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The Ethereum Parity client added support for private channel transactions in its latest software update, giving developers the ability to: Create and deploy encrypted smart contracts.
Released Tuesday, Parity 1.11.1-beta introduces several new features for the software client, which remains popular even though several bugs in Parity's multisense intelligent contract libraries have glanced at the company – and have made lose users to hundreds of millions of dollars of funds.
The most eye-catching feature of the new release is support for private transactions, allowing developers to encrypt smart deals. The underlying code is stored in a private contract, which is authorized and therefore not visible publicly. The private contract is then wrapped in a public contract, allowing authorized users to interact with the channel without exposing the private contract code.
Extract of release notes:
"Private transactions allow you to store, edit and display the code and status of a set of authorized participants." This means that with private transactions on public channels , all contracts and transactions are accessible only by those who have the correct permissions visible to anyone, but now you can work with others on the outside behind strong encryption. "
And here is another explanation, posted on Reddit by the developer of Parity Maciej Hirsz:
"Private transactions are essentially private contracts, where both the state and the contract code are encrypted.The transaction is first sent off-line to a number (specified by the contract) validators who all must agree on what is the new state, then you take the new encrypted state with the signatures of all the validators to update it on the channel. Keys is enabled using a threshold cryptography system that allows certain parties to be allowed to securely receive key portions of what we call Secret Store. "
In the initial release, this feature has several limitations, including the ability to execute a single private transaction per block and per contract. In addition, there is currently no way to configure how many validators should check private transactions, so all validators must do so under the current structure.
In addition to private transactions, Parity 1.11.1-beta improves the client's "warp sync" feature, allowing users to synchronize their nodes with a recent blockchain snapshot, saving significant time conventional methods. The new version also gives the nodes the ability to check transactions in parallel, which greatly enhances the process.
Image from Shutterstock
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