Unilab — The Next Step of The Blockchain Journey

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TL;DR

No-code smart contract platforms are a groundbreaking technology that can address the most critical challenges facing the blockchain ecosystem of today. Whether you’re a complete beginner or a long-time expert, Unilab’s no-code smart contracts will empower you to effortlessly build fully customizable, trusted, and manageable smart contracts instances.

Unilab has thoroughly studied the gaps and challenges faced by the crypto projects of today. By combining the experience of leading eCommerce no-code platforms, Unilab is ready to take blockchain adoption to the next level by making launching smart contracts easier than ever!

The blockchain revolution is waiting

We’ve been told again and again how cryptocurrencies, blockchains and smart contracts are going to change the world. How they will end with the monopoly of central banks, break down economic barriers, ease international trade and empower the people to regain their financial freedom.

But did you ask yourself why these technologies are still not challenging the banking system, while something like online shopping has already made a tremendous impact on our lives?

In 2020, Shopify merchants contributed to the global economy by generating more than $307 billion in revenue. Together, Shopify merchants would make up the 7th largest company in the world in terms of revenue — surpassing giants such as Apple, BP or Volkswagen.

The secret behind Shopify’s success is demarcation. Shopify’s business model is based on providing an all-in-one e-commerce platform. Because of that, any business can set up an online store with ease, without having to bother with technical details such as programming, web design, or digital payments.

Blockchains are ecosystems that require broad adoption to work effectively. For example, using blockchains to track-and-trace supply chains would not only require a single organization to adopt a blockchain network, but its suppliers to do so as well.

Unfortunately, APQC has found that only 29% of organizations are piloting blockchain or have fully deployed it. Meanwhile, 90% of these organizations have a presence on the web — from a simple landing page to a full eCommerce platform.

Although the global crypto market cap is above $2.5T, a little bit less than Apple’s, blockchain technology has still not become a part of our everyday lives. Without widespread adoption, the effectiveness and scalability of blockchains will remain limited.

At Unilab, we have asked ourselves a very important question: why not make blockchain technology as easy and accessible as eCommerce and online shopping?

Map the top priority challenges

Smart contracts are a critical component of the blockchain ecosystem. They are the backbone of many platforms and applications being built using blockchain or distributed ledger technology.

Smart contracts are still very much an emerging technology. The skills needed to build, develop, deploy and use them are in short supply. According to TechTarget, the tech skills gap is a top challenge hindering global blockchain adoption.

Businesses are unwilling to adopt blockchain because of how hard and complicated they believe it to be. The difficulty of talent acquisition in the area of the smart contract only adds to the concerns that organizations have about adopting blockchain and integrating it with legacy systems.

In addition, the lack of trust among blockchain users is a major obstacle to widespread implementation. This challenge cuts in two directions: Organizations may not trust the security of the technology itself, and they may not trust a third-party smart contract code.

Most Common Smart Contracts’ Vulnerabilities

Unfortunately, bugs in Ethereum smart contracts can be disastrous, and they don’t seem to be going away anytime soon. In October 2021, a glitch in a smart contract of the Compound decentralized finance platform has left a pool of almost €134 million in cryptocurrency up for grabs. And since the DeFi ecosystem doesn’t have the traditional insurance policies prevalent in centralized finance, the loss was especially damaging to the investors.

Research performed by Solidified analyzed 40 audits this year and reported 35 critical and high severity vulnerabilities. They listed every issue found in the audits and sorted them by severity, highlighting the most commonly discovered bugs.

Investigating these challenges while learning from already closed gaps in the eCommerce ecosystem allowed the Unilab team to create a completely new approach, which will allow us to dramatically increase the adoption of smart contracts technology.

The lowest common denominators

Like Shopify, Wordpress and Wix, our users do not need a technology background to manage smart contracts. We have built a no-code platform that utilizes a friendly wizard empowering anyone to effortlessly create smart contracts with an all-in-one smart contract management dashboard.

To make it possible, we have asked ourselves the most critical question: what type of functionalities do we need to support with the top priority?

In the first step, we scanned the latest 3774 BSC smart contracts and analyzed which features are commonly used, and across how many functions.

Sample Smart Contracts’ Functions Usage

Matching the most commonly used functions with the type of smart contract they relate to enabled us to build a sustainable roadmap.

Most Popular Smart Contracts Protocols in BSC Network

In the short term, smart contracts utilizing the ERC20 and BEP20 token architectures are likely to provide the highest ROI. However, as a team that is fully dedicated to disrupting the blockchain ecosystem and investing in its long-term future, we have also decided to support the top five types of smart contracts and their required functionalities.

The next blog post will present how Unilab No-Code Platform meets the challenges to create, launch, monitor and manage smart contracts.

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