Categories: Ethereum

Ethereum Surpasses 200,000 Smart Contracts

Click here to view original web page at www.trustnodes.com

Ethereum (ETH), the world’s largest platform for building and deploying decentralized applications (dApps), now has more than 200,000 smart contracts issued on its blockchain network, according to Etherscan data.

As a Turing Complete cryptocurrency platform, Ethereum allows developers to automate business processes by writing smart contracts. Launched on July 30, 2015, the Ethereum blockchain has been used by some of the largest companies in the world.

Microsoft Launches Tools for Ethereum Smart Contracts

Tech giant Microsoft released software tools in May for developing Ethereum-based applications on Azure, the company’s cloud computing platform. Azure’s blockchain development kit for Ethereum is an extension to Microsoft’s code editor Visual Studio Code, which allows software architects to create and issue smart contracts, while utilizing open-source development tools such as Solidity and Truffle.

As noted on its Github page, the Azure blockchain service is a managed Ethereum service that can be integrated into various other storage services like SQL Server or Cosmos DB.

Ethereum use cases include building decentralized or non-custodial crypto exchanges, gaming platforms, and creating ERC-20 and ERC-721 (non-fungible) compliant tokens. The leading smart contract platform has also been used to develop decentralized identity solutions and launch several open finance projects.

Ethereum Smart Contracts Dominate DeFi Ecosystem

Currently, there’s over $500 million in value locked into the evolving decentralized finance (DeFi) ecosystem. This is according to DeFiPulse data, which shows that Maker’s Ethereum-powered peer-to-peer (P2P) lending system has issued contracts worth around $317 million at the time of writing.

Other leading DeFi protocols such as Compound, Dharma, and Uniswap provide various types of Ethereum-based P2P lending solutions. Also a part of the DeFi ecosystem, Bancor’s (BNT) token conversion network has been developed using Ethereum smart contracts. Moreover, Augur (REP), a popular decentralized prediction markets platform, is based on the Ethereum protocol.

Ethereum crosses 200,000 smart contracts, August 2019

Ethereum, Part of Web 3.0 Standard

Ethereum is also contributing to the Web 3.0 standard, which is a brand new set of communication protocols and technologies that will be part of the internet of the future. One of Web 3.0’s main features will allow consumers and merchants to directly negotiate and settle transactions, without requiring intermediaries.

As a blockchain-based platform, Ethereum’s smart contracts could potentially play a key role in helping two parties transact without needing middlemen to finalize transactions.

At present, there are over 2,500 dApps that have been launched on the Ethereum network. The world’s largest e-commerce company, Amazon, is now using Ethereum to create and manage blockchains via its Blockchain-as-a-Service (Baas) platform.

J.P. Morgan, the largest bank in the U.S., has built an Ethereum-based, open-source, blockchain platform called Quorum for large-scale enterprises.

Copyrights Trustnodes.com

As […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Everyone’s Worst Fears About EOS Are Proving True

The Takeaway: EOS is the world’s seventh-largest blockchain by market cap, with a value topping $3 billion since February 2019.… Read More

44 mins ago

Street Artist Makes $12,000 in Bitcoin Donations

A French street artist best known for painting lady liberty leading the yellow vests has stated he has received more… Read More

2 hours ago

Wave Financial Launches World-First Bitcoin Yield Fund: Wave BTC Income & Growth Digital Fund

LOS ANGELES, Sept. 19, 2019 /PRNewswire/ -- Wave Financial LLC (Wave), a leading asset management firm focused on digital assets,… Read More

2 hours ago

Nigerian man returns bitcoins worth $80,000

Keith Mali Chung returned Bitcoins worth $80,000 mistakenly transferred to him. A Nigerian man who found $80,000 dollar's worth of… Read More

2 hours ago

Bitcoin Surrenders Post Fed Rate Cut; Pullback Awaited

Bitcoin slipped below $10,000 on Thursday after the Federal Reserve cut benchmark lending rates by 25 basis points.The BTC/USD instrument… Read More

2 hours ago

Bitcoin Hashrate Hits All-time High as Price Dwindles

The benchmark metric of miners confidence in the Bitcoin network established its all-time high on Thursday.Hashrate, which reflects the processing… Read More

2 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More