Two Tier Blockchain
Gideon Greenspan over on the MultiChain blog offer a very interested read around Smart Contract and Ethereum, “Smart contracts: The good, the bad and the lazy”. After pulling the Ethereum run code on all miner nodes to pieces, Gideon proposes a two tier blockchain concept – the best of all worlds? :
The lower tier would be built on bitcoin-style transactions which are processed instantly and concurrently, and don’t need to wait for block confirmations. These transactions could perform simple movements of assets, including safe atomic exchanges, without resorting to smart contracts. But this lower tier would also be used as a blind storage layer for the programs and messages that represent more complex business processes, embedded as transaction metadata.
As for the upper tier, each network participant would choose which programs they want to run. Some might choose to run none at all, because they are only interested in simple asset movements. Others might execute a small group of programs that are relevant to their internal processes (with the knowledge that this group exchanges no messages with programs outside). A few might even opt for global execution, processing every message for every program, just like Ethereum. But the key thing would be that every node runs only the code it needs to.
I particularly like the smart bond reference at the end of the article – often thrown around in other texts.
Hopefully in a future posting Gideon will provide some insight into “Regulatory transparency“, and possible how MultiChain can aid on the Mifid II road