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A smart contract is a digital code of trust built between two parties, often eliminating the need for third parties. Ethereum provides a blockchain for smart contracts and has been the top blockchain app development services company for a long time. Although many companies deeming themselves as ‘Ethereum killers’ do emerge here and there which offer blockchain for smart contract development, do they really make a mark? Let us explore what smart contracts are, what are the best blockchain services out there for the same and why Ethereum is big in this field.
What are Smart Contracts?
Smart contracts, simply put, are programs stored on a blockchain that runs only when the preset conditions of the contract are completed. It eliminates the need for a third intermediary party(here the intermediate is a robot) and reduces time losses by implementing automatic execution of the agreement upon which the contract is based. All participants can be assured of the outcome or a flow can be made when a certain goal triggers the next action to be done/condition to be met.
Smart contracts have indeed brought in a revolution, as it uses almost novel blockchain technology. They issue a sense of trust that blockchains have needed for forcing more people to use them. In any online business, there is often a middleman, who is someone that can be manipulated too. But, these lines of code cannot be. The blockchain doesn’t benefit either of the parties before the deal is done. In fact, first-generation blockchains like Bitcoin don’t have the level of trust a smart contract blockchain provides.
What are the Top Blockchains for Smart Contracts?
For smart contract development, there are many top blockchain app development services company, the big tycoon in the field being Ethereum. Let’s have some of the best blockchains for smart contracts.
Ethereum
This is one of the best blockchains for smart contracts, particularly because it was one of the first ones to enter the field. It is a smart contract ecosystem that was founded by five people in 2013 including creator Vitalik Buterin. It is headed by the Ethereum foundation and acts as a decentralized system. Currently, it is a PoW (Proof of Work) blockchain network that hosts the Ethereum Virtual Machine or EVM. Developers can create applications through the language Solidity in the EMV.
Ethereum 2.0 is also being developed and is under Phase 0. It is practically a Proof-of-Stake network, that gives you features of staking and sharding so as to make an even more secure, scalable, and decentralized platform. The full version of Ethereum 2.0 is expected to release shortly. Ethereum is very big in this field and is constantly getting better by its dedicated team of programmers.
Solana
Solana is an excellent project for increasing the scalability of smart contracts and ensuring decentralization and security at the same time. The highest transactions su[ported by it have been 65,000 per second due to its Proof of History consensus method. It has the support of 330 global validators and the fees required for it is a thousand times lower than what Ethereum demands. Since March 2020, Solana has processed transactions of more than $5.5 billion.
Polkadot
Polkadot is another blockchain for smart contract development and is rather deemed famous for hosting para chains on its blockchain network. By this, an existing blockchain can have multiple chains that can run inside it. This feature is also known as sharding. Sharding is helpful in the scalability of blockchains as now more transactions can be processed than usual by using this feature.
Smart contracts are slowly taking over many physical mediums of contracts and building more and more trust within its users. It works on the blockchain mechanism and there are many blockchains for the same. Ethereum is probably the best in the market as of now.
About The Author
Hermit Chawla is a Marketing Manager at AIS Technolabs which is a top blockchain app development services company, helping global businesses to grow by top responsive web design services. He loves to share his thoughts on Social Media Marketing Services and Game Design Development etc.
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