Ethereum researchers unveil 'smart transactions' to make the World Computer a reality

From theblock by Daniel Kuhn

Ethereum  ETH -1.90%  research pioneer Vlad Zamfir is launching a new project dubbed  Smart Transactions , which will unlock a so-called “time machine” that will enable “hybrid applications.” In short, the STXN system will take into account conditional future events.

“STXN can be considered a leveling-up of the entire ecosystem, because it allows both users to enjoy the best of crypto and the web, and for developers to leverage a much more dynamic feature set than has previously been available,” Zamfir said in a statement.

The system will vastly expand the type of applications and protocols that can be built on the second-largest blockchain by enabling smart contracts that execute based on dynamic, uncertain future events.

This includes executing based on whether assets — from cryptocurrencies to tokenized U.S. dollars — hit a certain value or market capitalization threshold as well as more “relative” parameters like whether one asset is worth more than another.

"So right now, as it stands, we are building an infrastructure for hybrid application development. So that's applications that are partly crypto, partly, like, web2 apps,” Smart Transactions CEO Boris Mamlyuk told The Block in an interview.

"We realized that you could do interesting things computation-wise, development-wise and user experience-wise,” Mamlyuk added, noting that the original vision for Ethereum has always been a World Computer. “Ethereum not just as a platform for financial transactions but a versatile computing environment.”

Mamlyuk pointed to applications like a decentralized Uber or printing onchain (as in the ability to press Cntr-P and being able to send data directly to a user’s HP Printer, he clarified). While these applications are “theoretically doable,” these types of “transactional experiences” and “hybrid applications” have yet to arrive.

“The World Computer is almost a mirage,” Mamlyuk said. “Ethereans talk a big game” about decentralized storage and other consumer applications but “the experience of using a blockchain feels like dinosaur tech.”

One example is CleanApp, an app built in-house where users can report issues or request services directly through an app, which then matches these needs with providers in real-time, using blockchain for verification and trust. It’s currently available on the Apple App Store and Google Play Store.

Zamfir has been researching Smart Transactions since at least 2022, when he presented on the topic at  Devcon Bogotá . In July, the startup partnered with Ethereum development firm Consensys, which funded further STXN research that would complement its own Smart Transactions feature in May that could be described “as a private relay,  private sequencer and private mempool,” STXN co-founder Anuj Das Gupta told The Block.

"ConsenSys is helping us ensure that this isn't just about private order flow but about enriching the Ethereum experience for everyone," Gupta said. He noted the importance of Ethereum’s infrastructure remaining decentralized and publicly available.

STXN raised $5.5 million in seed funding with participation from HackVC, Backed, Shima Capital and others in June.

“We’ve been working on the World Computer for a long time,” Mamlyuk said. “We’re hardcore Ethereans.”