Blockchain technology has come a long way since its introduction in the form of Bitcoin. Let’s take a look at how its evolution and some of its new ideas can bring about the future of blockchain.
on top of the blockchain, and solutions for speeds and security have increased. Much of this innovation is due to smart contracts.
A smart contract is enforced by an immutable set of rules agreed upon before its inception. These rules are hard-coded into Ethereum’s blockchain, ensuring no one can alter them once the contract begins and removing the need for an intermediary. The contract will execute when both parties fulfill their side of the agreement.Decentralized applications are entirely trustless, ensuring users can harness their abilities without involving an intermediary.
However, despite the innovations provided by smart contracts and decentralized applications, Ethereum suffers from severe scalability issues, meaning it struggles to validate transactions when its network becomes too busy. This struggle is due to the consensus method harnessed by both Bitcoin and Ethereum: proof-of-work .
Instead of mining, PoS asks users to stake or lock-in their tokens to become validators. Validators ensure that incoming transactions are valid before committing them to the blockchain network, earning transaction fees for their efforts.
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