There are a , and the numbers are increasing all the time. Everyone expects the next great economic opportunity and wealth creation event to occur in the metaverse.
The huge swathe of VC capital and institutional finance investing or at least hedging their bets in the space indicates that everyone knows there is room to grow in web3 – even if currently the pumps are on break. This is because crypto is still overcoming some basic issues that stand in the way of adoption and break the link between great ideas and reality.
Understand What the Blockchain Says
One of those is the legibility of the blockchain itself to the average user. Something that , a plug-in that automatically decodes any smart contract and renders it in plaintext even your grandma could read, is doing. Even an expert can struggle to understand exactly how a smart contract functions or what a transaction signature will do. This can make engaging with new apps daunting, especially brand new exciting opportunities where basic UI and UX features haven’t been fully built out yet. It adds an air of mystique that deadens investment in a hot new thing because you can’t make sense of what the contract itself is doing.Security Issues with Blockchain Illegibility
There’s a security issue too. Sometimes, the UI or UX can fool the user, and the underlying smart contract script steals their funds or uses it in other ways not authorised or expected by the user when they send money to the contract. Currently, reading a smart contract takes an expert eye, and to 99% of users, especially retail, what is there would be gobbledegook, as would the intent of any specific swap action that occurred. Most crypto apps – almost all of them – are at pains to stress to the user exactly what will happen – but it is not always the case.How Bytekode Makes On-Chain Actions Easy and Secure
Bytekode reads smart contract and transaction ID code at the source and presents it in an untamperable, irrefutable way that’s as secure as the blockchain itself. Yet it presents it in easy to read plain English (and eventually other languages) that anyone can understand. The goal is to bring confidence to the end user as well as developing basic understanding of the blockchain among the general population. In doing so, it will drive adoption as anyone can go to any web3 service and understand what the smart contract that underpins the protocol is doing exactly.How Bytekode Will Drive Adoption
This will be a fantastic boon to current dapp developers. Talented developers can struggle to build adoptable apps because they don’t have the UI/UX experience to provide retail users with a platform they can trust, but they do have fantastic smart contract code that provides genuine innovation in the space – but no one wants to use it. With Bytekode’s easy plug-in for businesses, they can have instant legibility for their users about what their app does in terms of the blockchain and transactions specifically, as well as turning all transaction ids for a particular user’s wallet into easy-to-read send/receive notifications for both the developer and user.Bytekode Is a Secure Option for Developers
Bytekode has zero access to any of the dapps security features to provide this, it simply captures the code as written on-chain and displays it in a totally secure way that directly translates what the code says. It’s bitesize and easy to read code – it’s Bytekode. Bytekode wants all dapps to eventually use its simple widget. If, in time, a developer wants to build out its own UI/UX and messaging to users when interacting with the contract – that’s fine. Yet they can leave the option open for users to read the smart contracts, swap details, and ids for themselves in ‘pure’ form. For newer dapps, they have instant legibility and save perhaps months of developer time (in something they are not good at) so they can focus on what they are doing both. In time, it will create a standard – a basic set of tools to drive adoption for end-users and developers alike.Building a Network of Legible Dapps
Bytekode’s ambitions extend beyond just building a unified plaintext script for dapps. It wants to build an entire analytics network that synthesis blockchain insights and presents crucial transaction data and volume metrics to the general user. This already exists, they’re called block explorers and – ultimately – all the information can be found by using a combination of them to trawl through various coins block histories at the source.However, it’s very difficult to do. Currently, only experts with a lot of time on their hands can easily trawl through blockchain data and find what is relevant. In the recent FTX scandal for example, specialists are combing through the blockchain to find the details that are needed. With Bytekode – anyone will have that expertise.
Bytekode will create an analytics and block explorer that will be easy for everyone to use, but just as trustworthy as the data on the blockchain itself (with Bytekode’s translation services open-source for everyone to see and the protocol itself having no ability to alter a smart contract or alter what it says a smart does in any way.
