NGK what are the advantages of smart contracts? Take you know the highlights of NGK smart contracts
The concept of smart contract was first proposed by computer scientists and cryptographers Nick Szabo in 1994. Blockchain technology emerged as the underlying technology of bitcoin in 2008. Ethereum first applied smart contract to blockchain technology in 2013 and developed it smoothly, which was adopted by subsequent blockchain projects.
Smart contract is a computable transaction agreement to execute the terms of the contract, that is, smart contract is the algorithm contract and executable code contract reflecting the agreement. The parties agree to determine the content of the contract, conclude the contract and perform the contract (execute code) according to certain computer algorithms, which is a special software. The foundation and guarantee of contract spirit is law, contract code must contain legal relationship and benefit transaction, thus smart contract is the combination of information technology and law, only the two are integrated well can realize the second generation of contractual smart contract and the third generation of smart contract taking “code is law”.
Compared with traditional contracts, smart contracts bear three characteristics:
1. The contract content is open and transparent smart contract is deployed on the blockchain, and the contract content is accordingly accessible and transparent.
2. The contract content is tamper-resistant, meanwhile, the content of the smart contract cannot be modified on the blockchain.
3. Permanent operation the smart contract that runs on the blockchain is also maintained by the network nodes on the blockchain, so long as the blockchain is intact, the smart contract can run enduringly.
In the blockchain 3.0 era with the blockchain NGK technology, smart contract has the following advantages compared with the traditional contracts:
1. De-trust
Given the smart contract is based on blockchain, the content of the contract is accessible and transparent and cannot be tampered with. Code is law, traders can trade safely and securely in a non-trust environment based on trust in code.
2. Economical, efficient
Compared with traditional contracts, it frequently cause disputes owing to differences in understanding the terms of the contract; smart contracts avoid disagreements by means of computing language, almost without disputes, and the cost of reaching consensus is negligible. On the smart contract, as soon as the arbitration result comes out, it is executed at once. Hence, smart contracts have an economic and efficient advantage over traditional ones.
3. No third-party arbitration
Assuming two persons are betting while the loser denies it, they can only go to a third-party arbitration institution, which is inefficient and time-consuming. But if the bet is written on the smart contract, when the bet is made, each bet is put into the smart contract address, the smart contract is automatically executed according to the final result, and the winning party takes all the rewards. It can be seen that smart contracts do not require any third-party arbitration.
From a technical point of view, NGK smart contract is based on EVM virtual mechanism and provides smart development environment of multi-scene and multi-type smart contract models. Considering the security, the smart contract module applies the C/C++ as the programming language, the developer can create the smart contract application quickly and safely. To attract more developers in smart contracts, NGK also adopts WebAssembly technology to build engines that support multi-language writing of smart contracts.
The full name of EVM is Ethereum Virtual Machine. Its function is the bytecode used to execute smart contracts in the Ethereum network. It can be said that with virtual machines, there is a smart contract execution environment.
WebAssembly is a new generation of programming language standards published by W3C, and in fact it is a virtual machine that contains a low-level assembly language and corresponding virtual machine architecture, while WebAssembly literally means-the Web assembly language. Its advantages are reflected in small files, fast loading, efficient execution, so that can achieve more complex logic.
NGK employs both VM and WASM technologies, primarily intended to facilitate the accessibility of other blockchain developers to transfer to NGK development. At the same time, WASM as a new generation of standards, is easy to use and supports the characteristics of multi-language development, which offers a convenient environment for developers of non-blockchains in effectual operation.
NGK smart contracts will bring earth-shaking changes to countless industries in the future, including identity management, banking/payment, stable currency, supply chain, real estate/property records, intellectual property and medical records.
Although the development of NGK smart contract is still in its initial stages, its real value is obvious. Competition is fierce in the real world, so all companies will pursue lower-cost, higher-interest contracts. The key point is not whether or not these companies will apply smart contracts, but when. In general, when new technologies are first introduced, one or two companies may go all out to create several successful application scenarios, and then the whole market will follow suit to maintain an advantage in the competition.
NGK team believes it’s only a matter of time before smart contracts become industry standards. NGK team has now developed a decentralized prophetic system that connects smart contracts to external API in a non-trust manner, a necessary condition for smart contracts to succeed in mature industries.
