Sagewise Pitches A Service Over Blockchain Transactions
Sagewise and blockchain technology. There is more to know about the smart contracts developed under the technology. Read along to know more about it.
Smart Contracts Can Be Pretty Dumb At Times
It is possible that an errant code, malicious actors, or poorly defined parameters of an executable agreement can erase all the benefits of a cryptographically secured, publicly verified, anonymized transaction system. This is where Sagewise a new Los Angeles based start-up based on blockchain is hoping to beat back the tide of bad contracts, bad code, and bad actors raising $ 1.25 million bringing to market a service hitting pause on the executing of the contract which can be arbitrated in the event of something going wrong.
The company is co-founded by a longtime lawyer, Amy Wan with experience in running the gamut from the US Department of Commerce to thereby serving as counsel for a peer-to-peer real estate investment platform in Los Angeles, along with Dan Rice coming as a longtime entrepreneur working with blockchain as Sagewise is working with both Ethereum and the Hedera Hashgraph which is a newer distributed ledger technology purporting to solve some of the issues around transaction processing speed and security that have bedeviled platforms like Ethereum and Bitcoin.
Sagewise And Smart Contracts Play A Good Role
Thereafter it is known that the company’s technology is set to work as a middleware including an SDK as also a contract notification and monitoring service where the SDK comes analogous to an arbitration clause in code form as the smart contract executes a function where it is delayed for a pre-set amount of time with users receiving a text/email notification regarding the execution. it is here that Wan wrote in an email that in case the execution is not the intent of the parties, then they can still freeze execution of the smart contract thereby providing them the luxury time to fix whatever is wrong.
As the process follows with the contract resolution process as a marketplace where priority is given to larger deals Sagewise according to Wan is that once it is frozen the parties can thereby fix coding bugs patching up security vulnerabilities or amend /terminate the smart contract itself or set to self-resolve a dispute. Thereafter if the dispute is not self-resolved, then the parties graduate to a dispute resolution marketplace of third-party vendors and after all, the $5 bar bet is resolved differently from a $5 M enterprise dispute. It is here that the dispute process is agnostic.
Thereby the leading round was by the Wavemaker Genesis, as it also included what was determined as the strategic investments from the affiliates of Ari Paul (Blocktower Capital), the Miko Matsumura (Gumi Cryptos), the Youbi Capital, as also Maja Vujinovic (Cipher Principles), Jordan Clifford (Scalar Capital), Terrence Yang (Yang Ventures) and finally James Sowers.
Why Vote For Sagewise Again?
According to the chief executive of Sagewise Wan, these smart contracts come to be coded by developers as also audited by security auditing firm with the quality of the coding and auditing varying drastically among service providers and inevitably it is this discrepancy becoming the basis for smart contract disputes which is where Sagewise, therefore, steps in providing the infrastructure allowing the blockchain as well as the smart contract industry achieving transactional confidence. Hence it was said in an email that Wan elaborated writing it that smart contracts are sure to have coding errors, security vulnerabilities, or parties needing to amend or terminate the contracts due to changing situations.
Here it is possible for contracts to be disputed in case their execution was triggered accidentally or due to the actions of attackers trying to hack the platform and as Wan wrote Sagewise is now seeking to bring the transactional confidence back into the blockchain industry thereby building a smart contract safety net that is where the smart contracts do not fulfill the original transactional intent.
Wrapping Up The Discussion On Sagewise
The question is why Sagewise. The security provided by it is the major factor of building Sagewise on the blockchain. Built on smart contracts the developers help increase the credibility of the application while it is set to raise millions in funding. In case smart contracts deter from their responsibility the blockchain is affected. Therefore, it is this scenario that developers of smart contracts for Sagewise is set to solve as the other way could mean disastrous for the investors. Hereby Sagewise comes with a secure audited platform providing for the infrastructure from their resources. There is more to be discussed and while you wait as we are bringing you the total information to be regarded. This comes to be the best as it is safe and secure.