AB-CHAIN Update: Smart Contract Development

Smart-contract for payments processing in the AB-CHAIN advertising network

We are pleased to share the latest AB-CHAIN news and announce that apart from working on improving our network even further, our technical team is presently involved in the development of a smart-contract. As as we have already reported earlier, we have implemented RTB support as the payment method in the AB-CHAIN advertising network with a 50% discount on our commission.

The smart contract:

  • Will be used to charge advertisers RTB for advertising with AB-CHAIN;
  • Will be automatically calculating and withdrawing our commission;
  • WIll be distributing publishers’ revenue;
  • And, of course, as we initially planned, will be automatically burning RTB tokens;
  • Will be saving all transaction data in the blockchain which will be accessible anytime and will allow viewing reports about the movement of funds and RTB burning dynamics.

For debugging purposes, we have created a smart contract  in the RINKEBY (CLIQUE) TESTNET test environment, identical to the smart-contract of the AB-CHAIN RTB token that was distributed during the ICO: https://rinkeby.etherscan.io/address/0xd695c4713dd1f14b89d7acbe0d78782a4d524fee

We have completed work on, tested and debugged the essentials that will be utilized in the functionality of the advertising network smart-contract:

  • processing of incoming token transactions to the contact address;
  • determining the own current token balances;
  • transferring tokens to other addresses;
  • Burning own tokens;
  • Recording all necessary data in the blockchain logs to create the possibility to request reports.

As soon as we started working on the development of the advertising network smart-contract we realized, that the contract itself will not be able to detect an incoming transaction of RTB tokens and process the transfer similarly to how ETH transfers are processed.

Therefore, we are working on a design in which after transferring RTB tokens to a smart-contract, a method of a smart contract created for transaction processing will be invoked, and a way to identify the exact source of the transaction will be required, thus giving us the ability to provide different advertisers with differing conditions. However, this feature may be implemented in the next iteration of the smart-contract.

In addition, during the current stage we are working on:

  • Ways to minimize network commissions during the entire lifespan of the smart-contract;
  • All necessary external scripts required for the interaction of the financial subnet and the smart-contract;
  • GUI which will allow viewing reports generated during the work of the smart-contract;
  • The ability to buy and sell RTB tokens from the network turnover on exchanges automatically.

What’s next?

The next step will be to collect all the pieces together in a uniform system with the smart-contract as it’s center and launch it on our network with real transactions and burning of the RTB token.

Looks pretty complicated? That’s alright! All aspects will be automated, and from the advertisers’ standpoint, all that will be required is to top up the deposit from the personal cabinet of the ad network, which our esteemed advertisers are already successfully performing 🙂