Last month, we announced the launch of the Sagewise SDK. This marks a major milestone in the development of our business and the safety of the blockchain ecosystem overall. It is a step towards achieving our long-term vision of providing an infrastructure to address the inevitable issues that will arise around smart contracts. In this post, we want to provide a little more information about this vision and and our plan to achieve it.
Although most participants in the blockchain space probably don’t realize this, many smart contracts have errors or oversights in their code bases that will lead to significant problems for their businesses and for users down the road. Even if the smart contract code is perfect, situations inevitably arise that could not have been predicted by the developers writing the contract. Since 99% of people cannot audit (much less read) a smart contract’s code for themselves, they have no way of confirming the quality of a product other than trusting the word of a developer.
This situation is bound to lead to errors and misunderstandings. Over the coming weeks, we will publish a series of blogs outlining theoretical situations that can arise from such problems. Crucially, there is currently no way to resolve disputes arising from an error in a smart contract. The fact that the contracts are “smart” and automatically execute based on pre-set requirements can actually exacerbate disputes if the contract is not correctly constructed. Because the blockchain space remains so young, many parties remain unaware of the existence or the potential magnitude of this issue.
Sagewise’s vision is to build a fully-functioning plugin solution that allows smart contract users to achieve their true transactional intent, including the ability to resolve the disputes that will inevitably arise around smart contracts as they are bound to arise from any form of human interaction. Sagewise can “freeze” a smart contract in place while disputes are mediated. It can devise a number of forms of resolution depending on the preferences of the parties involved and on whether dispute resolution was built in to the original contract. Our goal is to provide peace of mind and the expectation of an equitable outcome for blockchain transactions – a toolkit to make sure smart contracts are doing their jobs. The safety net provided by Sagewise is intended to grow into a full suite of capabilities that will be indispensable as the crypto space expands. Disputes around token offerings are a problem; disputes around smart contracts that underpin entire supply chains are a crisis. We are building a platform that addresses the enormous future of blockchain, a future in which broad mainstream adoption is a reality and the integrity of contracts is paramount.