In a blockchain technology, winning a competitive edge over others depends on having the following characteristics:
- one’s own mainnet,
- a unique consensus algorithm
- Smart contract execution and
- a higher TPS speed.
FUTUREPIA focuses on the evolution of blockchain technology by solving the existing problems and making it convenient for users to run and install the nodes by providing a mainnet with the improved UI/UX for various OS (Linux/Windows). Our developers have devised a more rational algorithm to address the slower speed issues of 1st generation blockchain and security issues of 2nd generation where exposed nodes are vulnerable to network attacks. This new consensus algorithm improves the mainnet speed by taking advantage of exposed BP (Block Producers) and improves the security by introducing BO (Block Observers) that generate blocks in a random order.
We have already talked about Futurepia mainnet’s characteristics of higher TPS, DDPoS consensus algorithm and mainnet in the previous articles. Today we will talk about Smart Contracts in Futurepia.
What is a Smart Contract?
A smart contract is a computer code running on top of a blockchain containing a set of rules under which the parties to that smart contract agree to interact with each other. If and when the pre-defined rules are met, the agreement is automatically enforced.
When Bitcoin came out, you could only use blockchain as cryptocurrency but when Vitalik Buterin gave the idea of Ethereum smart contracts, it started a revolution in every walk of life. Blockchain with help of smart contracts can be applied to every aspect of daily life — from banks to insurance, medical to social media etc. Therefore these days all the upcoming blockchain projects are working on easy-to-use and functional smart contracts.
Smart Contracts (Futurepia Vs Other Blockchains)
In order to execute smart contracts on existing platforms, DApps have to compile the source code and then, upload this compiled code on mainnet server using some Virtual Machine. This kind of development process comes along with various problems where billions of upfront costs have to be paid, or fees are incurred each time the source code is uploaded on the server.
In order to solve this issue, FUTUREPIA simplifies the process in the existing legacy environment by providing an environment that can run directly through SQL while providing FUTUREPIA Node.js (Web API) technology in the development environment of DApps and bringing down the gas fees almost close to zero. From the perspective of DApps, this is very fast and stable development environment.
Here is a detailed comparison of Futurepia and other platforms with the ability to develop smart contracts.
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