Fae is a smart contract system and blockchain definition with equivalent power to Ethereum but with the following additional benefits:
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It is inherently scalable in that a participant's storage requirements need not grow at the same speed as the blockchain.
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Smart contracts are immutable and stateless, preventing errors of reentrancy.
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Immutability and statelessness equate to a UTXO-based blockchain.
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There is no virtual machine, but rather a minimal execution environment that can run an existing, general-purpose programming language.
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There is no native currency, only a simple token awarded to the participants that mine blocks.
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Scarcity policy is left to the discretion of each smart contract.
We provide a formal specification of the system and an implementation in Haskell.