Jorge Lopez: Why we need Agoric?

AGORIC

A DISTRIBUTED SMART CONTRACTS PLATFORM FOR THE CREATION OF DECENTRALIZED GOVERNANCE

Agoric is a distributed smart contracts platform

Resilient, secure distributed computing via cryptographic capability enabled Smart Contracts. Decentralized, verifiable applications modeled on blockchains.

With a fully modular VM stack

This means: custom language frontends, synchronous style business logic with asynchronous backend, atomic transactions, modular persistence backends, modular consensus algorithms…

Private Contracts

Only parties to a contract participate in its replication and verification = Private Contracts! When only concerned parties hold the contract state and information, the execution, replication, and verification costs are lowered. The resilience of a contract is directly proportional to the number of parties.

A problem with blockchain

Having contracts with a few participants on one global trustless VM that requires revealing the state of the contracts, seems unnecessary and a waste of resources.

A problem with erights

On the other hand, implementing private contracts by relying on a trusted third party VM, makes the contract participants vulnerable to the VM.

The best of both worlds

Blockchain design originally focused on single massive multi-party contracts, like money. “Erights” design focuses on large networks of private contracts among few participants, like markets. Through private verifiable contracts, Agoric enables higher levels of resilience for both Agents and Contracts and therefore the network as a whole, bringing forth the best of both worlds.

Resilience on all levels

The resilience that blockchains typically endow to contracts, can be given to all levels of the network. The agents themselves are verifiable, non-forgeable, non-repudiable. Likewise are the interactions among agents.