This article was first published on iExec - Medium
iExec has released the first part of its 2020 V5 release, before further enterprise news in the coming months. This latest technical version is titled iExec V5: Interoperability and Privacy Tools for DeFi.
As the ecosystem of Decentralized Finance becomes one of the primary use cases for Ethereum, the goal of the V5 release is to ensure that the iExec technical stack is interoperable with existing and future systems for years to come. The technical make iExec a powerful tool for DeFi, as well as being the best option for privacy in the blockchain industry.
Interoperability: The Future of iExec Smart Contracts
It is essential that the iExec technical stack will not only survive the test of time, but will be able to adapt to the ever-evolving blockchain, Ethereum, and DeFi ecosystems. To make this possible, many of the version 5 upgrades will be for the smart contracts making up the decentralized network that is iExec.
NFTs: Cloud Computing Resources as DeFi assets
Within the iExec ecosystem, we deal with ownership of assets. Although this ownership has always been represented through smart contracts metadata, there was no easy way for an individual to demonstrate blockchain-level ownership of these assets. With V5 all computing resources, be it computing power, datasets or applications can now exist as stand-alone ERC721 NFTs, visible on Opensea and Etherscan. Since the birth of the iExec Marketplace, ‘Cloud Computing Resources as a Commodity’ has been a reality. Now, these resources can exist as tradable DeFi assets. These assets entering the world of DeFi opens up the possibility of unique use cases for these assets — imagine using a highly valuable dataset as collateral for loans, for borrowing DAI or USDC. This could integrate with DeFi services such as Rocket loan, or even Compound at a later stage.
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