The world is witnessing major shifts in different aspects of life, especially in the tech field. The digital realm has become more advanced since COVID shook the world. Digital currency is one of the revolutionary products of technology that transformed almost everything. Bitcoins and Ethereum are the names of digital currencies whereas Bitcoin is the first digital currency ever. Now, investing in cryptocurrency has become quite popular, however, it needs proper guidance, awareness, and the right mentor to do so. Cosmic Interstellar Public Chain is the right platform to start your journey of trading in digital currency.
Digital currency is booming as it is the future however, understanding it is a difficult job. Before trading in digital currency, you must have proper knowledge about it. For beginners, we have briefly described digital currency and smart contracts. Read on to learn about digital currency and the potential benefits it upholds.
Digital Currency
Virtual currency or digital currency is the visual representation of currency without having any physical form. Digital currency is only stored, shared, used, and invest in electronic forms through smart devices such as smartphones, or computers. Developers have designed software through which possessors share and transact their digital currency via a secure network.
A Guide to Smart Contracts
Blockchain technology’s revolutionary smart contracts feature enables users to converse and conduct transactions with one another through robotic interference (robot). A smart contract is considered a self-executing plan of action that can perform specific tasks that would have to be done manually otherwise. Smart contracts can host decentralized software (DApps), and automate tasks. On blockchain-based systems, developers can build smart contract apps utilizing simple interfaces. Smart contracts can be supported by many of the blockchain systems that are now available.
You may be curious to learn about the existing smart contract. Read on to read about the existing smart contracts.
Ethereum
Ethereum lets smart contracts get started and executed through a decentralized platform. To cater to the needs of non-cryptocurrency users, Ethereum has established Turing complete languages like Lisp-like language (LLL), Solidity, Serpent, and Mutan. Solidity, Serpent, LLL, and Mutan smart contracts are translated by Ethereum into machine code, which is then loaded and run by the Ethereum virtual machine (EVM). On the other side, Ethereum smart contracts use an account-based data structure where each participant is identified by their digital wallet.
Solana
One of the well-performing cryptocurrencies of the last year is Solana. With a price growth of more than 11,000%, it moved up the market cap rankings from 120th at the beginning of 2021 to 5th by the end of the year. One of the swiftest cryptocurrencies is Solana. Compared to Ethereum’s 15 to 45 TPS, it can process roughly 50,000 to 65,000 transactions per second. The average cost per transaction is 0.00025 and its ecosystem includes more than 1,000 projects.
Hyperledger Fabric
Smart contracts can be carried out using the ledger technology known as Hyperledger Fabric. Comparatively, a docker container is used to execute the code in Hyperledger Fabric smart contracts whereas, in Ethereum, VMs (virtual machines) are responsible to run smart contracts. Containers, compared to VMs, can support smart contract applications at a lower cost without sacrificing isolation.
This smart contract provides great visibility and traceability between transactions that eventually improve a secure transaction mode within the company while reducing potential risks.
Cardano
Cardano frequently seems to be competing in a different race than other cryptocurrencies. It develops slowly and steadily, preferring to conduct comprehensive testing and peer review before introducing new functionality to the users or clients. After thorough testing, it realized smart contracts in September 2022, which faced backlash from users on social media. Users claimed that it had fallen short of its promises.
Cosmos
Cosmos regards itself as “The Internet of Blockchains”. It is concentrated on interactivity, making sure that various blockchains can engage with one another. Interoperability is more crucial as people utilize more distinct smart contract networks. Cosmos envisions an ecosystem of interconnected blockchains rather than discrete chambers that are unable to cooperate.
Benefits Of Smart Contracts
Corporate and IT leaders need to be aware of the potential role that smart contracts could have in a business IT ecosystem considering their rapid expansion in the market. Blockchain-based smart contracts have the ability to automate various commercial operations, and several businesses and IT experts are considering their possible applications in industries like advertising and healthcare. However, smart contracts also have limitations, such as scalability and security difficulties, so decision-makers need to strike a balance between the benefits and the disadvantages.
Entertainment Choices
The use of blockchain technology has the ability to improve the way customers engage with their favorite entertainment options. The ownership of digital assets is, for instance, confirmed by nonfungible tokens, or NFTs. Through the use of a smart contract, the purchasing, selling, and trading of NFTs can be aligned. These are additionally used for the payment of independent artists including writers, singers, and filmmakers.
Ad Campaigns
Strong partnerships between marketers and publishers can be facilitated by smart contracts. The accomplishment of predetermined objectives by a publisher is one of the conditions that may be added to a smart contract. Once an oracle confirms that the publishers have fulfilled their obligations, the smart contract releases payment to be sent to them.
Better User Experience
Real-time smart contracts can strengthen B2C relationships. For instance, if a customer makes a playlist to listen to while jogging, a shoe company that has partnered with a streaming music service will give them free membership offers. With the help of a smart contract, brands might offer the consumer a discount on new shoes or provide playlist suggestions for music. Such collaborations of brands to build up a huge consumer base by improving user experience will benefit the brands in the long run.
Conclusion
Cosmic Interstellar Public Chain is a trusted platform for people who want to start their journey in crypto or blockchain. You can get started by consulting them and pursuing trading in virtual currency.
