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[April Week 2] PEN TALK

Today’s Topic

📌 Protocon Announced ‘Contract Model’, an Alternative Technology to Smart Contracts

📌 Ethereum 2.0: Beyond EVM to eWASM

📌 How popular is Binance Smart Chain (BSC)?

Protocon Announced ‘Contract Model’, an Alternative Technology to Smart Contracts

Image Credit: Protocon Yellow Paper Part 1. Contract Model

Protocon, a web 3.0-based Layer 1 blockchain development project, announced a yellow paper related to “Contract Model,” an alternative technology to smart contracts.

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.

However, smart contracts are causing various kinds of accidents, such as the Ethereum Dao hacking, Solana’s Wormhole hacking, and the Ronin Network hacking incident that took place recently. Improving the vulnerability of smart contracts has been considered an important and urgent challenge for the blockchain industry.

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.

Ethereum 2.0: Beyond EVM to eWASM

Image Credit: Ethereum.org

Among the existing cryptocurrency platforms, there is no better network than Ethereum. However, Ethereum has consistently been challenged by high gas costs and slow speeds. To solve this problem, Ethereum is developing Ethereum 2.0 to improve gas costs and speed. Now, Ethereum can handle 15 transactions per second, but Ethereum 2.0 is aiming to handle 150,000 transactions per second. They’re also going to switch from proof of work (PoW) to proof of equity (PoS).

In addition, EVM, the execution environment for running Ethereum Smart Contracts, will be upgraded to eWASM on Ethereum 2.0. Traditional EVMs were slow to run, but the PoW consensus itself was slow, so these speed issues were not apparent. However, ahead of the PoS transition, the slow pace of EVMs can be a bottleneck, so they have plans to move to eWASM for speed improvement and high efficiency.

The successful transition to Ethereum 2.0 will further strengthen the Ethereum ecosystem. But it’s not an easy task. Many experts say that it is likely to be later than originally planned, and that it will be faster to build a new cryptocurrency than to improve. Let’s see what happens. :)

How popular is Binance Smart Chain (BSC)?

Image Credit: CoinMarketCap

Binance is a global exchange first launched in Hong Kong in July 2017. It is one of the top 3 global exchanges, and it is currently possible to trade about 120 cryptocurrencies and has about 10 million users around the world. However, the initial appearance of Binance was not so happy. They issued their own cryptocurrency, but when the market did not react well, they changed their strategy and launched Binance Smart Chain (BSC), a hard fork of Ethereum.

BSC is starting to become very popular as it offers the same experience as Ethereum while offering lower fees and faster speeds. The ecosystem that was created in Ethereum has begun to be built in BSC as well. Currently, Binance’s governance coin, BNB, has grown to the 4th place by market cap based on CoinMarketCap. Future growth potential is more noteworthy.

Conclusion

Protocon aims to make blockchain a familiar technology and a good tool to use, rather than a difficult one, by providing a more convenient environment for developers and low fees and low barriers to entry for users. Please keep an eye on us and stay tuned for our next story.

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