What are the key technologies for smart contract construction of digital RMB?

The research, promotion and application of legal digital currency have extensive and far-reaching significance. Not only can it reshape the operating mechanism of the financial industry, strengthen the economic operation function, and promote the internationalization of the RMB, but it can also optimize the monetary policy transmission mechanism, improve policy accuracy, and seize the international market. The right to speak in trade and changing the world’s financial structure. China’s central bank digital currency has entered the pilot phase in many cities. The central bank builds a “central bank-commercial bank” double-layer digital currency operation system. The central bank plays the role of currency issuer, and the commercial bank undertakes the service function of providing digital RMB exchange and circulation to the public.

In the field of traditional financial transactions, commercial banks have formulated a series of credit certification documents such as checks, money orders, promissory notes, large deposit certificates, and credit certificates of deposit to confirm assets. Commercial banks provide effective security guarantees for large-value transactions in different places by providing credit guarantees for various financial institutions. As a legal currency with legitimacy, stability, and anchoring, the central bank’s digital currency will inevitably require credit vouchers and guarantees of agreed conditions when applied to various remote large-value transaction scenarios, and set according to different transaction scenarios.

Smart contracts can strongly support various different transaction scenarios of digital currencies, meet the diverse needs of payment methods, and have the characteristics of transparency and credibility, automatic execution, and mandatory execution. The combination of smart contract and legal digital currency can be effectively applied to business scenarios such as conditional payment and scheduled payment of digital currency, which is conducive to the function of digital currency. A smart contract is a set of commitments defined in digital form. It controls digital assets, including the rights and obligations agreed upon by contract participants. Its essence is a computer program. Once certain pre-defined rules and terms are met, the computer will automatically execute the terms of the contract to realize the transfer of digital assets in accordance with the contract, avoiding human intervention. Therefore, the use of smart contracts can effectively avoid malicious attacks such as transaction tampering, reduce transaction disputes, and ensure the fairness of transaction parties.

The research team takes the smart contract system that supports legal digital currency as the research object, and conducts research on key smart contract technologies such as smart contract languages, virtual machines, and compilers, focusing on solving the incompatibility between smart contract languages. With legal currency digital currency, the security and correctness of contracts are difficult to verify, the efficiency of smart contract execution is low, and the supervision system is weak, forming a complete and practical legal currency digital currency smart contract system. Specifically, the subject will carry out scientific research from four aspects: smart contract language and compilation execution system, smart contract formal verification and vulnerability detection, smart contract operation acceleration technology, and smart contract supervision system.

The research team uses the pain points faced by the legal currency digital currency smart contract system as an innovative driving force to explore a new legal currency digital currency smart contract system. It is planned to make breakthroughs around the following four key research contents.

Research content 1: Smart contract language and compilation execution system

The life cycle of a smart contract includes multiple links such as development, compilation, execution, and destruction. It is written in a high-level programming language and compiled into a low-level bytecode form executable by a virtual machine using a compiler. The legal currency digital currency has its own unique underlying platform and core architecture, and it is necessary to study a new type of smart contract language and compilation and execution system suitable for digital currency. First, from the perspective of the smart contract language, study the basic structure of the contract, the underlying functional interface, and the domain-specific language related to digital currency, so that the contract can support the basic function authorization, verification, payment and transfer of the digital currency wallet, thereby promoting the development of the digital currency scene Commercialization; Secondly, from the perspective of smart contract compilation and execution, study key links such as contract compilation, contract deployment, contract execution, smart contract multi-party and multi-layer security monitoring processes, and explore the smart contract system compilation and execution mechanism under legal digital currency; Third, analyze the external malicious attacks that may be encountered during the execution of the smart contract, build a safe and reliable contract operation protection mechanism, provide sandbox isolation protection for the execution of the smart contract, and ensure the isolation and robustness of the contract; finally, for Make contract development easier,

Aiming at the language design of smart contracts, research the new smart contract language, compilation and execution mechanism, operation protection mechanism and visual programming mechanism under the legal digital currency system. Specifically:

1) Research new smart contract languages, combine the characteristics of legal digital currencies, explore the design of new digital currency smart contract programming languages, meet the needs of smart contract language features under the digital currency system, and improve the scalability and robustness of smart contract development

2) Study the compilation and execution mechanism of smart contracts, explore the compilation and execution mechanisms of smart contracts under the legal digital currency system from various aspects such as compilers and virtual machines, to ensure the correct compilation and execution of contracts;

3) Study the protection mechanism of smart contract operation, analyze the attack scenarios that may be encountered during the execution of smart contract from the perspective of contract operation environment, build a safe and reliable contract sandbox protection mechanism, and improve the isolation and robustness of smart contract operation status and efficiency high;

4) Study the visual programming mechanism of smart contracts, explore feasible and usable contract visual programming mechanisms, make contract development easier, and improve the efficiency of smart contract development and the popularity of contracts.

