and the blockchain changed all that. Now parties can make agreements and automatically exchange bitcoin when they meet the terms of the agreement. Most simply, your brother-in-law can’t weasel out of a hockey bet. Less simply, when you purchase a stock, the trade settles instantly and the shares are immediately transferred to you. Even less simple, when contractors deliver the software code that meets the necessary specifications, they get paid.

With an introduction of blockchain 2.0, the concept of smart contracts become wider and integral part of the major number of decentralized networks. With an advancement of technology, the attackers have also become so advanced that they are exploiting the loopholes over the platform compromising the security and running the networks. In other words, the hackers have become even smarter than the smart contracts itself and so, smart contracts need to become intelligent contract to eliminate the thread over the decentralized network. The Matrix AI based smart contracts are the perfect solution to bring the rate of these attacks down while keeping the optimum security. Till now, smart contracts have nothing to do with artificial intelligence (AI) but with an arrival of Matrix blockchain, things have changed.

Matrix is a platform which incorporates blockchain and AI to enable the realization of the Intelligent Blockchain. The use of AI allows innovations such as natural-language smart contracts (Intelligent Contracts), continual network optimization, formal contract security verification, and more. The execution of smart contracts has never been that easy before and the maintenance cost to keep the network functioning has never been this lower with rock-solid security. Matrix has successfully brought the iteration of smart contracts called the intelligent contracts which are powered by artificial intelligence which makes it even secure, smarter and efficient compared to what has been offered with blockchain 2.0.

The issues with current smart contracts

The current version of smart contracts lacks ultimate security, easy deployment & execution, reliability, ideal platform, and programming. Moreover, the verification and examination of codes when they are programmed, dynamic & static verification of nodes during the execution of contracts, and a mechanism to take judgment while execution is the secondary issues which are associated with current smart contracts. For the issue of reliability and easy deployment, we can rely on artificial intelligence while for the advanced security the standardization in the process of writing codes and loophole detection in code release feature of Matrix AI can help in designing a complete, comprehensive protective system, and continuous improvement can take the network security on its peaks. Matrix blockchain being an ideal platform for smart contracts, allows the execution and deployment of smart contracts even more efficiently and at the faster pace while the AI detects the process of execution to keep the network operating at optimum levels. Let’s have look at how Matrix AI can bring the solutions of all the secondary issues mentioned above.

Matrix AI Intelligent contracts — the solution to smart contracts

The new generation blockchain of Matrix AI eliminated the smart contract programming barrier, increase the availability for mass adoption, provides top-tier security and efficiency. The current smart contracts are lack of execution time due to programs running on different computers in a distributed framework do not provide any guarantee for execution time. As a result, the security over the decentralized network will be compromised and execution will not occur harmonically but create an uneven pattern that reduces the blockchain efficiency.

When it comes to Matrix AI network, the AI programs continuously track the smart contract execution and deployment to create fine-tune the execution pattern and make the blockchain even more efficient and secure. The Matrix AI-powered blockchain has consisted of crucial parts;

1) rule-based semantic and syntactic analysis engine for smart contracts,

2) formal verification toolkit to prove the security properties of smart contracts,

3) AI-powered detection engine for transaction model identification and security checking, and

4) deep learning-based platform for dynamic security verification and enhancement.

The major advantage of Matrix is that it requires its users no knowledge of coding with a programming language. you will just need to enter the script in terms of input, output and transaction condition in order to create the intelligent contract and Matrix will take care of programming aspect. It is one of the reasons that Matrix has gained 350 times more smart contracts users than that of Ethereum. In summary, Matrix is open source decentralized networks which enables its users the machine learning or AI and smart contract services which other blockchain platforms are failed to deliver & bring the perfect solution for smart contracts to inform of intelligent contracts. It has opened the new door of opportunity for the smart contracts to evolve even further.

P.S I personally enjoyed watching BlockWolf’s video about Matrix AI since his explanation was easy to understand for my normies. Check out the video below.