Fantom and University of Sydney to Create Smart Contract Software Application Toolchain
The University of Sidney and Fantom recently announced a research partnership between the two entities. The partnership will see Fantom—a secure, scalable, and extremely fast DAG-based smart contract application make a substantial donation to the Faculties of Information Technologies and Engineering at USYD.
Bernhard Scholz, the Computer Science Associate Professor at the University of Sydney is expected to lead the research process. The funds to be sent by Fantom will first be used to finance a research group that will be looking into creating a programming toolchain that can be used by Fantom and the community.
The research group will achieve this through the use of software artifacts and open source research. The purpose of this project is to come up with a software application that can be used to check for bugs in order to create a suitable environment for the development and deployment of smart contracts.
While speaking about the partnership, the professor stated that the grant advanced to the university by Fantom would make it possible for the academic institution to deliver software artifacts and research papers that would provide a unique perspective into blockchain opportunities that exist in institutions of higher learning.
He went on to state that it was their work as academicians to make sure that their students were armed with as much expertise and experience as possible to help them succeed in today’s world. Prof. Scholz added that blockchain technology is playing an essential and highly-dominant role as far as the evolution of the programming language is concerned.
According to him, the partnership between the two institutions will help make it easier for them to make meaningful contributions to the ever changing world of technology.
According to the Chief Innovation Officer at Fantom—Michael Kong, the distributed ledgers platforms and cryptocurrencies currently have a total market capitalization of more than two hundred billion dollars. Given the huge sums of money at stake, the ever changing nature of cybersecurity threats, it has become increasingly important to make sure that the smart contracts being used in the industry can withstand anything that is thrown at them.
Michael went on to note that the existence of smart contracts that have been poorly drafted can be potentially dangerous for the entire cryptocurrency universe. The purpose of this partnership is, therefore, to find new ways that can be used to strengthen the programming used in smart contracts.
The collaboration between the two organizations will also ensure that students garner hands-on-experience that they can later use to help advance blockchain technology and infrastructure. The research partnership is expected to focus on:
- Virtual machines. The industry requires the creation of a new virtual machine that comes with a compartmentalized bytecode format.
- A good programming method for developing smart contracts. Programmers will need to receive continuing education
- Verifying compiler. A good compiler that can translate Solidity to the virtual machine is also required.
- Programming language for smart contracts. Solidity is the programming language currently in use, but it has proven to be unreliable as it does not come with an in-built typing system.
For these four objectives to be achieved, the grant will be used to sponsor professors, postdocs, and Ph.Ds.