Crypto Blog
Ever since the popularization of smart contracts, the industry standard is for contracts to be hosted and executed by the blockchain itself. However, the Peercoin Foundation announced in athat it has been experimenting with a secure and decentralized way of moving the execution of smart contracts off the blockchain. Doing this would provide massive benefits like increased privacy, lower fees and improved scalability.
Peercoin’s second layer is imagined as a collection of independent dApps with the app logic being executed off-chain. Final balances are then settled on Peercoin’s mainnet. To summarize, by moving the execution of smart contracts off-chain, the following favorable traits are achieved:as most computationally intensive work is done off the chain and only settled on the main chain.
The blog article suggests that this project has been ongoing for over a year now, and this week marks theare an economically viable method of reaching consensus within groups, of potentially hundreds of participants, while being fully off-chain, completely private and infinitely scalable.are a novel idea on how to do contracts without relying on scripting or virtual machines.
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