In April, Hathor Network, a tier-one global blockchain network focused on usability and scalability, will launch the public test net of Nano Contracts – a smart contracts solution developed to solve the market’s main pain points.
Nano Contracts will use blueprints created on the Hathor Network, that is, they will eliminate the development stage of the smart contract life cycle. The benefits of this change include gaining scalability, as the same blueprint can create infinite contracts, reducing fees to zero, as there is no cost for creation, and reducing network congestion, as it will not consume computational resources beyond the minimum required. Also, it will help with transparency, only needing to audit the blueprint catalog.
According to the Hathor Labs team, Nano Contracts solves the main problems in creating smart contracts. In the conventional smart contract approach, teams need to have specialized developers, navigate the complexities of blockchain, and hire external auditing. Furthermore, the immutability and transparency of blockchains, the scarcity of qualified labor, and the immaturity of the programming languages used amplify the risks of the occurrence and exploitation of bugs and security breaches.
With Nano Contracts, project teams do not need to develop and audit their contracts because their source code is embedded in the Hathor platform and offered to developers as a catalog of blueprints. The catalog serves as ‘pre-made contracts,’ which just need to be filled out like a form. This approach makes projects safer, faster, cheaper, and more agile and makes smart contracts accessible to organizations that would otherwise not be able to afford the project costs.
“Nano Contracts are a game changer in the world of smart contracts. We want to promote testing to validate the functioning of our solution, increasing the possibility of more companies adapting and seeing the advantages of using it. Also, it is crucial to receive feedback to make the product even more tailored to our customers’ needs,” says Diego Guareschi, CMO of Hathor Labs.
With the launch, Hathor Labs democratizes access to the tool for companies from different sectors, expanding the creation of new opportunities for using blockchain.
About Hathor Labs
Founded in 2018 based on the doctoral thesis of Brazilian Marcelo Salhab Brogliato, the company’s CTO, Hathor Labs develops and maintains the Hathor Network, a tier-one global blockchain network focused on usability and scalability. The Hathor Network allows the creation of blockchain solutions in a simple, fast, scalable, secure way and with zero transaction costs.