Smart contacts
The Crypto-financial Smart Contract (CSC) is defined as the smart contract that is used to complete financial transactions of one or multiple digital assets among multiple participants by defining the relation and value interaction conditions of one or more digital assets among multiple participants in terms of time succession and spatial location.
The digital assets here refer to the assets that are mapped on the FUSION chain by digital assets Lock-in, which allows FUSION’s smart contracts to define the relationships among multiple different digital assets simultaneously. Multiple participants refer to the owners or users of different digital assets. In the FUSION chain they are shown as accounts, including user accounts and contract accounts. And in cryptofinancial smart contracts, contract participants may include multiple user accounts and multiple contract accounts.
The traditional smart contracts have the following restrictions:
- can only operate on the same digital asset between two parties on the same chain
- can only transfer ownership of digital assets, so that use and ownership of digital assets are indivisible
- can only be triggered by a transaction, lacking off-chain trigger conditions and valid off-chain information input.
The enhancement of Fusion's smart contracts for financial applications will be reflected in that it can:
- realize applications of the ownership and the usufruct among multiple parties and multiple digital assets
- have a variety of trigger mechanisms
- effectively get off-chain data input
- call other smart contracts in a smart contract in a nested way or parallel way as if the smart contracts are financial products.
The distributed control rights management (DCRM) of tokens has enabled the interaction among different digital assets and has become the object to be defined and programmed for FUSION’s crypto-financial smart contracts. Therefore, it has the capability and the necessity to implement the crypto-financial functions such as multi-role, multi-token and separation of usufructs.
Multi-role refers to the ability of a crypto-financial smart contract to support multiple different account types and at the same time to define the relationships between multiple users and multiple smart contracts.
Multi-token means that after mapping different digital assets to FUSION via Lock-in, the relationship between multiple different digital assets can be defined simultaneously by a smart contract on FUSION.
Separation of usufructs means that the usufructs and ownerships of digital assets can be separated. The current smart contract can only transfer tokens as a whole from one party to another party and it is not possible for one party to obtain ownership of the digital asset while the other party acquires the usufruct of the digital asset, which means the ownership and the usufruct is inseparable in traditional smart contracts. In a crypto-financial smart contract, it is easy to define more than two user accounts or contractual accounts in one contract, and in this way it can separately define accounts of ownership and usage and realize financial transactions such as mortgage lending between different digital assets
Last modified 1yr ago