(PDF) Design of the Blockchain Smart Contract: A Use Case

What Kind of Public Chain Does Islamic Finance need?

What Kind of Public Chain Does Islamic Finance need?

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Introduction
The first discussion of the HLC technology community in early May ignited a response to DAG (directed acyclic) technology among public chain enthusiasts around the world. One of the ideas is very appealing: BLOCK DAG is the ideal expansion solution for Bitcoin founder Nakamoto. In that community discussion, the classical blockchain consensus POW (PROOF OF WORK) was re-emphasized with the confidence and legitimacy of technology. In the past few years, POS (PROOF OF STAKE) has been set as the future direction in the global technical media, as if the classical consensus has died, just like in a country’s constitutional structure, the referendum must be given to the members. The same as the agent. When the HLC technical team decided to develop the public chain, it adhered to the values ​​of a classic blockchain consensus and wrote it into the foundation’s extended charter. On May 18th, at the second salon of the HLC Public Chain Technology Community of the Star Blockchain Project in 2019, the DAG’s mixed agreement was the most invented. It answers another business question: What kind of public chain does the global Islamic financial asset need? Quite simply, HLC is to contribute such a public chain to Islamic finance. This simple ideal is very difficult to implement. This is why the HLC public chain has to propose a classic blockchain setting, that is, we want to make a new definition of the transaction-level public chain in our mind, so it finally determines the direction of the Block DAG. In addition, according to the characteristics of Islamic finance, HLC provides a set of public chain solutions that are more suitable for Islamic financial scenarios. This is why HLC finally chose a UTXO-based trading model instead of a more popular one. The account model of the smart contract.
What is the HLC public chain? In fact, before answering the HLC public chain, the most important thing is to answer the HLC public chain first. Because HLC’s technology selection is based entirely on values ​​and its own philosophy, the final selection will be different from the hot technology of packaging at the moment. The community has discussed this matter in particular. HLC public chain is not a network under the PoS consensus In the past two years, under the impetus of commercial interests, the classic PoW has been criticized for its huge energy consumption. Some projects have even formed the emergence of PoS for insider related transactions, which seems to naturally represent “political correctness”. The HLC community and technical team are optimistic about the development of PoS and its application in specific scenarios. However, as a public chain, HLC pays great attention to the openness of the network and the fair value foundation. At present, the solution under the PoS consensus still does not solve this problem very well.
HLC is not a layer of smart contracts Now, Block