Good day, family, I am excited to participate in this week's activities of the Hive Ghana community. This blog is about a recent technological development that I find fascinating.
As someone who has always been interested in technology, I am always on the lookout for the latest innovations. Recently, An exciting development in the world of blockchain technology that has captured my interest and surpassed my imagination is the world of smart contracts.
Smart contracts are self-executing contracts that are built on top of a blockchain network. They are essentially computer programs that automatically execute the terms of a contract when certain conditions are met. This means that they can be used to automate complex transactions, eliminating the need for intermediaries and reducing the risk of fraud. They reduce transaction fees and increase the scalability of the blockchain networks they are built on.
Initially, Ethereum was the only blockchain platform that supported smart contracts, but now with other blockchains like Solana, Cardano and others also support smart contracts, I discovered that the Hive blockchain has its own contract called the Hive Engine, which has spawned numerous successful projects. The current tribe tokens on Hive are created via the Hive Engine, and I was fascinated by its capabilities. For the past few months, I have been exploring the development of smart contracts on Hive, and I am really impressed.
Recently, I was listening to one of the CTT podcasts when @theycallmedan was talking about the Virtual Smart Contracts on Hive. This is a recent development on Hive that works in a similar fashion to the Ethereum Virtual Machine (EVM). It is a Hive sidechain with smart contract capabilities and is powered by the Hive blockchain and the InterPlanetary File System(IPFS). Developers can utilize the VSC for their projects that require smart contracts, and fees are paid in Hive-backed dollar (HBD).
What excited me about this development is the potential for creating new projects, such as games and NFTs, with the help of VSC. The possibilities are endless, and I see a great future ahead for Hive and its ecosystem.
The virtual smart contract project on the Hive blockchain will open up a new avenue for me to explore and has challenged me to think outside the box. I hope that others will also take an interest in this technology and discover its significance.
Consulted Sources and Further Readings
vsc.eco
Virtual Smart Contract: Bringing Smart Contracts To Hive by @taskmaster4450
The start of something big - beginning of vsc
@vsc.network
