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Bitaccess, an Ontario, Canada based research and development startup, will be presenting the world’s first peer reviewed paper on smart contracts this Friday on April 7th, 2017 in Malta. Bitaccess’ Shayan Eskandari will be presenting their research and findings at the Workshop on Trusted Smart Contracts in Association with Financial Cryptography.
The paper, based on the research project ‘Velocity’, examines the architecture required to create a decentralized derivatives market, with no counterparty risk, by using Smart Contracts.
Unlike traditional contracts, which can be difficult to authenticate, a Smart Contract contains terms which are written and enforced by code. The execution of the smart contract is carried out via machine, rather than relying on a fallible human performance component. Using the Ethereum blockchain, the Velocity research project launched a fully trustless proof-of-concept financial exchange market in 2016.
Thereafter, Bitaccess submitted their findings for peer guidance and review. The paper discusses using smart contracts to model financial derivatives, security, solidarity, and final implementation as well as the challenges of building any form of financial markets on a blockchain today. Given the popularity of centralized, counterparty-backed systems, decentralized markets are expected to face challenges in gaining traction due to their current limitations.
The team has expertise in developing proof-of-concept and production grade blockchain smart contracts, oracles, and complex blockchain scripting. They currently preside over a bitcoin ATM network & exchange with more than 4000 locations across 15 countries. Bitaccess operates primarily in physical retail locations in Canada and the US, with a focus on creating effortless on-ramps to the digital currency ecosystem.
They look forward to discussing the challenges present when building financial markets on blockchains today, as outlined in the Velocity Research Project .
Additional details on the Peer Reviewed Paper, “On the feasibility of decentralized derivatives markets”, can be found in the link below: https://www.bitaccess.co/projects/velocity-markets
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