The idea of smart contracts, originating from Nick Szabo, remains an inspiration for an almost a generation of innovators. However its promises to become a foundation for technically-guaranteed agorism, anarcho-capitalism and cryptoanarchism were never fulfilled - since all l existing systems claiming to be “smart contract platforms” so far fail to deliver required properties of the smart contract trilemma:
- 1.Be scalable
- 2.Has sufficient programmability (be nearly-equivalent to a universal Turing machine)
- 3.Be decentralized and censorship-resistant
The last decade the joint work of a number of cryptographic researches and cypherpunk thinkers has brought a new foundations which can be utilized in achieving the goal. This includes concepts of client-side-validation and single-use-seals by Peter Todd and client-validated “colored coins” of Giacomo Zucco able to operate as a scalable layer on top of bitcoin and lightning network. In this proposal we merge this ideas with prominent privacy-preserving tech (confidential transactions by Blockstream, enhanced with Bulletproofs++ range proofs) and novel concepts of partially-replicated state machines, functional confined type system and registry-based virtual machine developed by me in UBIDECO Institute to create a new programmable, secure, privacy-preserving, censorship-resistant and scalable smart contract system called RGB.