A smart contract is just like a regular contract. The only difference between the two is that the rules of a smart contract are directly written into the lines of code. And, this code exists in a blockchain, or a decentralized network making it more secure against attacks. The code automatically carries out the terms agreed in the contract and all the terms and the transactions that follow are trackable and irreversible.
Smart contracts are generally facilitated by the Ethereum network that introduced smart contracts as its core concept. But you can also have your smart contract on similar platforms like TRON. TRON is a newer platform in the blockchain world. There are several differences between the two platforms. However, both of these platforms are equally efficient for smart contract development.
The trackable and irreversible nature of smart contracts is the deal-breaker that make them so efficient for virtually any business in any industry. The distributed network adds more security and the contracts can work on their own and even get revoked if the conditions aren’t met. So, you don’t need any middle man to make sure that your agreement goes through. The middlemen include brokers, lawyers, banks, and the list goes on.
Smart contracts have revolutionized the way businesses do transactions. Usually, a business has to bear high costs when carrying out transactions because of the need to include middlemen. But, if there is no requirement for a middleman for the transaction, you end up reducing expenditures by a large percentage.
Paper contracts are prone to errors and need numerous revisions to get right. With smart contracts, you can avoid issues related to lengthy paperwork once and for all.
So, the next question is, should you build your smart contracts on Ethereum or TRON? The two platforms are rivaling each other at the moment and there are pros and cons to each. TRON has a higher bandwidth which allows it to support more transactions per second. However, Ethereum only supports around 20 to 25 transactions per second. So, TRON can do things twice as faster. Another key difference is that TRON is always working to lower its network fees.
For these reasons, TRON smart contract development is slowly becoming popular. And, developers are implementing more and more projects on the TRON network. However, Ethereum is still the strongest and the most popular platform with a market capitalization of nearly $14 billion.
The Blockchain Development Agency is a leader in creating the best smart contract solutions for any industry. We have experience in developing smart contracts that are highly optimized to reduce network prices. As keen enthusiasts in exploring the innovative technologies of the blockchain universe daily, we take pride in the care we put into every tiny detail through the design process to deploying new contracts. You have the idea, and we have the expertise. So, if you want spotless smart contract development services, we are the people for you.