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4 major blockhains for smart contracts
October 20, 2022
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Blockchain technology quickly becomes a favorite for many industries and applications, including smart contracts. Ethereum has been leading the pack with its unique model that allows developers to build applications on top of its blockchain. However, one could also use other platforms for this purpose. Here is our list of 4 significant blockchains for smart contracts.

Smart Contract Ethereum

The Ethereum platform has many advantages over Bitcoin. The most significant one is that it allows developers to build and deploy decentralized applications. Ethereum is a blockchain-based decentralized platform that runs smart contracts. Its applications run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. At least on paper.

With this technology, you can create new types of businesses and workflows. For example, if you want to hire someone on your team or pay them in the future, there’s no need for an intermediary like PayPal or Payoneer. Instead, you can easily set up a contract with an employee where they are paid after completing their tasks within a certain period and conditionally based on their performance!

Hyperledger Fabric

Hyperledger Fabric is a blockchain framework that allows you to build and deploy private blockchains. The Linux Foundation created it in 2017, which also maintains other blockchain frameworks such as Hyperledger Sawtooth and Hyperledger Iroha.

The group behind Hyperledger Fabric has been working together since 2015. Their primary purpose is to advance open-source technology for blockchain applications. They have launched multiple projects within this framework, including but not limited to the following:

Fabric Composer – A visual tool for building blockchains

Cello – A deployment system for running networks with Docker containers

EOS & Smart Contracts

EOS is a blockchain-based operating system that focuses on commercial-scale decentralized applications. The primary industries are the fields of industrial scale and decentralized autonomous corporations (DACs). EOS aims to be a platform for decentralized applications and offers some tools for developers. Builders can use Antelope – formerly EOSIO – software to create their blockchain, which they can then build their apps on top of.

EOS can support thousands or millions of users who want to interact with its network simultaneously. It is designed to be scalable, flexible, and extensible. It does this by using Delegated Proof-of-Stake (DPoS) consensus algorithm instead of the Proof-of-Work (PoW), which Bitcoin has used since 2009. 

That means that transactions are validated by ” witnesses ” groups rather than miners. The approach results in more efficiency when sending money from one person’s account directly into another’s account. All without having any middlemen involved, such as banks or credit card companies

R3 Corda

R3 Corda is a blockchain platform for financial institutions. It’s not a public blockchain. Instead, it was developed by R3, a consortium of banks and financial institutions. The idea behind Corda is that parties can use it to process transactions between companies in this group without going through a central authority.

However, unlike most other platforms we’ve mentioned, R3 Corda isn’t open-source software. As a result, the code isn’t available for anyone to see what it does or how it works. In addition, while people are working on building applications on top of Corda (such as Hyperledger Fabric), the core team can’t directly support these apps. Moreover, the apps may not work as advertised once you deploy them into production.

Chances of anything going utterly wrong are minimal, though.

There is more than just Ethereum for smart contracts

While Ethereum is the most popular blockchain for smart contracts, other blockchains are also being used. Hyperledger Fabric, Corda, and Quorum are three examples of platforms that allow you to create and execute smart contracts on their respective networks. 

These platforms have different features, such as privacy or scalability. They also have different limitations. Understanding your needs is essential before deciding which one is right for you.

Conclusion

Ethereum is the most well-known blockchain for smart contracts, but other options exist. 

Hyperledger Fabric is one of these alternatives. It also uses a permissioned network and supports multiple programming languages (Go, Java, NodeJS). 

However, it differs from Ethereum in using a consensus mechanism called “consensus by committee” rather than proof-of-work or proof-of-stake. 

Other networks may use similar or other unique consensus algorithms. Always review the underpinning technology before committing resources to a network that may not suit your needs.

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💡 Hear from ISO Secretary-General Sergio Mujica and celebrate #WorldStandardsDay with us.

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New Human Force
Join this Now! YOU have what it takes!

They are in our solar system, and in our event-stream in this Eternal Now.

Officialdom is clueless.

They think we are going to be at WAR with the Aliens.

Officialdom is very stupid.

Aliens is here. It’s not WAR. It’s Contention.

There is a difference.

Officialdom is clueless, still living in the last Millennium.

Aliens is here.

The Field in which we contend is This Eternal Now.

ALL HUMANS LIVE HERE, and ONLY HERE, in this

ETERNAL NOW.

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Officialdom is stupid. They will and are reacting badly. As is their way, they are trying to hide shit from you. Silly grit bound minds don’t realize you can see everything from within the Eternal Now. They have yet to grasp that what they perceive as this Matterium, filled with ‘matter’, is but a hardening of our previous (past) internal states of being.

WAR happens in the Matterium.

Contention occurs within this Eternal Now where Consciousness shapes the manifesting event-stream.

YOU know this to be fact. You are a co-creator.

Contention with Aliens is happening in this instant in this Eternal Now.

Officialdom ain’t doing shit. They are still stuck in trying to move matter around to affect unfolding circumstances. That’s redoing the mirror trying to affect the reflection. Dumb fucks….

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Come, join with us. It’s going to be a hellacious Contention.

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Start YOUR training in this instance of this Eternal NOW.

Consume Neville Goddard videos as though all of human existence depended on YOUR mind and YOUR active, effective, imaginings!

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

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Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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