Its a bit of an long read but an exciting feature is coming to the Hive ecosystem, and they open up a whole new world of possibilities. You’re definitely in the right place to get involved and take advantage of the upcoming changes. Let me walk you through the basics and then help you dive into how you can start developing with VSC on Hive.
- Understanding Virtual Smart Contracts (VSC)
Virtual Smart Contracts are a significant upgrade to the Hive ecosystem. Unlike traditional smart contracts (which run on a separate layer or blockchain like Ethereum), VSCs are designed to run directly on the Hive blockchain with a simpler, more efficient design.
Lightweight & Efficient: VSCs are designed to run with minimal overhead. This means they are much faster and less resource-intensive than traditional smart contracts.
Built-in Governance: VSCs can leverage Hive's native governance model. This means decentralized decision-making is baked into the process.
Integration with Hive's Native Features: VSCs can take advantage of Hive’s existing capabilities, like staking, voting, and rewards. This allows for seamless integration into the existing ecosystem.
Security and Simplicity: Virtual Smart Contracts reduce the risk of bugs and vulnerabilities because they have a simplified execution model compared to more complex smart contract systems like Ethereum's Solidity.
- What Can You Do with Virtual Smart Contracts?
Now that you understand the basics, let's dive into the different ways you can use Virtual Smart Contracts on Hive. There are several applications, from DeFi to governance tools, that you can create:
Decentralized Finance (DeFi):
Lending & Borrowing: Create decentralized lending platforms where Hive and HBD can be used as collateral.
Yield Farming: Build liquidity pools or other mechanisms where Hive holders can earn rewards by providing liquidity.
Tokenized Assets:
NFT Marketplaces: Use VSCs to create decentralized marketplaces where users can create, buy, sell, and trade NFTs using Hive tokens.
Rewards Systems: Implement mechanisms where users can earn or redeem rewards based on their actions, staking, or contributions.
Decentralized Autonomous Organizations (DAOs):
Governance: Set up decentralized voting systems or decentralized decision-making processes where users can propose and vote on ideas or changes in the ecosystem.
Resource Allocation: Create systems for managing funds or community resources via decentralized contracts.
Automated Contracts:
Escrow Services: Use VSCs to create decentralized escrow systems for transactions involving Hive tokens, HBD, or NFTs.
Dispute Resolution: Build decentralized dispute resolution systems to automate the process and minimize human intervention.
Content Monetization:
Royalty Systems: Automatically distribute royalties to content creators using VSCs that track ownership and usage of content.
- How to Get Started with Virtual Smart Contracts?
Now that you have a sense of what’s possible, let’s break it down into steps to get started:
Step 1: Familiarize Yourself with the Hive API and Hive Engine
Before diving into VSC, you’ll need to get familiar with the underlying tools you’ll use to interact with the Hive blockchain.
Hive API: The official Hive API allows you to interact with the Hive blockchain. You’ll use it to get blockchain data, post content, and more. You can access the Hive API through different libraries in Python, JavaScript, and more. Here’s the documentation to get started:
Hive Python API
Hive JavaScript API
Hive Engine: Hive Engine is a decentralized token platform built on Hive that lets you create and manage custom tokens. It allows you to integrate tokens into your smart contracts easily.
Hive Engine Docs
Step 2: Learn the Basics of Virtual Smart Contracts Syntax
Virtual Smart Contracts have a simplified execution model, and you’ll need to understand their specific syntax and how to write them. Here’s what you need to do:
VSC Language: VSCs on Hive are written using a custom language designed to work seamlessly with Hive’s infrastructure. As of now, this language is still being finalized and documented, so keep an eye on updates from the Hive development team for official documentation.
Triggers and Actions: Similar to traditional smart contracts, VSCs rely on "triggers" (events that initiate the contract) and "actions" (what happens when the trigger is activated).
Example triggers: A new post, a transfer of Hive tokens, a vote, etc.
Example actions: Execute a reward distribution, transfer tokens, or update data on the blockchain.
Step 3: Start Writing Virtual Smart Contracts
Once the syntax is available, here’s how you can start writing contracts:
Set Up a Local Environment: Set up a local environment using Node.js, Python, or Go, whichever works best for your development workflow. This environment will help you test and simulate your VSCs before deploying them on Hive.
Write Your First Contract: Start simple. For example, write a VSC that distributes rewards to users based on their Hive stake or voting activity.
Example Pseudo-Code for a Reward Distribution VSC:
mathematica
Code kopiëren
Trigger: New Hive Post by User
Action:
- If user has more than 100 HP (Hive Power), award them 5 HBD (Hive Backed Dollar).
- If user has less than 100 HP, award them 1 HBD.
Update: Record transaction on the blockchain for transparency.
This is a very basic contract that rewards users for posting content, but it gives you a foundation to build upon. As the VSC platform evolves, there will be more advanced features and possibilities!
Step 4: Testing and Iterating
Simulate in Testnet: Use a testnet environment (if available) to simulate your contract execution without using real funds. This helps you identify any issues in the logic or execution before going live.
Community Feedback: Share your smart contract ideas with the Hive community. They can provide feedback, and sometimes the best projects come from community collaboration.
Step 5: Deployment & Governance
Once you're confident your VSC is working as expected, you’ll need to deploy it on the Hive mainnet.
Deploying VSC: Check if there’s a specific deployment tool provided by the Hive team or community to help deploy VSCs. Typically, this would involve using the Hive blockchain API to submit your contract for execution.
Governance Mechanisms: If your contract involves governance, make sure to use Hive’s governance tools to allow the community to vote on proposals related to your VSC. This is especially useful for projects like DAOs or voting-based decision systems.
Step 6: Stay Updated and Iterate
Follow Hive Updates: Hive is constantly evolving, and new tools or features related to VSCs will likely be released in the near future. Stay updated by following Hive’s official channels, including GitHub, forums, and Discord.
Iterate: As you receive feedback from the community, improve your contracts and introduce new features. Continuous iteration is crucial to making your project successful.
Where to Get Help and Resources
Hive Developers Discord: Join the official Hive Developers Discord to ask questions, get support, and collaborate with other developers.
Hive Stack Exchange: Visit StackExchange for Hive to find answers to technical questions and troubleshoot.
Hive Developer Docs: As the VSC system rolls out, the official documentation will likely be the best resource for learning how to write and deploy VSCs.
Community Involvement: Engage with the Hive community on platforms like Reddit, Hive.blog, PeakD, and Discord for further ideas, collaborations, and feedback.
In Summary:
Virtual Smart Contracts (VSC) are a major innovation on Hive, enabling decentralized applications and automation directly within the ecosystem.
Start by understanding the basics of Hive’s API and the upcoming VSC syntax.
Develop simple smart contracts, like rewards distribution or decentralized governance systems.
Test and iterate on your contracts to perfect them before deploying.
Engage with the Hive community and stay updated on the latest developments in the VSC ecosystem.
With VSCs coming to Hive, the possibilities are nearly limitless. Whether you’re building a DeFi platform, a decentralized marketplace, or a reward system, now is the perfect time to get involved.
Please note this article contains several inaccuracies on VSC. For accurate information please visit https://vsc.eco
So i guess that means no vote, i was in the moment.. but ty for the redirection to the original. I didnt add that intentionally as this is mearly a glimps into the future with little handles to go by.
This shit gave me a headache but i guess its not in line enough
Hi, @vaultec,
This post has been voted on by @darkcloaks because you are an active member of the Darkcloaks gaming community.
Get started with Darkcloaks today, and follow us on Inleo for the latest updates.
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