Research Content 2: Smart Contract Formal Verification and Vulnerability Detection Technology

A smart contract is essentially a piece of computer program code, which follows the “If-Then” working principle. When the predefined conditions are met or verified, the smart contract can be automatically executed without third-party intervention. Up to now, tens of thousands of smart contracts have been deployed on various blockchain platforms (such as Ethereum , Witte Chain, etc.). As the number of smart contracts increases, their security issues become more and more important. The smart contract under the legal digital currency system carries the performance of commercial contracts and also involves the transfer of funds between customer accounts. If the smart contract has security issues, it may directly lead to the risk of loss of account funds. therefore,

Aiming at the security of smart contracts, research the formal verification technology and vulnerability detection technology of smart contracts under the legal digital currency system. Specifically:

1) Research the formal verification technology of smart contracts and explore new formal verification methods to meet the verification requirements of new smart contracts under the legal digital currency system;

2) Research the smart contract vulnerability detection technology based on static analysis and dynamic execution, combine the static analysis and dynamic execution of multiple vulnerability detection schemes, and explore new methods of smart contract vulnerability detection based on static analysis and dynamic execution to be able to detect digital Currency analysis detects various contract vulnerabilities that may exist in smart contracts.

3) Research the smart contract vulnerability detection technology based on deep learning, combine the characteristics of digital currency smart contracts, explore the vulnerability detection model based on deep learning, and strive to improve the accuracy, timeliness and automation of vulnerability detection. So as to realize an effective smart contract vulnerability detection tool.

Research content 3: Smart contract operation acceleration technology

In the context of the vigorous promotion of legal digital currency, smart contracts, as a performance tool of the business society, will face the test of massive transactions and large concurrency, so the efficient operation of smart contracts is a necessary research content. It is planned to study the parallel execution of smart contracts, data sharding technology and integrated collaboration technology to realize the efficient operation of smart contracts. On the other hand, the existing smart contracts cannot complete the business operations of all commercial social contracts. They need to be integrated with the existing traditional architecture information system to provide a high-performance integration layer and improve the overall execution performance of the smart contract. Specifically:

1) Research on the parallel mechanism of smart contracts to turn the business that originally required serial processing into parallel processing, reduce the cost of data flow and intercommunication, and provide a reliable and credible business collaboration platform for the execution of various tasks;

2) Research smart contract data sharding storage technology, divide smart contract data into multiple shards and place them on different nodes, and divide the network into shards to process and verify more transactions at the same time;

3) Study the integrated and collaborative technology of smart contracts, combine the expanded computing and storage capabilities of the contract with the external system environment, and build a large-scale and efficient integrated collaborative smart contract operating system.

Research Content 4: Smart Contract Supervision System

Smart contracts are performance tools for business society. Effective supervision of the entire life cycle of smart contracts is required, including contract review, transaction behavior during contract execution, and execution after breach of contract, etc., and a set of penetrable national supervision models need to be provided as the starting point of supervision. It is planned to study the penetrating supervision capabilities based on blockchain technology, and realize the supervision system of smart contracts, including environmental data such as contract signing and execution, which will be distributed through the blockchain network to meet the regulatory level supervision business and compliance requirements. Specifically:

1) Study the deployment and review mechanism of smart contracts. Contract operators need to proactively detect the contract before the contract goes online, and process it based on the detection result. If illegal content is found, report it without going on the chain at the same time;

2) Study the implementation and supervision mechanism of smart contracts. Regulators control the execution status of smart contracts, review illegal content, and block or filter them to prevent continued spread;

3) Study the storage certificate mechanism of smart contracts, realize multi-party verification and multi-party storage of smart contracts under the legal digital currency system, ensure the traceability of transactions, and explore the possibility of smart contract security verification combined with blockchain technology.

(Source of technical theory: VNT Labs, Compiler: Baize Research Institute)


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