ChatGPT helped me write this article based on notes from the Nexa AMA with Andrew Stone & Paul Church
Smart contracts have become a crucial part of the blockchain ecosystem, providing a way to execute self-executing contracts on the blockchain. One of the most popular platforms for smart contracts is Ethereum, which uses the Ethereum Virtual Machine (EVM) to execute code. However, the EVM has its limitations, leading to the development of alternative smart contract platforms like Nexa. In this post, we will explore the advantages of using Nexa’s native tokens and smart contracts over Ethereum and other EVM-based projects.
The problem with the Ethereum Virtual Machine (EVM)
The EVM is a powerful tool that can run various types of code, but its Turing-complete nature also makes it susceptible to malicious attacks. This creates a problem known as the “blind signing problem,” where users must trust the website that gives them a contract and may not fully understand the code they are executing. This can result in users being tricked into signing contracts that steal their assets.
Solution: Nexa Smart Contracts and Native Tokens
Nexa addresses the blind signing problem by only giving permission to send funds and tokens. This makes it clear to the user what they are signing and where their assets are going. Additionally, tokens in Nexa are native to the blockchain, rather than being built on top of it like Ethereum’s ERC-20 standard. This provides users with better control over their tokens and access to the full capabilities of the Nexa smart contract platform.
Nexa’s Goal: Financial Blockchain
Unlike Ethereum, which aims to be a massively redundant computer with a finance layer on top, the goal of Nexa is to create a financial blockchain. This means that the focus is on creating a platform that is optimized for financial transactions, rather than general-purpose computing.
Built-in Token Semantics
Nexa’s smart contract platform has built-in token semantics, such as minting and burning, which makes it easy for developers to create and manage tokens on the platform. In contrast, Ethereum requires the use of the ERC-20 standard for token creation, which can be complex for some developers.
Native Tokens
Nexa’s native tokens are standard and built into the chain, providing better control and access to the full capabilities of the Nexa smart contract platform. This is in contrast to tokens on Ethereum, which are built on top of the blockchain and may have limitations.
