The latest tweet made by the Development Team of Satoshi Core Mining has left many participants’ a bit confused and generated questions.
The @Coredao_Org tweeted, “The code designer should not be the owner of the smart contract. They must adhere to the principle of “no one is above the law” and design fair smart contracts for everyone.”
Amid the uprising queries, a miner on the Satoshi CORE’s Discord server hinted that, it means no individual is above the law in Core Chain, as it’s built on fairness, justice and equity and will not accept anything that is repugnant to equality.
In computing, a code is simply a programming language upon which a software or an application runs. These programming languages are what makes it possible for humans to interact with computers via commands on the application layer. Also, computers are able to interact with other computers. Even more specifically in our line of interest, interoperability is possible between and among blockchains.
Now, code ownership comprises various forms but usually without a written agreement that expressly states who obtains the legal right, the author of the code or their employer is usually considered the first legal owner of copyright. However, implied terms may exist at the time of the contract which case this default position.
Remember, blockchain as a technology immutably stores data on all distributed ledgers on the network. As we already know by now, blockchain relies heavily on hashing algorithm whereby ordered chain of blocks contains information of previous blocks all the way to its genesis block. From this brief analysis we can conclude that a blockchain is developed/built on a mathematically complex software code to be specific.
Now, within certain blockchains are automated programming languages called Smart Contracts. By definition, Smart Contracts are simply programs stored on a blockchain that run when predetermined conditions are met.
So, whenever a transaction happens, a function is invoked that calls the smart contract and the processing is done. Smart Contracts are stored on the blockchain because it’s important for the contract to be available to the people making transactions. Example is Swap and Liquidity Pool functionalities we have on Uniswap hosted on the MetaMask wallet.
From previous tweets, the CoreDAO has emphasized the importance of Decentralization in blockchain. From a Decentralized chain capable of assisting third-party institutions like banks, lawyers, accountants, etc. through to how a public chain must be decentralized enough in order to accommodate geopolitical contradictions. Even to a larger extent how a blockchain is a technology for formulating laws, building human consensus, etc. If you read through all these tweets carefully, the underlying principle being highlighted across is TRANSPARENCY!
It’s on this grounds of Transparency in Blockchain that goes without saying that the code designer/ developer should not be the owner of the smart contract. Why this is emphatically stated here is that Code developers are known to “create back doors” which allows them to tweak or alter some commands/ variables to their selfish interest to the detriment of the greater good. Ownership of the Smart Contract code MUST belong to all and sundry regardless of race, gender, geographical location, etc. It MUST be OPEN-SOURCE; readily available to everyone to access, edit and contribute for the greater good of all.
The opposite of this principle can be catastrophic and in most cases lead to irrecoverable loss financially, reputation, etc. A practical instance is the now famous Terra-Luna crash few months ago. Investors suffered the greater financial loss because the modalities upon which the Terra ecosystem ran wasn’t transparent enough according to many experts.
In a nutshell, Smart Contract originates from Proof of Stake(PoS) algorithms on the Ethereum blockchain. The idea of Open-sourcing a code is to design fair smart contracts for everyone so that “no one is above the law”.