Protocon Announces 'Contract Model', an Alternative Technology to Smart Contracts

SEOUL, S.KOREA, Apr 7, 2022 - ( JCN Newswire ) -

Seoul, South Korea, Apr 6, 2022 - (JCN 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.

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 (