The blockchain is a decentralized system (network) and is not controlled by any single entity. This means that corruption of any information is practically impossible because blockchain stores identical information across the network and any kind of intervention on only one piece of information happens to the network as a whole. Complementary to blockchains, as a more secure, cheaper and faster alternative to traditional systems, cryptocurrencies have implemented types of smart contracts. Using blockchains that support smart contracts reduce transactional costs and provide more security for users’ information.

Smart contracts are computer programs that can automatically execute the terms of a contract without third parties such as lawyers or banks. No wonder they are called self-executing contracts!

It is known that Bitcoin blockchains support smart contracts, but what about altcoin blockchains? The short answer to this question is yes – altcoin blockchains support smart contract and users and developers can and do create them.

One of the most popular altcoin blockchains that supports smart contracts is Ethereum. It was introduced in 2013 and is serious competition for Bitcoin. Actually, it is built to facilitate and execute smart contracts! Ethereum uses a different programming language than Bitcoin (a Turing-complete programming language, in comparison to Bitcoin’s non-Turing programming language). Ethereum’s cryptocurrency is Ether (ETH). The platform is not perfect and one of the main issues is that bugs can be fixed only if the core script is changed.

Other altcoin smart contract platforms are IOTA, LISK, Stellar and Crown coin, to name a few. They are considered cheaper and faster than Bitcoin.

In conclusion, using smart contracts is a very attractive move, considering its robustness and its resistance to pampering. Platforms that facilitate and execute smart contract have a growing popularity with users. Ethereum, being the most popular smart contract platform, as well as altcoin platform, gives a definite answer to your question – altcoins and their networks are and will continue to support the implementation of smart contracts.

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Posted by Min Park

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