Mest Protocol

Introduction

The Mest Protocol is a set of communication standards for giving semantic meaning to blockchain transactions. Anyone can use these standards to label addresses and smart contract methods on the blockchain with participant (Agent) and event (Event) information. Anyone can also access the tagged address and smart contract method information, thereby transforming difficult-to-interpret blockchain transactions into user-friendly information.

Concepts

REA (Resources, Events, Agents)

REA is an innovative accounting information model that originally describes economic transactions through events, participants, and resources. The Mest Protocol semantically annotates contract methods and addresses in blockchain transactions based on the REA model.

Nostr (Notes and Other Stuff Transmitted by Relays)

Nostr is a simple, open, and censorship-resistant social networking protocol. The Mest Protocol utilizes Nostr's infrastructure to establish the tagging process, ensuring the decentralization of the tagging process and the tagged information.

Events & Agents

Based on the REA model, the Mest Protocol identifies Events and Agents within blockchain transactions and allows the community to annotate them, thus providing a user-friendly interpretation of economic transactions. Therefore, the Mest Protocol has two key informational units, Events and Agents, corresponding to the contract methods and addresses involved in blockchain transactions.

For example, from the following raw blockchain transaction information, we can obtain the contract method and address from the to and input data, and then proceed to annotate the Event and Agent.

 "to": "0x7d2768de32b0b80b7a3454c06bdac94a69ddc7a9"

 "input": "0x573ade81000000000000000000000000a0b86991c6218b36c1d19d4a2e9eb0ce3606eb48000000000000000000000000000000000000000000000000000000008b7ef58a0000000000000000000000000000000000000000000000000000000000000002000000000000000000000000bed4dbd30fd3aed29c2d133fddb611f8aa517c6b",

The contract method and address obtained will be uploaded to the Nostr Network in NIP 1011 format after parsing. Anyone can annotate the contract method and address through the Nostr Network.

For example, labelling the address 0x7d2768de32b0b80b7a3454c06bdac94a69ddc7a9 with the agent Aave Protocol V2 and the contract's method 0x573ade81 with the event: repay loan.

Network Diagram