Sagewise Announces Launch of Smart Contract Safety Net to Combat the More Than Half a Billion Dollars Lost in Smart Contracts in 2017
LOS ANGELES, April 3, 2018 (Newswire.com) - Sagewise, a safety net for smart contracts, today launched the alpha version of its software development kit (SDK), which freezes the execution of Ethereum smart contracts. The SDK is one component of the toolkit Sagewise is developing for unforeseen errors and disputes in smart contracts.
Despite their name, ‘smart contracts’ often fail to perform correctly--they are subject to coding errors, security vulnerabilities, and genuine disputes. Furthermore, while code is static, human situations continually evolve, requiring that smart contracts have the capacity to be amended, terminated, and disputed.
The blockchain industry still has many infrastructure issues to resolve before it can see broad adoption by mainstream users and businesses. Dispute resolution is one of those challenges that need to be resolved.
Amy Wan, CEO, Sagewise
More than half a billion dollars in value was lost due to problems with smart contracts in 2017.
“The SDK, along with the rest of our infrastructure, will ensure greater transactional confidence and certainty in the blockchain ecosystem” explains Sagewise CEO Amy Wan, Esq. “The blockchain industry still has many infrastructure issues to resolve before it can see broad adoption by mainstream users and businesses. Dispute resolution is one of those challenges that needs to be resolved.”
SDK Allows Smart Contract Execution to be Frozen
Users can insert Sagewise’s SDK into their Ethereum smart contracts. To the extent the smart contract executes in a way the parties do not intend, authorized users of the contracting parties can trigger the SDK to freeze execution of the smart contract. From there, the alpha version of the SDK gives a third party dispute resolution vendor “Administrator Access” to the smart contract in order to fix any issue that may have arisen with the smart contract.
Sagewise plans to add robust features to the SDK in coming months. The SDK, paired alongside Sagewise’s Contract Canary--a smart contract email monitoring and notification system available to licensees--prevents unforeseen execution of a smart contract.
Sagewise also plans to release other support tools as part of its infrastructure, which will help bring the entire transactional process together, from documentation of smart contract intent to dispute resolution process handling.
The company welcomes feedback and engagement by community members, who can sign up for updates at www.sagewise.io and engage via its Telegram channel at t.me/sagewise.
Source: Sagewise