I’m Trong, lead developer at Constant.
As senior engineer of one of the most ambitious stablecoin projects ever, you could say I’ve got my hands full. As well as managing our team of talented developers, I also work on the Constant smart contract — the heart of our stability mechanism.
There’s nothing like working on something that will change people’s lives for the better. The team and I live for solving complex technical problems, and the smart contract was the first of many. But before I go on, let me tell you a bit about myself.
I’ve been coding for over a decade. I’ve worked for businesses in Singapore, USA, Australia, and France, helping startups and multinationals realize customer-winning ideas through technology. I’m also a bit of a language geek — I’m proficient in Solidity, Java, Objective C, Swift, Go, and Python. (On a personal note, I’m also learning to code games in Unity.)
Before joining Constant, I did some pretty cool stuff. I wrote a machine learning algorithm that could determine your clothing size from a photograph, developed mobile apps for a range of smart office furniture, and wrote a smart contract that put friendly agreements on the blockchain.
I learned a lot working on these projects, but Constant has been the most rewarding. For one, I get to work with some of the most talented developers in the world, including Chiêm Duy Bảo, our AI engineer developing the Constant blockchain (he’ll be writing about his exciting work in the future).
Constant aligns with my goals as a person as much as a developer.
But most importantly, I love helping people. As a secure and stable store of value, Constant can improve the lives of those suffering volatile markets and economies — an escape route from hyperinflation and other economic failures.
And for students, expats, and migrant workers who regularly send money home, Constant cuts out costly infrastructure and third parties, providing instant, free transfers to anyone, anywhere.
Since Constant aligns with my goals as a person as much as a developer, I was naturally drawn to the project.
One of my first tasks at Constant was to design the smart contract, or as I like to think of it, the heart of our stability mechanism. We designed it to fulfill three key functions:
- To trustlessly manage the minting and burning of Constant in a decentralized manner.
- To ruthlessly maintain an exact match between the supply of Constant and that of USD, thereby securing Constant’s value.
- To do both of the above quickly, securely, and efficiently on the Ethereum network.
The hardest part was making sure the smart contract was secure. We had to protect it from double-spend attacks and other risks, which took us some time to do. But now we have a smart contract that manages everything from minting new Constant to the withdrawal of USD.
Here’s a quick rundown of how it works…
When you buy Constant from us, your fiat money goes to Prime Trust. We never touch it. Once your money has cleared, Prime Trust instructs the smart contract to mint new Constant and send it to your account. In reverse, when you’re ready to convert Constant back into USD, the smart contract first burns your Constant and then instructs Prime Trust to send the equivalent value in fiat money to your bank account.
Here’s the code (all of our code is open source on GitHub):
Of course, we still have some work to do. For one, we’d like to introduce multisig technology into our smart contract as another layer of security. It’ll also give businesses extra control over internal funding when they start integrating Constant into their workflow.
At the moment, gas fees are quite high. While this doesn’t affect our users (you can send, store, or trade Constant for free), it affects how efficiently we can scale. So, we’re currently optimizing the smart contract to reduce gas fees.
We’re also developing a smart contract in C++ for use on the EOS network. While Ethereum is working great for us at the moment, we’d love to experiment with other blockchains, both to open up new services for our users as well as improving the efficiency and flexibility of our smart contract.
Well, that’s it from me — for now. Myself and other members of the tech team will regularly post on our Medium blog so you can get to grips with the technology that drives Constant. The smart contract is just one part of the grand ecosystem we’re building on the blockchain.
Stay tuned for more updates, and in the meantime, if you’ve got any questions, feel free to drop us an email at email@example.com.
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