No coding is the only way to enter the Token Economy Era

Last Updated: 2018-05-10 13:30:42 (GMT)

Written by Ceeji, everiToken

At present, the blockchain technology is gradually mature, everyone is eagerly looking forward to further popularization of the blockchain applications and blockchain projects really put into practice.

Facts have proved that the popularization of a technology is not a simple matter, many technologies remain stagnant at this critical stage. To some extent, AI(Artificial Intelligence), AR(Augmented Reality), VR(Virtual Reality) all have this problem. For example, the technology of AI has been a prototype for decades, but in view of the undeveloped Internet at that time and without a large number of data and application scenarios to support it, AI has become a passive water, and it is difficult to further iterate and develop until the last few years. AR and VR are far from the original expectations due to the actual user experience, application scenarios and some peripheral technology bottlenecks. If we want to popularize blockchain technology, we must solve this problem.

On the one hand, according to the economic formula MV = Py, facing the problems caused by the general circulation of currency (M) in the circulation of various countries, if the world economy is going to further develop, it is a feasible direction to improve the speed of the circulation of assets (the V in the formula). This is also regarded as an important direction of future blockchain serving for economic and social operation and further popularization of blockchain technology.

On the other hand, as the blockchain has the characteristics of decentralization, not tampering and preventing over issue, more and more organizations and individuals want to put the rights and interests or assets on the chain to realize the high speed circulation of value. This is exactly raising the speed of asset circulation(V). Therefore, we believe that with the large-scale and extensive use of more and more projects based on blockchain technologies, and the growth of GDP in the world is gradually getting to the bottleneck, the future development of the society is to enter the Token Economy Era. That means the economic development will depend more on the speed rasing of asset circulation because of Token circulation on the blockchain.

In the Token Economy Era, the core application of blockchain technology is to Issue, Transfer and Manage assets(entity or virtual) on the blockchain. To achieve this target, Ethereum provides interface such as ERC20 and ERC721, newer blockchain platform like EOS also have their methods to issue custom Token. It seems that the target has been achieved by using these methods based on the Smart Contract. Many platforms and tools also simplified the process, people can issue their own Tokens in a few minutes, and transfer them on the blockchain easily.

But, is that enough? Obvious not! We can know from the hard fork caused by the DAO event, the Smart Contract has many security vulnerabilities. All kinds of loopholes and attacks emerge in an endless stream. Recently, more and more people are aware of this, some startups even aim at the Smart Contract’s code auditing(security review) market to publish their products.

Everything seems to become better, but it is ridiculous to think carefully about it.

First, writing a Smart Contract is for developers, average person can not write a Smart Contract. It is unscientific to rely on the ability of a small number of people to maintain the operation of the world economy, just like people who want to buy something from the market need to program. Someone may ask, you just need to use the developed Smart Contracts, why understand it. I will say that think about the purpose of the blockchain and the Smart Contract. If everyone must assume that all the DApps are no evil and no bug on the blockchain, the decentered blockchain platform will be meaningless as I can just use the App developed by someone I trust. You know most Smart Contracts are not subject to enough security review, the most trustworthy is the blockchain platform itself, not the Smart Contracts or the DApps developed on it.

Therefore, the Smart Contract can not solve the problem of trust in the whole society. A Smart Contract is a contract that can not be tampered with, but it can only be read by “professional person”. Average person can not check the fairness and legality of a Smart Contract. As for those tools that automatically generate a Smart Contract, seems to have simplified the development, there are the same problems that if those tools do evil to generate codes with loopholes, all the assets based on it will be in great risk.

Second, it’s hard to solve the security problem of the Smart Contract itself. The experience of the software industry tells us that writing software without bug and loopholes is a difficult task. No matter how carefully we optimize and review, there will always be mistakes. Even Google or Microsoft’s software often generate security vulnerabilities. The safety of software depends more on continuous maintenance and repair. From this angle, the security of assets on blockchain is worse than the traditional assets in the bank. Because most banks have rich experience and lessons, their software systems also have special person to give long-term maintenance, and constantly repair loopholes to improve securtity. But most DApps and Smart Contracts on the blockchain can not do this.

The Smart Contract and the idea of decentralization should make the assets of average person more secure and easier to transfer, and let anyone can not do evil easily. But the way we develop Smart Contracts is centralization, and we are actually depriving the average people of the right to sign a contract on the blockchain, which should be one of the basic human rights of everyone in the Token Economy Era.

If there is no absolute safety, the blockchain can not show the value it deserves. For those who can not write a Smart Contract without enough security review, the safest method is no coding. That means using the configuration to control the logic of Tokens’ circulation, not the code. This advantage is that everyone can understand after basic exercises, and more than 80% of the Token logic can no longer be achieved by coding. The everiToken project adopts this idea, and uses configuration instead of contract to aspire to become the necessity of the future Token Economy Era, so it has epoch-making significance. As long as users rely on everiToken's own code and do not need to rely on any third party (which include the blockchain Writers), the problem of trust can be solved.

We believe that this is the best way for average person and social organizations to use blockchains in the future. The blockchain is only a reliable and understandable infrastructure to solve some problems. It is important for everyone to understand and participate. Just as everyone can understand that a signature or official seal represents a promise, everyone can develop more things on this basis. For example, insurance companies can develop new business models. Using the everiToken's multi-signatures mechanism to sign the transaction through its own credit, once the transaction is defective, They compensate for the loss. This is more practical than a Smart Contract on the blockchain.

Of course, we can't ignore that the Turing complete Smart Contracts can do more things. So, we think, in the Token Economy Era, "no coding" will be the main way to solve more than 80% of the needs, the Smart Contracts will be mainly targeted at the B2B scene, checked by professional person to try to solve the 20% needs.