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Novoos Ameliorative Contract
NAC: Novoos Ameliorative Contract
Novoos will be using its NAC contract to connect all the branches released.
The NAC follows strict recommendations made by OpenZeppelin, this assists in minimizing risk because the libraries of the NAC smart contracts have already been tested against vulnerabilities, bugs and security issues and therefore includes the most used implementations of ERC standards.
Smart contracts are extremely adaptable, executing irreversible logic based on previously deployed smart contract code.
While this has created a thriving and inventive ecosystem of trustless connected smart contracts, it is also the ideal habitat for hackers looking to profit from vulnerabilities in those contracts.
Smart contract code is typically unchangeable, and assets stolen from smart contracts are irretrievable no matter those that say they will get your funds back, they are 99% scams unless the scammer(s) themselves sends the funds back which has happened several times, at least a portion of it in high profile cases.
Stolen funds are highly difficult to track, and the overall amount lost as a result of smart contract flaws is easily over $1 billion in the last few months alone.
Contracts that are upgradeable are considered dangerous because they increase the risk of losing control over the contract code if certain code within the contract is not included because the new versions are deployed by a human(s) and mistakes can happen.
This can occur if certain code is not included within the new proxied contract deployed or even with vulnerabilities in the code itself that can be exploited.
The old contract code is kept on the blockchain and may be called by anybody after an upgrade and if certain precautions are not taken.
$NOVO has a protocol which must be followed by the team and our blockchain development teams to ensure no stone is left unturned.
Without these strict guidelines, it might allow someone to exploit a vulnerability in the contract code and can cause monetary loss which can be disastrous for investors and the project alike.
Novoos is already underway to fulfil its promise of completing the first stage by releasing NovoPad and its other $NOVO empowered decentralized applications (dapps), this also includes an NFT Marketplace, and coming up a DAO (decentralized autonomous organization) amongst other branches in the roadmap.
The rich functionality provided by the NAC smart contracts provides $NOVO a base for unrivalled future growth and further allows the project to develop complex Web3 blockchain-based applications benefiting log-term growth and therefore our investors and the project as a whole.
The below are some of the incentives of The NAC.
1. $NOVO Ameliorative Contract
Hassle free upgrades and endless improvement without bother to investors.
The code is verified and openly available to investors and anybody else to check, verified without bugs or issues due to extensive testing, automated and external human audits to be obtained.
The new $NOVO Ameliorative Contract is cost-effective than the standard upgradeable contract which has more security vulnerabilities and concerns.
4. Continuous Seamless Enhancements
With the $NOVOs Ameliorative Contract, we can incorporate all the future dapps and further enhance the contract to accommodate the ecosystem branches and sub branches.
There is no need to relaunch with the NAC contract, the upgrades are completed when the requirement is there and beneficial to the Novoos project and investors.
Novoos will never have to migrate with the NAC contract, there is no inconvenience to investors, no airdrops etc.
Due to the nature of the NAC contract, there will never be a downtime to the enhancements when they are deployed.
Investors are not affected in the slightest as the Novoos tokens do not change and the process remains stable and as it is intended.