Monitoring the Future of Smart Contracts

Abstract

AbstractBlockchains are decentralized systems that provide trustable execution guarantees through the use of programs called smart contracts. Smart contracts are programs written in domain-specific programming languages running on blockchains that govern how tokens and cryptocurrency are sent and received. Smart contracts can invoke other smart contracts during the execution of transactions initiated by external users.Once deployed, smart contracts running code cannot be modified, so techniques like runtime verification are very appealing for improving their reliability. Moreover, the conventional model of computation of smart contracts is transactional: once operations commit, their effects are permanent and cannot be undone. Therefore, errors in smart contracts may lead to millionaire losses of money.In this paper, we present the concept of future monitors which allows monitors to remain waiting for future transactions to occur before committing or aborting. This is inspired by optimistic rollups, which are modern blockchain implementations that increase efficiency (and reduce cost) by delaying transaction effects. We exploit this delay to propose a model of computation that allows bounded future monitors. We show our monitors correct respect with legacy transactions, how they implement bounded future monitors and how they guarantee progress. We illustrate the use of bounded future monitors by implementing correctly multi-transaction flash loans.