Before new technologies become widely adopted, the market must first learn to incorporate them into their everyday lives. While the technology continues to make leaps and bounds in the world of cryptocurrency, some obstacles still stand in the way before businesses and individuals may start incorporating them in frequent 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 triggering events that will result in an automatic payment upon completion. With the ability to create more complex smart contracts, uses will extend across global industries, including the supply chain, banking, insurance, trade and finance industries.
Unfortunately, these transformative promises still face several barriers, such as a poor user experience, disjointed auditing and regulatory concerns. These inefficiencies are estimated to have cost nearly $4.5 billion in 2020 due to different 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 grand scale, it took years to create a functional and easy-to-operate system for its users.
In the current environment, developers face a difficult choice between relegating their creations to a small pool of specialized individuals who know how to interface with the software directly or reveal their identity in exchange for a place on the worldwide web, risking potential backlash from non-uniform enforcement.
To address this, Cove provides developers with the freedom necessary for innovation but with complete anonymity. Cove will automatically generate smart contract interfaces, so developers can avoid the traditional hosting solutions, providing anyone with 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 is creating a plug-and-play solution for contract interfaces. Cove plans to be different from other smart contract aggregation tools by algorithmically producing generic and custom user interfaces and allowing developers to build without borders or bottlenecks. By doing so, the platform will allow developers to build any contract with an instant UI and provide the ability to deploy a format contract. Interfaces will be generic at first while remaining accessible to developers anywhere in the world.
A secondary concern that the protocol plans to address is the concerns around disjointed auditing. Smart contract applications come with their own set of security concerns. To mitigate these risks, security audits consistent with the latest developments are necessary. Unfortunately, today ad hoc and redundant auditing processes are commonplace. The Cove Protocol will algorithmically interpolate contract data for potential errors to address this, maintaining each contract’s integrity with help from established auditing firms in the space.
A centralized hub
When asked about what they were hoping to accomplish, the team shared:
“Cove provides regular users with the freedom to easily search and interact with DApps, alongside other blockchain products, all in one place. Cove also offers an alternative, protecting developers and leaving them to do what they do best — innovate and build.”
As a centralized hub for everything blockchain-related, users will also gain access to a platform that gives them all the benefits of a centralized exchange while maintaining full control of their digital assets. Users will be able to access popular and trusted bridges for Layer-two solutions and EVM compatible chains, allowing for seamless cross-chain interaction.
Additionally, the team shares the efforts they are putting towards the development of a nonfungible token (NFT) dashboard. When complete, the dashboard will store and track a user’s assets and favorite works on Cove, including all trade data and history. Each user will be able to search and filter through collections of NFTs with advanced keyword and property recognition, pulling on-chain and available marketplace data.
In the next 12 months, the team goes on to share their main focuses will be on developing strategic alliances, closing seed investment rounds, recruiting prospective employees, and testing interpretation algorithms.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.