If Bitcoin is a calculator, Ethereum is a computer that can add, subtract, multiply and divide as well as run applications — smart contracts.
Smart contracts were an idea put forward by cryptographer Nick Saab in the 1990s. Due to the lack of a credible execution environment at that time, smart contracts were not applied and developed until the emergence of Ethereum, which revived smart contracts. Compared with traditional contracts, smart contracts supported by blockchain are open and transparent, immutable, and do not require third-party arbitration.
As mentioned above, the immutable nature of smart contracts makes it easy to build trust. However, there is also a bad side. If there are vulnerabilities in smart contracts, hackers can take advantage of the vulnerabilities to attack smart contracts and make profits for themselves. In recent years, a number of smart contracts based on ERC20 have been exposed to have security vulnerabilities. In addition to BEC, SMT, BAI, etc., which have caused great impact, there are still a number of smart contract tokens with security risks are still being traded. Although the exchange immediately suspended trading and withdrawal of coins, and the project party immediately upgraded the smart contract, the losses and market panic caused by a series of reactions could not be recovered. At this time, we have to think about whether there are deep-rooted reasons for the frequent vulnerabilities and whether there are risks in the Ethereum smart contract itself.
In contrast to Ethereum, NGK has its own Turing-complete programming language and operating environment designed to provide secure financial services for digital assets, avoiding the huge security risks associated with smart contracts.
In addition, NGK’s contract calls are more secure, and calling ethereum’s smart contract is more like calling an image rather than the latest state of an underlying contract. Since ethereum’s contract calls use addresses as Pointers, if ethereum’s underlying library function, the common contract, fails to call, all contract Pointers will be destroyed. As a new generation of public chain, NGK avoids the use of pointer contract in the design of contract call, and tries to achieve safe, reliable, fast and convenient cross-chain asset transfer and cross-chain smart contract call. NGK hopes to go further than the recent buggy Ethereum smart contract in building a world-class secure blockchain platform.