Lecture 10 - DAML

Question 1

What is DAML?

Answer 1

Digital Asset Modeling Language
• Open-source smart contract language to build composable applications on an abstract ledger model.
• Is a statically typed functional language. • Utilizes key components from Haskell.
• Runs on Java Virtual Machine.
• Can use on Amazon Aurora, R3 Corda , Hyperledger Fabric , Hyperledger
Sawtooth.
• Focuses on data privacy and authorization of distributed applications.
• Describes how applications behave (regardless of database/ledger). (portability)

Question 2

Which components of DAML can you name?

Answer 2

• Party represents a person/legal entity (create contracts and exercise choices).
• Signatories, observers, and controllers are parties involved in actions taken on a contract (control read, write etc.).
• Contract is DAML code you write. (includes:
- contract data (e.g., date, description, parties involved etc.) - roles (signatory, observer)
- choices and their respective controllers)
• Choice is an action taken (by its controller) on a contract.
• Ledger represents database where all contracts are recorded.

Question 3

What is DAML ledger?

Answer 3

• Offers virtual shared ledger (VSL).
• Enable multi-party workflows.
• Encodes current state of their shared contracts (written in Daml).