The core of what makes Radix Engine different is the use of well-structured finite state machines (FSMs) to manage tokens and other assets. This means that assets of value on Radix aren’t just open-ended smart contracts, but they are guaranteed to automatically behave in a “physical” money-like way when managed by program logic. This will significantly relieve the burden on developers in creating secure, predictable financial applications that manage millions of dollars in often highly complex DeFi transactions.
Radix Engine v1 and Radix Engine v2
The first iteration of Radix Engine, Radix Engine v1, is being released as part of the Radix Olympia release. See this article for the capabilities of REv1: What can I do on the Olympia mainnet? Here, Radix Engine’s FSM approach is “hard-coded” into the protocol to provide easy issuance and transactions of both XRD tokens and any tokens created by a third party, using a simple API call rather than custom smart contract logic (like an ERC20 contract).
The second iteration of Radix Engine, Radix Engine v2, will bring true “smart contract” programmability to the Radix Engine approach for developers. Developers will access the power of Radix Engine’s asset-oriented, FSM-based approach to financial assets and dApps through our own language, called Scrypto, currently under development. Scrypto will allow the rapid creation of a full range of DeFi applications, assets, and functionality while relieving the developer of the tremendous risks and complexities of a lot of typical smart contract development today.
REv2 will first be available for developer experimentation in their local build environment as part of the Radix Alexandria release. It will roll out to the Radix Public Network as part of the later Radix Babylon release. On-ledger deployment of Scrypto-based Components and Blueprints (our form of smart contracts) – as well as associated features such as the Blueprint Catalog and Radix Developer Royalties – are also currently expected as part of the Radix Babylon release.
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.