Decoding Blockchain 101: Why Smart Contracts Matter for Product Developers
Smart contracts are considered revolutionary because they allow for the automation of complex processes and the creation of self-executing transactions without the need for intermediaries. This can lead to greater efficiency, transparency, and trust in transactions. From a product development perspective, the use of smart contracts can streamline the development process and allow for the creation of new, decentralized applications that were previously not possible.
However, there are also some challenges and limitations to consider when using smart contracts. One of the main issues is that they are immutable, meaning once they are deployed, they cannot be changed. This can be a problem if there are errors in the code or if the contract needs to be updated to reflect changes in regulations or market conditions. Therefore, choosing the right technology stack and the tools to be used is critical. Additionally, smart contracts rely on the accuracy and integrity of the data input into them, which can be difficult to guarantee in decentralized systems. Finally, smart contracts are still a relatively new technology and the legal and regulatory framework for their use is still being developed.
In summary, smart contracts hold a lot of promise for improving efficiency, transparency and trust in various industries, but there are also challenges that need to be addressed in terms of immutability and data integrity.
What are WebAssembly-based smart contracts and Why is it Critical for Blockchain Development?
WebAssembly (WASM) is a binary instruction format for a stack-based virtual machine that is designed to be faster to execute than the equivalent code running in a traditional interpreter. WASM is designed to be platform-agnostic, so it can run in various environments, including web browsers and servers.
WASM smart contracts are smart contracts that are implemented using the WASM instruction set. They can be run on a blockchain or other decentralized platform that supports WASM. These contracts are designed to be fast and efficient, making them well-suited for use in applications that require high performance, such as dApps and other blockchain-based systems.
Astar Network launches Cross-Virtual Machine on public testnet, enabling cross-chain interoperability and complex application development
Astar Network launching its Cross-Virtual Machine (XVM) on the public testnet Shibuya is a significant development for the company and for the field of smart contract technology more broadly.
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One of the main benefits of XVM is its ability to enable bi-directional calls between Ethereum Virtual Machine (EVM) and WebAssembly (WASM) smart contracts. This can allow for greater interoperability between different smart contract environments, and enable projects on the Astar Network layer-1 blockchain to seamlessly interact with other platforms.
Additionally, the use of WebAssembly is becoming more popular among developers, as it can be used with a variety of programming languages such as C/C++, GO, TypeScript and RUST, allowing them to work with languages they already know. This could facilitate more developers to work with this technology, speeding up the innovation of smart contract development.
The potential for XVM to allow for more complex applications beyond just bridging liquidity between EVM and WASM is also noteworthy. Enabling the ability to prove ownership of assets in one smart contract environment from a different account scheme, means developers don't need to create a new wallet for each environment to control assets, which can be useful in certain cases.
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Image credits: Shubham Dhage.