news4global
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

No Result
View All Result
news4global
No Result
View All Result
Home Blockchain

Protocon Announces ‘Contract Model’, an Alternative

April 6, 2022
Reading Time: 5 mins read
0
Protocon Announces ‘Contract Model’, an Alternative
192
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

SEOUL, South Korea, April 06, 2022 (GLOBE NEWSWIRE) — Protocon, a web 3.0-based Layer 1 blockchain development project, announced a yellowpaper related to “Contract Model,” an alternative technology to smart contracts, on the March 31st.

Smart contract is a technology that was first proposed by Nick Szabo in 1996 and realized in Ethereum and is a representative methodology for developing blockchain applications.

Related articles

HSBC is now ready to venture into the crypto market

HSBC is now ready to venture into the crypto market

February 1, 2023
BlackRock,Goldman Sachs to widely expand crypto

BlackRock,Goldman Sachs to widely expand crypto

January 31, 2023

Ethereum’s smart contract is a technology that combines virtual machines with blockchain to enable programming for general purposes, and almost all mainnets now adopt this method.

It is no exaggeration to say that DeFi and NFT were able to become popular due to smart contracts. However, smart contracts are causing various kinds of accidents, such as the Ethereum Dao hacking, the DeFi hacking, and Solana’s Wormhole hacking incident that took place recently. In particular, the multi-billion-dollar DeFi and NFT markets have recently been managed by smart contracts, which ironically raises concern about the vulnerabilities of smart contracts.

Improving the weakness of smart contracts has been a main topic of discussion in the blockchain industry for a long time.

The Contract Model proposed by Protocon is the introduction of Model-Based System Engineering (MBSE), which is being applied to the development of systems that require high reliability and security, such as aircraft and military weapons, to the blockchain industry. Model-based development methodology is a theory where unit models are developed firmly and safely and combined like Lego to create a complex structure.

The Contract Model developed by Protocon is basically composed of a Unit Contract Model and a Composite Contract Model.

The Unit Contract Model is a unit program that provides simple functionality and ensures a high level of performance and safety because it is distributed over the network by a consensus of nodes after strict performance and security testing.

The Unit Contract Model consists of three sets and three functions. The three sets represent the input, output, and state of the model, and the three functions represent the input transform function, state transition function, and output function (, , ), respectively.

The Unit Contract Model can operate as an independent function by itself and is also used as a component of the Composite Contract Model.

Structure of Unit Contract Model (Reference: Protocon Yellowpaper Part. 1)

A Composite Contract Model is created by combining the Unit Contract Model registered in the network. For example, when implementing NFTs as loan collateral, the three Unit Contract Models; NFT, Collateral, and Loan are combined to provide new services. This also provides a significant level of performance and safety because it consists of codes that have already met performance and security standards.

The technical differences between the Contract Model and the smart contract are as follows.

First, performance and security are guaranteed because a Composite Contract Model can be easily structured by configuring a Unit Contract Model that has been verified in advance.

In addition, new contracts can be formed by combining these verified models after various Unit Contract Models are developed for each purpose, so that blockchain application functions can be developed comprehensively with GUI tools without complicated programming processes in the future.

Furthermore, smart contracts are stored in multiple blocks and executed individually for each project, but contracts with the same function in the Contract Model are called in one unit model without repetition, enabling efficient use of all computing resources.

Second, it has excellent performance with the baremetal computing structure that does not use a virtual machine.

In general, virtual machines run programs on an emulator by placing another OS on top of the OS, so the performance and processing speed are significantly reduced. On the other hand, since the Contract Model operates directly on the OS, the program structure is simple, and the processing performance of the hardware can be utilized 100%. This enables environmentally friendly network operation while processing more data with fewer resources.

Third, it is programming language independent. Most blockchains use individual programming languages, such as Ethereum with Solidity, Solana with Rust and Cardano with Haskell. However, it takes a considerable amount of time for developers to become familiar enough to consider all the security aspects of a particular programming language, so human errors are quite likely to occur in the process when using an unfamiliar language. However, in the Contract Model, only the specification of the Unit Contract Model needs to be applied accordingly, so it can be developed independently without additional learning of a specific development language.

