Viacoin Team Unveils the Very First Smart Contract Protocol

By August 13, 2014Bitcoin Business
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ForexMinute.com – Smart Contracts are turning out to be a path-breaking vertical of decentralized platforms. Earlier, we have heard of multiple organizations announcing to bring forth methods that will enable direct p2p trading using various protocols. Even last month, Ripple Labs and the Blackcoin Foundation came up with white papers describing their upcoming smart contract projects, called Codius and BitHalo, respectively.

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However, it is Viacoin team that has become first one to actually implement these protocols in real world, that too on an altcoin blockchain. The group has recently announced the release of ClearingHouse, a protocol that will allow p2p trading on the Viacoin blockchain. Alongside, they have also launched a new internal currency for ClearingHouse, named XCH, which will be required to issue crypto assets and stocks. It cannot be mined.

The credibility of ClearingHouse lies in its team of developers which consists some of the best talents in the cryptocurrency arena – the most celebrated being Peter Todd, a Bitcoin core developer and CoinKite advisor as well. The presence of Viacoin developer BTCDrak also adds certain merits to the ClearingHouse protocol.

In its conversation with CoinDesk.COM, BTCDrak explained the reasons behind building ClearingHouse on Viacoin protocol. He said that he and his team was always focusing on working flexibly, without any need to get dependent on certain “structural and political complications” that have brought down many decentralized platforms in past. His statement reads:

“Because ClearingHouse and Viacoin are part of the same project, the Viacoin block chain will always accommodate ClearingHouse’s needs.”

He also cited Counterparty as an example whose progress was halted due to too much intervention from Bitcoin’s development community. Using Viacoin, according to him, gives them a certain edge as they can avoid being in aforementioned obstacles.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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