Novoos will be using its NAC contract to connect all the branches released.
Smart contracts are extremely adaptable, executing irreversible logic based on previously deployed smart contract code.
While this has created a thriving and inventive ecosystem of trustless connected smart contracts, it is also the ideal habitat for hackers looking to profit from vulnerabilities in those contracts.
Smart contract code is typically unchangeable, and assets stolen from smart contracts are irretrievable no matter those that say they will get your funds back, they are 99% scams unless the scammer(s) themselves sends the funds back which has happened several times, at least a portion of it.
Stolen funds are highly difficult to track, and the overall amount lost as a result of smart contract flaws is easily over $1 billion in the last few months alone.
Standard Upgradeable Contract Issues
Contracts that are upgradeable are considered dangerous because they increase the risk of losing control over the contract code if certain code within the contract is not included as an example because the new versions are deployed by a human(s) and mistakes can happen.
This can occur if you do not include certain code on the new proxied contract deployment or even with vulnerabilities in the code itself that can be exploited.
The old contract code is kept on the blockchain and may be called by anybody after an upgrade and if certain precautions are not taken.
$NOVO has a protocol which must be followed by the team and our blockchain development teams to ensure no stone is left unturned.
Without this strict guidelines, it might allow someone to exploit a vulnerability in the contract code and can cause monetary loss which can be disastrous for investors and the project alike.
Novoos is creating and has done so already which can be reviewed in this whitepaper, programmable software programs built on blockchain technology, $NOVO empowered decentralized applications (dapps), our very own NFT Marketplace, and coming up our DAO (decentralized autonomous organization) amongst other branches in the roadmap.
The rich functionality provided by our smart contracts provides $NOVO a base for unrivalled future growth and further allows the project to develop complex Web3 blockchain-based applications.
$NOVO Benefits of Our Unique Smart Contract
The below are some of the incentives of NAT.
1. $NOVO Ameliorative Contract
Hassle free upgrades and endless improvement without bother to investors.
2. Trustworthy
The code is verified and openly available to investors and anybody else to check, verified without bugs or issues due to extensive testing, automated and external human audits.
3. Cost-effectiveness
The new $NOVO Ameliorative Contract is cost-effective than the standard upgradeable contract which has more security vulnerabilities and concerns.
4. Continuous Seamless Enhancements
With the $NOVOs Ameliorative Contract, we can incorporate all the future dapps and further enhance the contract to accommodate the ecosystem branches and sub branches.
