Q3 2022
Smart Contracts
DecimalChain, as a next-generation blockchain, has been using smart contract technology since 2022. Blockchain-based smart contracts store all conditions in a distributed database that cannot be altered. All operations recorded in a smart contract are automatically executed once the system verifies compliance with its conditions. Thanks to advanced software solutions, smart contracts on the Decimal platform are characterized by increased transparency and security.
The use of EVM (Ethereum Virtual Machine) in the Decimal blockchain allows for easier creation and execution of smart contracts than ever before. Anyone can create and use smart contracts on DecimalChain without requiring specialized technical knowledge or significant financial costs. The following functions are available:
- Deployment of smart contracts on the blockchain,
- Verification of smart contracts,
- Interaction through transactions,
- Displaying smart contracts and their transactions in the Decimal console.
The presence of smart contracts opens the door to the vast world of decentralized finance (DeFi). As a result, it has become possible to create a decentralized exchange (DEX) on the DecimalChain blockchain, with its launch planned for 2023.
Moving your delegated coins from one validator to another validator
Validators are responsible for block generation in the Decimal blockchain. The more delegated tokens a validator has, the greater their chances of creating and proposing the next block. Each Decimal participant can receive rewards by delegating funds (DEL, coins, and even NFTs) to validators. Choosing a validator should be done responsibly since validators share not only rewards but also penalties among users.
Since 2022, blockchain participants have had the ability to move delegated funds between validators. Within 7 days after delegation, users can transfer their stake from one validator to another.
Decimal ID – Wallet personal mark (public signature of the wallet/contract address owner in the blockchain)
Security concerns regarding personal data on the network and identity authentication are relevant when interacting with various services, both governmental and commercial.
Decimal ID gives users full control over their personal data, allowing them to securely and reliably verify their identity with clear and accurate identification, without disclosing personal information such as passport details, and so on. Your counterparts will always be able to understand that they are interacting with you specifically, and not someone else. On your part, you can provide data about yourself only to the extent that is acceptable to you.
Implementing Decimal ID makes working within the entire ecosystem more convenient. When undergoing identity verification on one of Decimal’s partner services, it will be sufficient to send a transaction with your Decimal ID, and the service will unambiguously identify you, without the need for re-submitting documents.
Ability to place custom tokens in the NFT reserve
The initial implementation of NFTs in Decimal only allowed reserving them with the native coin DEL. The launch of Decimal Smart Chain significantly expands the possibilities for token creators. The reserve for NFTs can now be expressed in any custom coin and contributed during the NFT creation process.
The further mechanism is similar to working with custom coins through CRR, where the current equivalent in DEL is calculated, delegation fees are determined, and rewards are calculated.
Dynamic fees for transactions and coin creation
Usually, blockchains charge transaction fees based on gas accounting for executing smart contracts. The problem is that regardless of whether it’s a simple transfer or a complex calculation within a transaction, they are all processed on the same network. As a result, when network traffic increases, transaction fees increase even for simple actions, user transactions compete with each other, and transactions with higher fees are confirmed faster.
The cost of the token used to pay the fee is also highly volatile and increases during periods of high network load, causing discomfort and direct losses for users.
Decimal has implemented a technology that allows mitigating the risks associated with transaction costs on the network. Transaction fees are fixed relative to the US dollar exchange rate, approximately $0.04 (for sending the native coin DEL). A special service (Oracle) monitors rating agencies with DEL/USD rates, such as CoinMarketCap, CoinGecko, CoinMarketRate, CoinPaprika, and others. In case the value of DEL increases, the fee amount in DEL is recalculated downwards. Conversely, if DEL depreciates relative to USD, the fee amount in DEL will increase.
Thus, if your transaction costs 4 cents today, it will cost the same tomorrow and the day after. However, the fee for the transaction in DEL will change proportionally to the current DEL to USD exchange rate.
Similarly to transaction fees and using the same technology, the process of determining the fee for creating a coin has been revised. Initially, the functionality of creating coins implied fixed creation fees depending on the length of the ticker. Now it is also dynamic. The cost of the transaction in the dollar equivalent remains the same, although the price in DEL may change depending on the coin’s exchange rate. With a high rate, the price becomes lower, and with a low rate, it becomes higher.