With the introduction of REv2 and Scrypto in our planned Alexandria and Babylon releases, Radix will deliver full programmable “smart contract” capability for developers, suitable for creating the full range of DeFi dApps and more. However, our form of smart contracts is unique; we call them components.
Similar to writing a smart contract in Solidity, a component can be written directly in Scrypto and deployed to the Radix Public Network. Radix Engine then executes components when called, and when composed together, components can form more complex dApps.
Components can also be created as “instances” of a common on-ledger template called a Blueprint, also written in Scrypto. Blueprints deployed to the Radix Ledger aren’t used directly in transactions. They describe general functionality that can be used repeatedly, perhaps with some custom parameters. If another developer has deployed a blueprint for functionality another developer wants to reuse, they can simply ask the network for an instance of that blueprint, which becomes an active component that can be used in transactions.
Common features like tokens and accounts will be available as blueprints on Radix. We expect that Radix community developers will rapidly implement all manner of DeFi functionality, from the simple to the highly complex, as Blueprints.
In the Babylon release, Blueprints will be deployed to an on-ledger Blueprint Catalog that will enable easy and transparent reuse, good community-driven standards, as well as the ability for developers to receive direct on-ledger per-usage payment for useful functionality they create via the Developer Royalty System.
More details on Scrypto and REv2 will be announced later in 2021. For now, get on our developer mailing list to make sure to get the latest updates.