When people interact with different dApps they face challenges, which negatively affect their user experience. Some challenges may cause the loss of valuable digital assets. One way to overcome dApps’ existing problems is to upgradeable smart contracts.
The Force Protocol aims to enable upgrading of smart contracts, thereby solving the challenges of slow on-chain interaction, fixed data structure, poor user experience, and security risks. The stated aim of The Force Protocol is to provide a “secure, inclusive, innovative and transparent decentralized service for users the world over.”
The Ethereum Challenge
Since the emergence of dApps, data and security are topical issues. Users shun blockchain systems with security risks because people do not want to lose their data or assets.
With the ethereum blockchain, developers cannot upgrade or modify ethereum smart contracts to eliminate or reduce existing problems. For example, there is a problem with unnoticed errors that emerge in the logics of contracts. Even in the situation of strict and repeated logic checks and code audits, such problems may arise. A sure solution is to have upgradable or modifiable smart contracts.
Dealing the Ethereum challenges
One platform that aims to overcome the ethereum deficiencies is The Force. It proposes to use its DeFi technical components and tokenized protocols to overcome the Ethereum blockchain challenges.
The Force’s DeFi technical component integrates the bond financing protocol, crypto loan protocol, and decentralized stablecoin protocol. Its product, ForTube, offers users crypto-asset investment, financing, and trading services in a secure manner. ForTube consists of three related protocols, namely ForTube Bond, ForTube Bank, and QIAN.
ForTube Bond is a protocol for offering crypto-asset loans with a fixed term and interest rate. On the other hand, The Fortune Bank accepts token deposits and issues out loans with variable interest rates. QIAN is a stablecoin. Users can deposit QIAN into the ForTune Bank or invest in Fortune Bond. To achieve its vision, The Force uses its DeFi Technical Components- Assets Protected Elastic Contracts (APEC), Extended Component BEAMS, and Financial Component.
The Assets Protected Elastic Contracts (APEC) ensures the upholding of decentralization and the ownership of all the assets of The Force. It is the component that carries out testing and auditing of contracts. Using the data expansion mechanism, The Force upgrades its data structure.
Above all, The Force Protocol enables the upgrading of the upgradable logical contracts and expansible data contracts. To enhance security, APEC uses the separation of duties in the upgradable structure. This makes it possible to upgrade or modify business contracts without alteration of data contracts.
To maintain the security of assets, incoming transactions go directly to data contract addresses, while with outgoing transactions, there is a direct calling on the interface on the data contract, resulting in the contract to verify whether the user’s address exists in the asset swapping table. If the user’s address exists, the contract verifies the transaction.
The Force Protocol connects the on-chain and off-chain activities. This results in constant monitoring of operations, auditing of data and assets as well as accelerating transactions. At the same time, there will be asynchronous feedback, resulting in a better user experience.
The feedback includes alertness of any changes, promoting automatic or human intervention if there is a risk. Usually, there is real-time messaging on changes in asset liquidation, returns distribution, and withdrawal.
Above that, The Force protocol has three layers of security. The first layer offers protection from attacks. The second security layer protects the assets if there is an attack. Simultaneously, the third layer reduces the extent of the loss in case of an invasion.
The Force Protocol enables upgrading or modifying smart contracts, yet ensuring high security and quality users’ product experience.