Authors :
Fazal Raheman; Tejas Bhagat; Akash Dayma; Ali Raheman; Sajid Anwar
Volume/Issue :
Volume 6 - 2021, Issue 7 - July
Google Scholar :
http://bitly.ws/9nMw
Scribd :
https://bit.ly/38o1Zrn
Abstract :
While immutability is Blockchain's much
celebrated covenant, change is the rule of life. The
paradox has seriously limited real-world deployability of
Smart Contracts (SC), faltering its mainstream adoption.
Once implemented, SC remains unstoppable even if its
execution makes losses, as evident in the recently
exploded $40+B DeFi industry. How do we reconcile the
two and make DeFI/Blockchain profitable and
sustainable? A DISC (Dynamic Immutable Smart
Contract) hypothesis was proposed to resolve the
paradox. Using an existing decentralised IoT device
framework we test the DISC hypothesis, by
designing/implementing a DISC protocol that delivers an
algorithmically controlled dynamic off-chain data feed
into a self-executing SC. The experiment successfully
introduced limited dynamism into SC without
compromising its immutability or undermining user
control over their SC terms. If consistently reproduced in
diverse settings, the DISC protocol could earn an
important milestone in the evolution of Blockchain's
decentralised economy of the future.
Keywords :
Blockchain Paradox, DISC Hypothesis, Dynamic Immutable Smart Contract, DeFi, Oracle, Smart Contract, Immutable, AI, DISC-on-the-fly.
While immutability is Blockchain's much
celebrated covenant, change is the rule of life. The
paradox has seriously limited real-world deployability of
Smart Contracts (SC), faltering its mainstream adoption.
Once implemented, SC remains unstoppable even if its
execution makes losses, as evident in the recently
exploded $40+B DeFi industry. How do we reconcile the
two and make DeFI/Blockchain profitable and
sustainable? A DISC (Dynamic Immutable Smart
Contract) hypothesis was proposed to resolve the
paradox. Using an existing decentralised IoT device
framework we test the DISC hypothesis, by
designing/implementing a DISC protocol that delivers an
algorithmically controlled dynamic off-chain data feed
into a self-executing SC. The experiment successfully
introduced limited dynamism into SC without
compromising its immutability or undermining user
control over their SC terms. If consistently reproduced in
diverse settings, the DISC protocol could earn an
important milestone in the evolution of Blockchain's
decentralised economy of the future.
Keywords :
Blockchain Paradox, DISC Hypothesis, Dynamic Immutable Smart Contract, DeFi, Oracle, Smart Contract, Immutable, AI, DISC-on-the-fly.