In other words, a new Contract Model can be created by developing it in the language the programmer is most familiar with. Therefore, the Contract Model provides more stable and reliable smart contract functions, including all functions supported by smart contracts.

The Protocon team has already implemented and tested the majority of the functions using blockchain such as token model, NFT model, data model, and DID model with the methodology of Contract Model, and is currently operating a testnet to conduct verification and improvement work.

Protocon is short for Protocol Economy Network, a blockchain project to build Web 3.0 infrastructure technology. The mainnet has been developed since 2019 and is scheduled to officially operate in August this year. The yellowpaper part 1 is the first result of the technological innovation pursued by the Protocon team, and the team will subsequently unveil yellowpaper part 2 related to facthash technology, which dramatically improves cross-chain related performance and safety by improving data verification between heterogeneous networks.

For more information about the Protocon project, visit – https://protocon.io/

For more information about the Yellow Paper, visit – https://bit.ly/3uaOgQH

Social Links

Telegram: https://t.me/Protocon_Official

Twitter: https://twitter.com/protoconpen

Medium: https://medium.com/protoconpen

Youtube: https://www.youtube.com/c/Protocon

Media Contact

Brand: Protocon

E-mail: info@protocon.io 

Website: https://protocon.io/

SOURCE: Protocon

Tags: Protocon
Share77Tweet48

Related Posts

HSBC is now ready to venture into the crypto market

HSBC is now ready to venture into the crypto market

by admin
February 1, 2023
0

HSBC posted crypto-related job openings on its career page today. Peers have already launched crypto products in recent years. Shares...

BlackRock,Goldman Sachs to widely expand crypto

BlackRock,Goldman Sachs to widely expand crypto

by admin
January 31, 2023
0

BlackRock continues in-house projects in the crypto industry via blockchain technology. Goldman Sachs offers its customers tokenization options. The crypto...

Bitcoin falls in crypto pull back ahead of Fed meet on interest rates

Bitcoin falls in crypto pull back ahead of Fed meet on interest rates

by admin
January 31, 2023
0

Bitcoin fell along with Ether and all other top 10 non-stablecoin cryptocurrencies in Tuesday morning trading in Asia, wiping out...

Pi Chain Mall Sets to Open Withdrawals for Real Pi

Pi Chain Mall Sets to Open Withdrawals for Real Pi

by admin
January 30, 2023
0

Learn about the great support BNB Chain has given Mr. Lightspeed and why that has been crucial to building on...

Crypto Mining Russia Ban Residential Areas Electricity Duma Mining Fires

Crypto Mining Russia Ban Residential Areas Electricity Duma Mining Fires

by admin
January 30, 2023
0

Advisers to the Russian government have recommended a ban on crypto mining in residential areas of the country. The main...

Load More
  • Trending
  • Comments
  • Latest

Bitcoin Is ‘Definitely Not a Fraud,’ CEO of Mobile-Only Bank Revolut Says

March 2, 2022

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

March 3, 2022
How online shopping has changed over the last 30 years | National

How online shopping has changed over the last 30 years | National

April 6, 2022
Protocon Announces ‘Contract Model’, an Alternative

Protocon Announces ‘Contract Model’, an Alternative

April 6, 2022

US Commodities Regulator Beefs Up Bitcoin Futures Review

0

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

0

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

0

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

0
HSBC is now ready to venture into the crypto market

HSBC is now ready to venture into the crypto market

February 1, 2023
The good news about the Dow’s drop- POLITICO

K Street’s crypto gold rush continues

February 1, 2023
Crypto lender Celsius propped up its token, benefiting insiders -U.S. bankruptcy examiner

Crypto lender Celsius propped up its token, benefiting insiders -U.S. bankruptcy examiner

January 31, 2023
Treasury reveals ‘world-first’ proposals to regulate cryptocurrency | Science & Tech News

Treasury reveals ‘world-first’ proposals to regulate cryptocurrency | Science & Tech News

January 31, 2023

Latest News

HSBC is now ready to venture into the crypto market

HSBC is now ready to venture into the crypto market

February 1, 2023
The good news about the Dow’s drop- POLITICO

K Street’s crypto gold rush continues

February 1, 2023

Categories

Site Navigation

  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services

© 2022 Designed by news4global

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • Videos

© 2022 Designed by news4global