192: How Tezos Is Enabling Smarter Smart Contracts Through its Self-Amending Blockchain
To date, the cryptocurrency market is $13bn across the leading efforts in the space. I wanted to learn more about what blockchain technology is doing for the world of smart contracts and how it’s helping two parties that might not trust each other do business.
Tezos is a future-proof smart contract system that can be used in multiple cases, including decentralized markets, insurance contracts, payment systems, and crowdfunding. Immutability (the idea that transactions cannot be reversed) comes with the burden of correctness. When dealing with financial agreements worth millions, you want to make sure your smart contract code is right the first time.
Essentially Tezos is a smart contract system built with security in mind. That security stems from a unique purely functional and statically typed smart contract language with a full formal specification. This makes it much easier to subject your smart contract to formal verification, a mathematical process that guarantees the correctness of your code, greatly reducing unintended consequences.
Upon learning that there is no other smart contract language that offers this feature I invited Kathleen Breitman the COO of Tezos (tezos.com)
Prior to Tezos, Kathleen was a senior strategy associate for R3, a blockchain consortium of more than 70 financial firms. She has also worked at Accenture, Bridgewater Associates, and the Wall Street Journal. She holds a degree from Cornell University.