Many platforms have emerged to create smart contracts, we chose the most famous to analyze them in-depth: how they work, characteristics, speed, scalability, and much more in this complete analysis on Ethereum, EOS, and TRON smart contracts.
For some time now, the birth of new platforms aimed at the development of smart contracts -or smart contracts- and decentralized applications has spread throughout the cryptocurrency market. All of them offer particularities that make the difference when building in any of these systems. While there are a large number of platforms, at Cointelegraph we decided to focus on the 3 most renowned: Ethereum, EOS and TRON.
Ethereum
Ethereum (ETH) is a distributed ledger and decentralized computing platform with smart contract capabilities. It was proposed at the end of 2013 by Vitalik Buterin and financed through ICO in July and August 2014, which generated approximately USD 15,571,000 with a cost per token of $ 0.311, the ICO of ETH was one of the most profitable as far as there is a record. Subsequently, the main Ethereum network was launched on July 30, 2015, giving way to a variety of applications and development options to the community.
Its consensus algorithm works through the Proof of work mechanism or proof of work that, through a coarse network of miners, transactions are validated and verified to be added to a block. After Bitcoin, Ethereum is the most valuable blockchain project by market capitalization. It is one of the first large blockchain networks built specifically for decentralized applications.
Tron
The development of TRON (TRX) is a smart contract platform in charge of granting a more optimal development for the execution and scalability of decentralized applications (Dapps). Founded by Justin Sun in mid-2017, TRON raised a total of $ 70 million through an ICO on the Ethereum network for a price per token of $ 0.00186 before launching its mainnet in May 2018.
According to their whitepaper, the TRON codebase was originally pulled from an Ethereum fork and uses a copy of Solidity's smart contract language for the setup of its contracts. Solidity was the most commonly developed and used programming language on Ethereum. As a result, smart contracts and Ethereum token standards are compatible with the TRON ecosystem.
TRON blockchain development uses a different consensus mechanism than Ethereum to aggregate and verify transactions on its network. Instead of using Proof of Work like Ethereum or Bitcoin where miners produce blocks for the network, TRON uses something called Delegated Proof of Stake (DPoS) where 27 elected Super Representatives produce blocks for the network. This consensus mechanism allows TRON to achieve much faster transaction rates than other chains.
EOS
EOS (EOS) is a smart contract computing platform designed to host decentralized application development (Dapps). Its operation began on June 14, 2018, after raising USD 4.2 billion in an ICO that lasted for one year and an average price per token of USD 5.74. The EOS blockchain uses a Delegated Proof-of-Stake (DPoS) consensus mechanism to confirm its consensus, where 21 community-chosen block producers actively maintain and build the network.
Tron is a decentralized blockchain-based platform that aims to build a free global digital content entertainment system with distributed storage technology, allowing digital content to be shared easily and cost-effectively.Tron was founded by a Singapore-based non-profit organization called the Tron Foundation in September 2017.
This results in an overall reduction in costs to the consumer and better compilation through direct revenue to the content producer, offering a winning scenario.To make an analogy with a real-life application, consider Netflix, which operates a digital entertainment service that offers content on demand.
An organization manages services centrally.
Of the fee charged to the subscriber, Netflix charges a fee for hosting the movie on its platform and pays the rest to the producers.
Often the medieval man takes the lion.Tron replicates this business model on a public blockchain network and serves as a decentralized distributed storage facility, making it more efficient and profitable.
Their goal is to cut out the middle man, like Netflix in the example above, by allowing everyone to host digital entertainment content on their blockchain-based network.
For some, it's a cheesy '80s movie.
Plus, you can pay them to create and share content and data.With the development of the Tron cryptocurrency ecosystem , content creators are paid with Tron's basic blockchain account unit: Tronix, which is often abbreviated to the ticker symbol TRX.This is revolutionary - many social media platforms collect and monetize user data, and account holders never make any profit.
Let's take Facebook as an example.
Tron has a different vision: that each user of social networks has control of their data and is compensated for what they shareHow Is Tron Used?The most significant advantage of Tron is that it can empower content creators and artists around the world.
To understand the upcoming TRX price predictions, it is important to have a solid idea of what kinds of events can affect its value.
The price of TRX increases if its demand is higher than its supply, and when the opposite occurs, the price will fall.
