Blockchain, in a nutshell, is a shared ledger or database that records transactions across a network of multiple computers or nodes. Because blockchain is distributed in this way, with no single node in control, it is a decentralized network operating without any centralized authority. Transactions are processed automatically by the network’s users, and they are all recorded in a transparent, immutable, and secure manner that makes them irreversible.
These characteristics make blockchain a potentially disruptive force in industries such as finance, healthcare, supply chain management, and more. However, the technology also has significant limitations that have prevented it from achieving widespread adoption. These limitations include scalability issues, high energy consumption, regulatory challenges, and a surprising lack of functionality when it comes to building applications that live on the blockchain.
Solutions Are At Hand
Fortunately, the blockchain industry is nothing if not innovative, and solutions have emerged to address many of these problems. For instance, proof-of-stake blockchains such as Ethereum and Polkadot can reduce energy requirements, while the more advanced consensus mechanisms built by projects like Solana and Sei help blockchain networks to scale.
In terms of enhancing blockchain’s functionality, one of the most intriguing new offerings is Gear Protocol, which provides the technology that powers Vara Network and other next-generation blockchains.
Gear has built a sophisticated, substrate-based smart contract engine that supports faster and more capable decentralized applications, running at lower costs compared to those on traditional EVM networks like Ethereum. Vara Networks uses Gear’s architecture to streamline the creation and deployment of smart contracts, while introducing new features that are not possible on other networks.
Transforming Smart Contracts
One of Vara’s most intriguing capabilities is something called Delayed Messages, which utilizes Gear’s Actor Model and paves the way for advanced trading strategies such as derivatives and short selling in DeFi in a more decentralized manner.
On Ethereum and many other smart contract networks, these kinds of instruments can only be built in a way that relies on centralized systems, which custody users’ funds to perform transactions for users. An example of this might be a permissioned wallet. Many crypto users take issue with this because it goes against the decentralized ethos of blockchain, as they must trust that the centralized party will perform the transactions correctly and in a timely fashion.
Vara gets around this using Delayed Messages. It works by creating gas pools that can be used by programs to execute smart contracts after a specified time or when other specified conditions have been met. It essentially gives smart contracts an alarm clock, enabling them to wake up and trigger required actions at the specified time without relying on a centralized system to act on the user’s behalf.
By eliminating the need for external triggers, dApps can gain much greater functionality. For example, self-sustaining contracts can operate independently, guaranteed scheduled actions can occur without any user intervention, and more.
Real World Applications
To illustrate how this can bring more functionality to dApps, imagine a blockchain used for supply chain management. By using delayed messaging, a supplier can enter shipment information, such as the contents of a box, its temperature, point of origin, and destination, inserting a delayed reveal message. That message, which might be instructions on how to activate a product, would be encrypted until a certain time or until the specified recipient provides a password.
Alternatively, it might enable payments to be made for subscription services, automatically deducting the annual or monthly fee from a user’s wallet at a predetermined interval. Gaming experiences could become more realistic, with certain events occurring only at specific hours and resources slowly dwindling over time.
Another compelling use case is decentralized governance, with Delayed Messaging supporting the introduction of time-based voting systems. A dApp can be programmed to automatically calculate the votes on a particular issue after a specified time period has elapsed. This prevents the possibility of a human shutting down a vote earlier than stated, ensuring fairness in the governance process.
Final Thoughts
Delayed Messaging is just one aspect that sets Vara Network apart from other decentralized networks, with other unique features including its persistent memory for immutable programs and its intuitive developer API that supports multiple programming languages. By eliminating the need to rely on expensive and centralized services for advanced dApps to function properly, Vara is raising the bar for what blockchain developers can achieve.
