The "virtual" part implies the L2 aspect of the overall system, and partially just naming only.. The smart contracts operate a bit differently than other solutions, instead of smart contracts operating across 100% of nodes, only a handful of nodes execute each smart contract. This allows the network to scale horizontally and maintain long term scalability. Each smart contract is just JS code that is designed under the restrictions of the smart contract VM (i.e max execution time, deterministic, no 3rd party libs, etc). The goal is to provide users with a highly advanced smart contract interface that both tackles all the needed offchain functionality and onchain functionality as well. While most of the data will be offchain, it will likely end up having the most support for onchain operations out of everything built so far.
Smtees!™ were determined to slow the base layer chain down by too much due to all the calculations that would have to be performed so it was decided to push that to the 2nd layer and to adopt smart contracts later.
SMT won't be coming. We will have smart contracts though. Probably within 1 year.
don't we already have them through dlux and hive-engine?
I meant decentralized smart contracts
Plus VSC (@vsc.network) coming out in the next few months bringing decentralized smart contracts to hive.
do you know why they are "virtual"? or what the difference of this to blocktrades will be?
The "virtual" part implies the L2 aspect of the overall system, and partially just naming only.. The smart contracts operate a bit differently than other solutions, instead of smart contracts operating across 100% of nodes, only a handful of nodes execute each smart contract. This allows the network to scale horizontally and maintain long term scalability. Each smart contract is just JS code that is designed under the restrictions of the smart contract VM (i.e max execution time, deterministic, no 3rd party libs, etc). The goal is to provide users with a highly advanced smart contract interface that both tackles all the needed offchain functionality and onchain functionality as well. While most of the data will be offchain, it will likely end up having the most support for onchain operations out of everything built so far.
thanks for clarifying that
No problem! Let me know if you have any other questions about the project!
!piza
SMT means?
steem media tokens
Slow base layer Media Tokens
Smtees!™ were determined to slow the base layer chain down by too much due to all the calculations that would have to be performed so it was decided to push that to the 2nd layer and to adopt smart contracts later.