Unilab – Making smart contracts user friendly
What Is Unilab?
Unilab is an enterprise-grade smart contracts marketplace for every budget and every project, accelerating the practical application and mass adoption of Web 3.0 blockchain technologies. Its main functionality lies in solving the challenges across the life cycle of smart contract development, deployment, and management for everyone. Smart contract development requires heavy technical knowledge to create, deploy and manage them. Unilab enables individuals without any coding knowledge to be able to write secure smart contracts on EVM (Ethereum Virtual Machine) based platforms, later expanding it to non-EVM base platforms such as Solana, Cardano and more.
Fixing top priority smart contract vulnerabilities with Unilab
Individuals without the proper know-how to create their smart contracts are left to use third party providers. Lack of trust is a common issue as 65% of projects reported challenges in finding certified smart contract software-house. This issue increased dramatically in the recent year as according to Chainalysis $USD2.2 billion worth of cryptocurrency was stolen from DeFi protocols in 2021, mainly due to errors in the smart contract code governing those protocols. In 2020, the number stood at $USD162 million, a 1330% year-over-year increase.
But even with the proper technical knowledge, smart contracts are hard to get right. While their three main properties, the ability to hold value, transparency, and immutability, are essential, these same properties may cause security risks and a high-interest target of cybercriminals. The severity of security issues is serious for several reasons:
· Most of the smart contracts deal with financial assets;
· Once published, errors in smart contracts are impossible to correct due to the immutability of blockchain;
· Faulty or fraudulent contract transactions generated changes in blockchain’s state cannot be rolled back.
During the whole lifespan of smart contract development, many issues arose. In 2021, a research platform Solidified analyzed 40 audits and reported 35 critical and high severity vulnerabilities, which were sorted by severity. Investigating these challenges allowed Unilab to create a completely new approach to increase the adoption of smart contracts technology. The top priority in smart contract development is put into fixing the following challenges:
· Logical errors resulting from simple typing errors, misunderstanding of the specification, or a programming mistake;
· Unauthorized Access through 51% attacks, creation errors and insufficient security;
· Reentrancy, a procedure occurring when an attacker repetitively calls its targets’ withdrawal function resulting in a devastating exploit that drains all of the funds;
· DOS with External Cals, occurring when transactions are stopped due to system failures, preventing the services of the host to the client;
· Integer Overflow occurs when an arithmetic operation attempts to create a numeric value that is outside of the range that can be represented with a given number of bits, allowing an attacker to accomplish an unauthorized increase of digital assets;
· Gas Overflow, occurring when a transaction consumes too much gas preventing it to fit in a block and causing it simply run out of gas and revert. It’s a common vulnerability in projects gaining momentum, which may lead to end up with unretrievable funds if the loops are used to push out payments;
· Storing Private Data
How could Unilab help in accelerating blockchain adoption?
ECommerce is a very good parallel in evaluating the possibilities of Unilab accelerating blockchain adoption. The introduction of Web 2.0 resulted in more user-generated content and usability for end-users. In two decades, the adoption accelerated at a high speed, creating, and expanding business opportunities. However, due to high technical knowledge requirements, many individuals and businesses were not able to access this pool on a wider customer base. One of the solutions was an all-in-one eCommerce platform, allowing any individual or business to set up an online store with ease. No technical knowledge such as programming, web design, or digital payments was needed. The result? Statistics reveal that the total worldwide eCommerce sales reached $USD4.1 trillion in 2020.
Wider blockchain adoption is a matter of accessibility for users with no technical knowledge. By combining the experience of leading eCommerce no-code platforms and investigating the vulnerabilities in smart contracts, Unilab is creating an all-in-one smart contract platform addressing the most critical challenges facing the blockchain ecosystem of today. It will enable any individual or business to effortlessly build fully customizable, trusted, audited and manageable smart contracts. This could potentially accelerate wider adoption of blockchain technologies, due to increased accessibility, safety and eventually trust.
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How does Unilab work?
Unilab creates a Smart Contracts Repository, allowing users to choose from a variety of protocols. The Smart Contracts Repository is a collection of developed smart contracts, where the community can configure (if a developer enables it), rate and review smart contracts they use. In addition, the developer of a smart contract can earn royalties per usage. The next step after selecting a smart contract is the option of customization for personal needs and requirements. After that, the smart contract is ready for deployment on any EVM based platforms (and in the future for any non-EVM based platforms) in a matter of seconds. Unilabs users are provided with a unified dashboard to track personal smart contracts’ activity, social media trends and more.
What does Unilab offer?
For the moment Unilab supports only EVM based platforms, while it was revealed in their roadmap that in Q3 2022 they will expand to non-EVM based platforms. For developers, it offers a decentralized smart contract marketplace, with the possibility of reaching a broader consumer basis and earning royalties. Users will be able to browse the Smart Contracts Repository, choose and customize their pre-audited smart contract per their needs.
The supported smart contracts are:
· ERC-20 Token Contracts, with support for fees, automatic rewards and more;
· Crowdsale Contract to start an ICO/fundraising;
· Vesting Contract able to securely store marketing or team tokens with a plethora of vesting policies;
· ERC-721 compatible NFT Contract that can be used to distribute and sell NFTs.
Token Utility / Tokenomics
Unilabs’ native ULAB Token has a fixed supply of 100 million, enabling utilities such as native payment methods, and revenue sharing, where stakers are eligible for the platform’s profits.
Partners & Investors
Things have changed over the last couple of years in smart contract programming. Countless high-profile cases resulting in lost money have made projects aware of the need to take security seriously. In addition, this technology is still not accessible to non-tech-savvy individuals due to the complexity of smart contract development. No-code smart contract platforms are a groundbreaking technology that can address the most critical challenges facing the blockchain ecosystem of today. Whether individuals are complete beginners or long-time experts, Unilab’s no-code smart contracts will empower them to effortlessly build fully customizable, trusted, manageable and audited smart contracts.
The team behind Unilab is composed of highly experienced developers, business and marketing experts, as well as legal and support staff based mostly in Europe.