smart contract

Cardano integrates with the smart contract platform BitcoinOS, accessing $1.3 trillion in Bitcoin liquidity

ChainCatcher news, according to Cointelegraph, Cardano has announced the completion of integration with the smart contract platform BitcoinOS, bringing over $1.3 trillion in Bitcoin liquidity to its decentralized finance (DeFi) ecosystem.It is reported that the integration will utilize zero-knowledge (ZK) cryptography technology to achieve a trustless connection between Bitcoin assets and Cardano through the BOS Grail bridging protocol. This protocol employs BOS's ZK BitSNARK verification protocol, allowing Bitcoin transactions and assets to bridge to the Cardano blockchain without sacrificing decentralization and security.Ken Kodama, CEO of Emurgo, the leading organization in Cardano's Web3 adoption, stated that this integration "has the potential to unlock new cross-chain functionalities" and may drive the adoption of DeFi. He emphasized that BOS's bridging and zero-knowledge technology will provide a secure and trustless access route for Cardano's "users, projects, and developers" to Bitcoin.Notably, BOS has partnered with the layer two scaling solution Merlin Chain to deploy the BitcoinOS Grail bridging protocol on September 10. Merlin Chain founder Jeff Yin stated that this collaboration will provide users with "trustless, decentralized" bridging services for Bitcoin native assets, enabling cross-chain transactions without centralized security measures through zero-knowledge proofs directly written to the Bitcoin blockchain.

Argentina's judicial authorities have officially recognized the legal validity of smart contracts for the first time

ChainCatcher news, according to Bitcoin.com News, Argentine judicial authorities have recently recognized the legal validity of blockchain-based smart contracts for the first time, marking a significant breakthrough in the country's application of blockchain technology. This decision grants smart contracts legal enforceability in Argentina, paving the way for their use in commercial areas such as lease agreements and purchase payments.It is reported that the first legally recognized smart contract is a loan agreement built on the Cardano blockchain. The contract was reached by two Argentine Cardano ambassadors, Mauro Andreoli and Lucas Macchia, involving a four-month loan of 10,000 ADA (approximately $3,430) at an annual interest rate of 10%.Andreoli stated, "We have just signed the first contract on the Cardano network that is fully compliant with the laws of the Argentine Republic and has legal and judicial binding force." He emphasized that this means any breach of contract can be enforced in court to fulfill obligations in ADA. To ensure the legal validity of the smart contract, both parties also signed a supplementary legal document detailing the contract's content, the blockchain used, and the transaction ID of the relevant wallet addresses. This practice may become the standard procedure for the legalization of smart contracts in the future.

The FBI is accused of violating the MIT License when using smart contract code

ChainCatcher news, according to Cointelegraph, the Federal Bureau of Investigation (FBI) has been criticized for allegedly violating the terms of the MIT License in its smart contracts. X user 0xCygaar (self-identified as an AbstractChain contributor) publicly accused the agency of not properly including the required license attribution when using the OpenZeppelin library (an open-source code resource). If confirmed, this omission could constitute a violation of copyright law, as the MIT License explicitly requires that any substantial use or modification of its code includes the original license. X users claim they have warned the FBI to "take necessary measures against the FBI."The MIT License governs the use of blockchain technology, particularly within the Ethereum ecosystem. It can be distributed, modified, and used for free as long as the original license terms are followed. A public inspection of the FBI's smart contract on Etherscan shows that the code is marked as "unlicensed," sparking varied reactions from the community. The implications of the alleged violation could be serious, as the MIT License, while generally considered developer-friendly, is legally binding, and if OpenZeppelin chooses to do so, it can take legal action by sending a cease-and-desist order requiring the FBI to rectify the violation or stop using the code. However, any formal lawsuit against the FBI would face challenges due to sovereign immunity.

The Central Clearing Company is actively promoting the implementation and standardization of the blockchain digital bond project

According to ChainCatcher news, as reported by Xinhua Finance, the national-level scientific journal "Financial Electrification," supervised by the People's Bank of China, will publish an article titled "Exploring the Standardization of Practical Experience in Blockchain Digital Bond Innovation" in the second half of August 2024. The article is authored by the Central Government Securities Depository and Clearing Co., Ltd.'s China Bond Blockchain Digital Bond Project Team.The article states: As a national pilot unit for blockchain innovation applications, the Central Government Securities Depository and Clearing Co., Ltd. is actively promoting the implementation and standardization of the blockchain digital bond project. It is necessary to summarize and form specialized standards in a timely manner, striving to achieve replicable and scalable practices to promote the formation of an industry ecosystem and standardized development. Since exploring blockchain technology in 2018, it launched the country's first blockchain digital bond issuance platform in 2021 and has continuously optimized and enhanced system functionality and cross-chain interoperability.The platform has supported the issuance of multiple bonds, covering institutions such as state-owned banks and securities companies, promoting the integrated development of the digital economy and the real economy, while strengthening regulatory capabilities and industry norms. As the initiator of the alliance chain and the provider of system services, the Central Clearing Company is responsible for formulating business operation rules, establishing and improving alliance governance mechanisms, and maintaining the safe and stable operation of the system; it explores the effective coordination of necessary centralized management principles as stipulated by laws and regulations with distributed ledger technology, consensus algorithms, and smart contracts.The alliance chain does not change the legal central confirmation attributes and member access management authority of the Central Clearing Company. It efficiently achieves consensus formation in business processes through smart contracts and enhances the auditability, verifiability, and multi-party supervision of operations by the Central Clearing Company and market institutions through distributed ledgers and encryption algorithms. Market institutions, under the premise of complying with the alliance system, can orderly carry out business innovation, provide beneficial feedback and cooperative supervision, and jointly promote the high-quality development of the bond market.
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