Smart Contracts

Identifying and defining various parties’ financial links Smart contract improvements.

A Smart Contract is a contract that defines the relationship and value interaction conditions of one or more digital assets among multiple participants in terms of temporal succession and spatial location and is used to complete financial transactions of one or multiple digital assets among multiple participants.

The assets mapped on the Lithosphere chain by digital assets Lock-in, which allows Lithosphere’s smart contracts to specify connections among many different digital assets at the same time, are referred to as digital assets.

The owners or consumers of various digital assets are referred to as multiple participants. They are represented as accounts in the Lithosphere chain, including user and contract accounts. Contract participants in crypto smart contracts might comprise numerous user accounts as well as many contract accounts.

The definition of financial transactions through smart contracts becomes a description of the connections among various digital assets and diverse ownership in time and space because the core of finance is the exchange of values across time and place.

The following are the limitations of current smart contracts:

  • Can only operate on the same digital asset between two parties on the same chain;

  • Can only transfer ownership of digital assets, making usage and ownership indivisible;

  • Can only be triggered by a transaction, with no off-chain trigger conditions or legitimate off-chain information input.

  • Realize applications of ownership and usufruct among multiple parties and multiple digital assets;

  • Effectively get off-chain data input;

  • Call other smart contracts in a smart contract in an enclosed or parallel manner as if the smart contract were a smart contract.

Key Distribution in Myriad Token management has permitted interaction between various digital assets and has become the object to define and program for Lithosphere’s smart contracts. As a result, it has the capacity and the need to implement DeFi features like multi-role, multi-token, and usufruct separation (rights).

The capacity of a smart contract to handle many distinct account types while also defining the connections between numerous users and various smart contracts is referred to as multi-role.

After mapping distinct digital assets to Lithosphere using Lock-in, a smart contract on Lithosphere may describe the relationship between many different digital assets at the same time.

Separation of usufructs refers to the ability to separate the usufructs (rights) and ownerships of digital assets. The present smart contract may only transfer tokens as a whole from one party to another, and it is not feasible for one party to gain ownership of a digital asset while the other party obtains the usufruct, implying that ownership and usufruct are separate in traditional smart contracts. It is simple to establish more than two user accounts or contractual accounts in a single smart contract, allowing for the separation of ownership and usage accounts as well as financial activities such as mortgage loans across various digital assets.

The transfer of digital assets will be possible if the link between them is solely specified in terms of space. It is a borrowing connection between them if the relationship is characterized in terms of time. When the connection is described in terms of object attribution, it represents the ownership and usufructs of the objects. As a result, the logical abstraction of one or more relationships in terms of time, space, and object attributions can lead to the construction of various transactions ranging from simple to complex between various digital assets, even eliciting yet-to-be-realized financial innovations, allowing for limitless imagination.

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