This document summarizes several smart contract platforms: - It lists 11 existing platforms including Ethereum, Codius, Orisi, and Hyperledger. - It provides brief descriptions of each platform, focusing on their approaches to eliminating counterparty risk, using oracles, and facilitating decentralized applications. - It also discusses the business models of Digital Asset Holdings and Symbiont, both of which aim to build platforms for automated financial transactions using smart contracts.

1. State of Smart Contract Platforms
July 2015
07/05/2015 Smart Contract JP

2. List
• Smartcontract.com
• Orisi
• Codius
• Hedgy
• Symbiont
• BitHalo/BlackHalo
• Mirror
• Hyperledger
(Digital Asset Holdings)
• Eris Industries
• Ethereum
• Colored Coin

3. • On NxT Blockchain attack needs 90 % of consensus attack.
• Allowing move Bitcoin transactions, but the programmable agreement using
NxT in order to store data. One of the NxT merit is 2 minutes block time.
• Trading smart contracts, sounds like trading tokens.
Escrow, stabilized payment, smart property on NxT
3
Smartcontract.com
07/05/2015

4. JSON response of their escrow contract
4
"account": {
"avatar_url": "/assets/silhouette-beb1a3384f043f8d9358ebcfcbe4d687.gif",
"id": "NXT-PGNG-T4X3-PTPZ-CR3AQ",
"legal_name": "Tomoaki",
"nxt_id": "NXT-PGNG-T4X3-PTPZ-CR3AQ",
"username": "Tom1234",
"completion_rate": -1
},
"attachments": [
{
"url":
"https://smartcontract.s3.amazonaws.com/uploads/b343a2c11077665b1fb8b69e103c0508/test_Escrow_le
gal_document.docx",
"sha": "abb724b2a58b4b57a4e61bff3fdfc9748d6359306da3e81780621f4ad48d64df"
}
],
"body": "{"description":"test
descriptionn","signature_deadline":"1426098000","escrows":[{"deposit_address":"12zDnSNHRBq1
CfJam1oc2PSgf63VSvJs3P","holding_address":null,"amount":"170000","currency":"BTC","name":"
1"}],"id":"8c3f20590c26ed6eb01e3118c174431f","name":"this is escrow contract
test1","signers":[{"signature_key":"814de4b9861338e3","nxt_id":"NXT-PGNG-T4X3-PTPZ-
CR3AQ"}],"terms":[{"success":{"actions":[{"type":"payment","to":[{"type":"BTC","address":"1EFs
fd8C3Gjx7AQZpEoTn58GfJ7zKurWFo"}]}]},"failure":{"actions":[{"type":"payment","to":[{"type":"BTC
","address":"1B2KHh766LbscksgoTnNPN4iPjJtLctV97"}]}]},"name":"1","type":"payment","expected
":{"amount":"10","currency":"BTC","deadline":"1426185000","to":{"address":"1Gni19G1rrDZwYZ
3wTGo5wExbq4cBvxHdL"},"type":"payment","amount-
currency":"USD"},"escrow":"1"}],"type":"payment","source":"smartcontract.com","attachments":[{
"url":"https://smartcontract.s3.amazonaws.com/uploads/b343a2c11077665b1fb8b69e103c0508/test_Escr
ow_legal_document.docx","sha":"abb724b2a58b4b57a4e61bff3fdfc9748d6359306da3e81780621f4ad48
d64df"}]}",
"external_id": "8c3f20590c26ed6eb01e3118c174431f",
"name": "this is escrow contract test1",
"signers": [
{
"avatar_url": "/assets/silhouette-beb1a3384f043f8d9358ebcfcbe4d687.gif",
"id": "NXT-PGNG-T4X3-PTPZ-CR3AQ",
"legal_name": "Tomoaki",
"nxt_id": "NXT-PGNG-T4X3-PTPZ-CR3AQ",
"username": "Tom1234",
"completion_rate": -1,
"signed": null,
"signed_at": 0
}
],
"status": "awaiting signatures",
"type": "payment",
"escrow_deposits": [
{
"deposit_address": "12zDnSNHRBq1CfJam1oc2PSgf63VSvJs3P",
"amount": 170000,
"holding_address": "321tUTH8WEaYvBcdJKJzSZGhmoT89f5pm8",
"name": "1"
}
],
"terms": [
{
"name": "1",
"status": "in progress",
"escrow_deposit": {
"deposit_address": "12zDnSNHRBq1CfJam1oc2PSgf63VSvJs3P",
"amount": 170000,
"holding_address": "321tUTH8WEaYvBcdJKJzSZGhmoT89f5pm8",
"name": "1"
}
}
],
"tracking_updates": [
{
"body": {
"status": "awaiting signatures"
},
"created_at": "2015-03-11T09:11:28.170Z",
"owner": "Contract this is escrow contract test1",
"term": null,
"type": "status"
}
]
}
Smartcontract.com

5. Orisi
• Oracle (Fact provider) should
be decentralized and also to
make the cost lower and make
the judge faster, using MTurks
for facts judgement.
• And using BitMessage for
communication channel, it’s
difficult to know from where the
signed transaction published.
Orisi solves the dependency problem of contracts using external inputs such as
stock price or checking website urls for data by creating a distributed network in
which the majority of oracles have to agree to have a transaction validated.
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references:
reference:
https://www.mturk.com/mturk/welcome
http://orisi.vanillaforums.com/discussion/4/mturk-and-dist
oracles-two-tiered-arbitration

