The Platforms We Know
Ethereum is not only a blockchain, but also a protocol on which many DApps and independent blockchains run.
Among all other blockchains, Ethereum gives NFT the maximum availability of the vast and potential crypto market. Because of its pioneering and inertial popularity, it is still favored by many developers, as Ethereum is considered one of the most established and mature blockchain platforms.
Both Tezos and Ethereum are decentralized registries and smart contract platforms implemented on top of a blockchain.
Despite these similarities, they still differ in many ways. For example, Tezos has the potential to evolve faster than Ethereum 2.0 because it already runs on the PoS mechanism. Second, the network can be upgraded without a hardforward.
Since Cardano was created by Ethereum co-founder Charles Hoskinson, Cardano and Ethereum share many similarities.
Cardano's main advantage over Ethereum is that it already runs on the PoS network. Ethereum, on the other hand, has yet to transition from the PoW network to the PoS network. This makes Cardano a faster and more environmentally friendly blockchain platform than Ethereum.
What sets it apart from Ethereum is its transaction speed, as it can process about 2,000 transactions per second. TRON is built on a three-tier architecture with storage, core and application layers. The TRON protocol uses Google protocol buffers, which allows multilingual extensions.
TRON positions itself as the future of blockchain technology. It is developed using several of the foundations of the Ethereum blockchain. Transaction fees are comparatively much lower than Ethereum. TRC is a proprietary token for TRON.
Solana is believed to be one of the fastest blockchains in the world. Solana has the second-largest market capitalization among Proof-of-Stake (PoS) blockchains and is competing with Cardano for first place.
While Bitcoin's blockchain processes about 7 transactions per second and Ethereum (ETH) processes 30, Solana processes about 65,000 transactions per second, making it an attractive choice for developers.
The proprietary AVAX token is a service token that protects the network. AVAX also serves as an exchange medium for the Avalanche DeFi ecosystem. Simply put, the token is used as currency on the network, typically to collect transaction fees, rewards, and many other uses.
Avalanche was created to solve many of the problems faced by most blockchain networks. Its extremely high processing speed and low gas fees make it a good choice for developers looking for an alternative to Ethereum.
A smart contract is a set of operations performed using computer code
Smart contracts are a kind of algorithm for certain actions integrated into the blockchain code. When the established agreements, which are spelled out in it, are followed, the sequence is automatically triggered.
For example, let's take the simplest transaction - the process of buying and selling cryptocurrency between users. This transaction takes place according to the requirements of anonymity and is not regulated by the intermediary organizations that perform its control. This model is made possible by smart contracts, which prescribe a detailed algorithm of the transaction between two users.
Smart contracts are a necessary element to ensure the functioning of decentralized projects (DeFi, DApps, etc.), as these are systems without the support of regulatory authorities. In this case, smart contracts are used to ensure that conditional agreements are enforced in the correct algorithmic sequence.
The algorithm itself is prescribed inside the blockchain, so the rules for transactions and other manipulations cannot be changed and are binding for all participants.
The very first mention of digital contracts was back in 1996. Nick Szabo, an American scientist in the field of cryptography, proposed the use of smart contracts. The result of his idea was a prescribed algorithm for the digital currency Bit Gold, which is considered to be the predecessor of the well-known BTC coin.
At that time, the idea was too futuristic and wasn't worthy of implementation. This lasted until 2008, when the world was presented with Bitcoin and its blockchain.
Nick Szabo's concept was fully realized in 2013 on the Ethereum blockchain, which was based on modern smart contract technology.
Smarts are part of the blockchain software code and work directly within the network. They perform the function of the paper contracts we are used to, only in the digital field. Terms are not written in pen on paper, but using mathematical algorithms and programming languages.
Just like in a paper contract, the terms are subject to mandatory execution. Only then will the transaction be realized and users will receive the conditioned result. Once the algorithm is completed and the transaction is correct, smart contracts become part of the registry, entering the blockchain blockchain itself.
The basic principle of a smart contract is the complete execution of a conditional sequential algorithm.
Recent Updates
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