The Giant platform has released a series of accomplishments
in its drive to build a platform that runs decentralized applications on smart contracts.
In a release last week, the network stated how its smart contract platform operates stating that the execution of its codes by participating nodes are initiated on storage leading to changes in the state of the blockchain.
Work to Be Done
For this to happen, a specific transaction must be addressed to a smart contract which writes the code in its latest state and form into storage.
Explaining further the algorithm used by the platform, the Giant Contract release stated that the first stage involved the deployment of codes containing the intended smart contract. This type of transaction then initiates the smart contract public key address.
These are verified and sent to mempool before being added to a block. This is the stage at which the nodes are involved in validation of the blocks.
The initial transaction commands a “deploys” launching a Giant Virtual Machine (GVM) which coincides with the set up of parallel execution fee control.
The release by the Giant Contract team further expatiated on the project roadmap highlighting that to successfully build the smart contract envisages by the network, there are several adjustments that would be built into the Giant blockchain.
These are basically the creation of GVM through the connection of V8 engine to the daemon which is a full node of the Giant network. Then this should be integrated with the command line interface (CLI) of the Giant blockchain.
The process involves making the V8 responsive to command calls and deploy. The execution of js code from the data field, roll out of the smart contract field as hard fork is initiated before writing the changes in the storage.
Another process involved in building the Giant contract are the transaction system upgrade which has to do with changing the transaction structure through the addition of more fields of type data and priority which represent the type of transaction, the smart contract code or method of initiation and scare of preference for selecting priority of the execution of the codes.
There’ll be an addition of 3 transaction types which include deployment of smart contracts, addressing it and GIC transfer. Then there is the creation of hashing mechanism for the creation of the unique public key.
Some Progress Made
These and other modifications are required to increase the efficiency of the smart contract system. The team added that it has already accomplished a lot towards completing the project such as updating tests and building the wallets. Upgrade of the transaction system and addition of the V8 to daemon.