6. Codius
• Codius stops the development, because “Codius is just a way to make decentralization
easier” ~ from Bitcoin Magazine. There are small needs for the hosting.
• Not as decentarlized because of oracle needs, even if they have significant number of
inquiries they stop the development.
Codius is an open hosting protocol. It makes it very easy to upload a program.
~from Codius site.
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references:
https://bitcoinmagazine.com/20985/ripple-
discontinues-smart-contract-platform-codius-
citing-small-market/

7. Hedgy
• They have 2 services for elimiinating Bitcoin Volatility with the use of smart derivative contracts.
• 1. BitForward- Safest Over-The-Counter forward contract on the P2P market.
Allows speculators to gain consistent exposure to the price movement of Bitcoin without buying or selling the
underlying asset.
• 2. BitLock Timelock contract in order to eliminate volatility of miners, merchants, remittance processors
and to unlock it they will use various oracles to settle contracts automatically
To eliminate Bitcoin volatility using smart contracts.
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references:
http://hedgy.co/
http://hedgy.co/bitforward.html
http://hedgy.co/bitlock.html

8. Symbiont
• Counterparty Founder Adam Krallenstein is CTO and Founder of the team.Medici project developers
went to Symbiont, supported by former CEO at the NewYork Stock Exchange.
• 1. $1.25 mil raised, and competitor maybe Mirror (later shown on the presentation)
• 2. Decentralized trading, p2p settlement, build in Escrow and clearing.
Symbiont is building the first issuance and trading
platform for smart securities on blockchain technology
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references: https://github.com/symbiont-io

9. BitHalo
• Without bloat.
• With easiness
• Targeting many features
• Marketplace is one of the
important feature of them.
BitHalo aims to allow users to use smart contracts on Bitcoin
blockchain, OS X, Window, Linux client has already released.
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BitHalo: https://bithalo.org/update/

10. BitHalo/ BlackHalo
• BitHalo has another client, named “Black Halo” that has multisig wallet inherently, and
using Black coin for transactions.
• They has market place style design, and will have reputation in that, will be like Ethereum
Mist browser.
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BlackHalo: http://blackhalo.info/

11. Mirror
• Hedging and Risk Management for Bitcoin, raising $8.8 mil
• Nick Szabo, first author of the idea of smart contract helping the team.
• Mirror will automate trade settlements and zero counterparty risk.
Mirror aims to be smart contracts platform that
democratizes access to financial markets.
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Mirror: https://mirror.co/
Mirror Tech blog: https://medium.com/mirror-blog/why-bitcoin-
transaction-malleability-is-still-a-problem-and-how-to-solve-it-
89edbb47d4bf

12. Hyper Ledger (Digital Asset Holdings)
• Will be tens of thousands of transactions per second for financial transactions
• Trading smart contracts, sounds like trading tokens.
Hyper ledger don’t use crypto currencies at all.Their smart contracts will be run on
their asset manageement protocol hyper ledger.
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reference: http://hyperledger.com/

13. Digital Asset Holdings Business model
1. Syndicated Loans of corporate
* Using decentralized coordination mechanism of Hyper Ledger.
2. Private Stocks by tokenization
* Tokenization
3. US Treasury REPO
* increase liquiduity and regain the trustness for the promise of repo.
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reference: http://www.digitalasset.com/

14. Eris Industries
• DB and Server they provides, we can use it, or we can refer their nice tutorials. (Also they have forum to ask about
DApps and Smart contracts development)
• The founder, Casey Kuhlman is a lawyer and an engineer.
And this presentation is easy to understand about legal approaches to smart contract.
https://www.youtube.com/watch?v=wnFqOfR5a7I
Eris industries empower developers to embrace participatory software
architecture via distributed computing and smart contract systems.
from twitter
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reference: https://erisindustries.com/

15. Ethereum
• Wiki is the best place to know official information. https://github.com/ethereum/wiki
• You know, many information on the web, you can write a contract easily as you write normal programming language.
• Also they have next wen3.x platform vision.
Ethereum is creating new blockchain, virtual machine, programming
language, for modular, stateful, turing-complete scripting contract platform
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Ethereum wiki:
https://github.com/ethereum/wiki
Nodes on world

16. Colored Coin
• Open assets protocol will be used by NASDAQ private market, and
• Now Bitcoin can be used without transaction malleability, with the version 3.0 block penetration and soft-fork of normalised
transactions.
• So the ColoredCoin will also be treated on smart contracts on BItcoin Blockchain, see these practical smart contract using
Bitcoin on C# Nicolas Dorier. https://aois.blob.core.windows.net/public/Blockchain%20Programming%20in%20CSharp.pdf
Protocols on Bitcoin blockchain, for implementing new features.
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reference:
http://blog.coinprism.com/2015/05/16/nasdaq-using-
openassets/
http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/ Suggestign normalized contract, “Richardian contract”
which is signed by issuer and attached to assets