📄 ZKP Hybrid Smart Contracts
Last updated
Last updated
All transactions facilitated on Coded Estate is at its core powered by CosmWasm smart contracts, ingrained within the Nibiru blockchain, to facilitate seamless real estate transactions. When properties are acquired, reserved for rentals or reserved from fractionalized NFT pools, payments are channeled directly through these smart contracts. Only once essential prerequisites of the zero knowledge proof generated KYC verifications, due diligence, and document sign-offs, are satisfactorily completed, will the smart contracts automatically be triggered an initiate the transaction. Upon successful completion, the property's representative NFT is relayed to the new owner (or reserve the right for a temporary stay if rental), with all required documents attached and confirmed in the real world servers. Simultaneously, the NFT owner receives the stipulated payment. Every transaction is indelibly etched onto the blockchain, safeguarding its permanence while ensuring access is strictly limited to authorized individuals.
Up until now, the realm of smart contracts was confined strictly to the blockchain, limiting their potential for tangible real-world implementations. Nonetheless, our dedicated team is pioneering smart contracts capable of interfacing with external data sources. This evolution facilitates their activation based on specific real estate transaction prerequisites, encompassing credentials, e-signatures, and pertinent data. Such innovation paves the way for fully automated real estate dealings on the blockchain, fortified by the enhanced security and reliability intrinsic to smart contracts.
Coded Estate utilizes ZKP-hybrid smart contracts, integrating on-chain code with off-chain data facilitated and verified by zero-knowledge proof technology. This fusion delivers sophisticated coordination that combines the security, low-cost and automated transactions of the blockchain while still triggering the transactions based on real world data. Through Coded Estate's innovative approach, both on-chain and off-chain computing environments are harmonized, crafting an elevated smart contract solution. This approach utilize the secure execution and preservation of on-chain protocols with the adaptability and data accessibility derived from zero-knowledge proof methodologies.
How ZKP-Hybrid Smart Contracts Integrate On-Chain and Private Data with Off-Chain Computation:
To appreciate the intersection of on-chain and off-chain components, it's vital to delineate the unique roles each undertakes:
On-Chain: Blockchain
Maintains a consistent ledger, ensuring authoritative custody of users' assets and interactions with private keys.
Executes the final settlement by processing irreversible transactions, facilitating the transfer of value between users.
Provides dispute resolution and establishes safety nets, ensuring that off-chain validations and computations, powered by zero-knowledge proof, are precise and impervious.
Off-Chain: Zero-Knowledge Proof Technology
Fetches and verifies crucial real estate data and documents from centralized databases, ensuring authenticity and reliability without revealing private details.
Allows automated validation of necessary real estate documentation, eliminating the need for users to manually process or present sensitive information.
Ensures that only the necessary and verified data is sent to the blockchain, keeping personal and sensitive details shielded, thus offering a layer of privacy and security in real estate transactions.
Coded Estate leverages the Reclaim Protocol's advanced zero-knowledge proof (ZKP) technology within its smart contracts, revolutionizing how real estate transactions occur on the blockchain. The essence of this technology revolves around validating essential transaction credentials and data without exposing the particulars. With Reclaim Protocol's groundbreaking zero-knowledge technology, data sent over the internet undergoes confidential verification, maintaining the utmost privacy for all transaction participants.
Historically, communication standards such as HTTPS/TLS allowed for private server-user communication but fell short in verifying data origin to external parties. Coded Estate, by integrating Reclaim Protocol's ZKP, obliterates this hurdle, offering a robust, private, and secure avenue for blockchain-based real estate transactions.
Coded Estate leverages the power of ZKPs and oracle networks to offer a secure, confidential, and efficient way of executing real estate transactions. The use of ZKPs in Coded Estate's hybrid smart contracts helps to provide the necessary off-chain data and credentials needed for real estate transactions, while preserving the privacy of the users. The technology developed by Cornell University further strengthens the security of the transactions by enabling confidential data transmission over the internet without revealing it to the public or oracle nodes. This technology overcomes the limitations of existing web communication standards, such as HTTPS/TLS, and provides real estate tailored smart contracts that are sovereign, automated, transparent, and secure. The zero-knowledge proofs used in Coded Estate's solution demonstrates the practicality of this complex and powerful technology in real-world use cases, ensuring blockchain accuracy and scalability, and providing users with complete clarity and control over their data.
