Cardano And Stellar for Smart Contracts
The definition of Smart contracts is computer programs that run on a blockchain network. Each smart contract, made up of code that specifies specified terms. Smart contracts enable numerous parties to reach a common result in an accurate and timely manner by operating on a decentralized blockchain rather than a centralized server. Let’s examine some of the smart contract systems in more detail. Many cryptocurrency platforms use smart contracts. We’ll examine Cardano as a platform that used these pillars as the foundation for their operations in this article.
The 2015-launched Cardano (ADA) blockchain is another well-liked system that makes use of smart contracts often. One of three programming languages—Plutus, Marlowe, or Glow—is used by developers of Cardano’s smart contracts. Compared to other projects, Cardano smart contracts were added to the blockchain very recently. The total number of smart contracts is 3,015 as of August 2, 2022. Cardano gained more traction after smart contracts were introduced. Additionally, it made sure that Cardano’s ADA token experienced a significant gain in September 2021 and reached a record high.
Cardano Blockchain: Highlights
Cardano could eventually reach transaction speeds of up to 100,000 transactions per second with additional development. In the future, Cardano would have a significant competitive edge over Ethereum due to this boost in scalability. Even if Ethereum 2.0 is still in the process of complete implementation, it could scarcely provide these speeds.
Cardano is designed to work with various blockchains and system architectures and be scalable, durable, and practical. The platform also boasts one of the strongest communities in the sector. Other applications for smart contracts include insurance, voting, financial transactions, and even digital identification cards.
The key characteristics of Cardano are:
- quick transactions The fact that Cardano offers faster transactions than any other cryptocurrency currently in use is one of its most fascinating features.
- High levels of decentralization characterize the Cardano network. It’s really just an improved version of the current blockchains in many aspects.
- Ecologically sound mining. One of Cardano’s numerous benefits is that it is environmentally friendly.
Stellar Blockchain: Highlights
Stellar enables international exchanges between any two currencies. One of the top cryptocurrencies, Stellar Lumens (XLM), has progressively increased market acceptability and usage. The Stellar Development Foundation celebrated the release of a sample of “Soroban,” their planned smart contract platform, earlier this summer. According to the team, “Soroban” has the ability to establish itself as the “standard for smart contracts” in the cryptocurrency sector.
In addition to money transfers, people use the Stellar platform for trading clients, P2P lending, and micro-savings accounts in the healthcare and insurance industries. consumers use this blockchain to create donation systems for nonprofit organizations and to award loyalty points to users.
The following characteristics are provided by Stellar: Open-source and decentralized. In essence, the Stellar database is a completely unique blockchain platform. High rates. Due to its consensus process, the transaction confirmation time is shorter. It’s 3 to 5 seconds. Incredible throughput potential. Thousands of transactions supported each second. Multi-signatures. The platform supports several signatures. Transactions can be made to require numerous public key signatures before they are deemed valid by using multi-signature accounts.
