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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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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.

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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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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
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🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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