This blockchain protocol creates an interface for each smart contract
Before new technologies are widely adopted, the market must first learn to integrate them into their daily life. As technology continues to make giant strides in the cryptocurrency world, there are still obstacles preventing businesses and individuals from starting to incorporate them into a common practice.
Smart contracts and their underlying technology have become widely popularized for their ability to execute secure business transactions. Complicated smart contracts are designed to execute logic based on trigger events that will result in an automatic payment upon completion. With the ability to create more complex smart contracts, the uses will expand to all global industries, including supply chain, banking, insurance, commerce and finance.
Unfortunately, these transformational promises still face several hurdles, such as poor user experience, disjointed audits, and regulatory concerns. These inefficiencies are estimated to have cost nearly $ 4.5 billion in 2020 due to various bugs in the current system. The interesting thing is that similar parallels can be drawn between the start of the internet and the creation of smart contracts. Before websites could be adopted on a large scale, it took years to create a functional and easy-to-use system for its users.
In today’s environment, developers are faced with a difficult choice between relegating their creations to a small group of specialized individuals who know how to interface directly with the software or reveal their identity in exchange for a place on the global web, thus risking negative reactions uniform application.
To remedy this, Cove offers developers the freedom to innovate but with complete anonymity. Cove will automatically generate smart contract interfaces, so developers can avoid traditional hosting solutions, giving anyone the ability to interface with their smart contracts.
The road to widespread adoption
The Cove protocol aims to be the first human-centric front-end for every smart contract. To achieve this, the platform creates a plug-and-play solution for contractual interfaces. Cove plans to differentiate itself from other smart contract aggregation tools by algorithmically producing generic and custom user interfaces and allowing developers to build without boundaries or bottlenecks. In doing so, the platform will allow developers to create any contract with an instant user interface and provide the option to deploy a format contract. The interfaces will be generic at first while remaining accessible to developers all over the world.
A secondary concern that the protocol plans to address are issues related to inconsistent auditing. Smart contract apps come with their own set of security concerns. To mitigate these risks, security audits in line with the latest developments are necessary. Unfortunately, ad hoc and redundant audit processes are commonplace today. The Cove protocol will algorithmically interpolate contract data to detect potential errors in order to resolve this issue, maintaining the integrity of each contract with the help of established audit firms in the space.
A centralized hub
When asked what they hope to accomplish, the team shared:
“Cove offers regular users the freedom to easily find and interact with DApps, alongside other blockchain products, all in one place. Cove also offers an alternative, protecting developers and letting them do what they do best: innovate and build.
As a centralized hub for all things blockchain, users will also have access to a platform that gives them all the benefits of a centralized exchange while retaining full control over their digital assets. Users will be able to access popular and reliable bridges for layer two solutions and EVM-enabled chains, allowing seamless interaction between chains.
Additionally, the team is sharing their efforts to develop a non-fungible token (NFT) dashboard. When complete, the dashboard will store and track a user’s assets and favorite works on Cove, including all business data and history. Each user will be able to search and filter through NFT’s collections with advanced keyword and property recognition, pulling data on the channel and available markets.
Over the next 12 months, the team will share their main goals on developing strategic alliances, closing startup investment rounds, recruiting potential employees, and testing interpretive algorithms.
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