Before the coming of smart contracts, everyone thought that the only way that contracts and agreements can be made and followed to the latter was when they were drafted by lawyers. With the coming of smart contracts, the conception may be changing, though at a sluggish pace.
Smart contract is a technology that removes the need for custodians or intermediaries when an agreement is reached between two parties. Here, the agreement is penned down with computer code, and before a transaction is complete, every tenet of the smart contract must be met.
Ethereum popularized the use of smart contracts, and most people know of theirs, though it was not the first platform to use smart contracts.
Smart contract occurs because of the trust that has been placed in it by both parties. This has been made possible because the tenets of a smart contract can be broken or changed. There's no need for an intermediary to oversee the transaction and agreement. Apart from that, smart contracts come with ledger feedbacks that permits it to easily transfer funds.
Problems of Traditional Smart Contracts
Developers on platforms that offer traditional smart contracts like Ethereum have noticed some issues.
One of the issues is the reduced scalability on the blockchain. A typical blockchain offers data integrity and is trusted by the parties involved in the contract. It has been noticed that the blockchain-based systems are not highly scalable. They tend to be one slower once the number of transactions, dApps and chain increase. As more blocks are added to the chain, it has been noticed that the system becomes slower, thereby increasing transaction costs.
It is not news that centralization may inadvertently occur in some blockchains because of the consensus protocols they use. They either use Proof-of-Work (PoW) or Proof-of-Stake (PoS) consensus protocols, and there are issues that could occur from them.
Developers of dApps that use blockchain-based smart contracts complain a lot. Creating a dApp on a blockchain-based platform like Ethereum is not a walk in the park. It doesn't matter if it is a mere token system that the developer wants to create.
The truth is that any developer that wants to create a DeFi app with transactions in mind may have to jump through hoops if he or she uses a blockchain-based smart contract platform. What then should developers use to create their dApps?
Why is Radix Smart Contract Better Than The Rest?
Developers want a decentralized ledger (DLT) that offers them all the perks on a blockchain while taking care of the consensus and scalability issues that are common on a blockchain. Radix ticks all the boxes, as it is fast, highly scalable and screams of efficiency.
Radix is made up of two important layers, which are the Radix Engine and Radix Ledger. The Radix Engine is that part that enforces the rules of the DLT. As for the Radix Ledger, it acts as the base infrastructure, where the DLT is implemented.
The Radix Ledger is able to offer the perks of blockchain by using the distributed database ledger. It combines this with Cerberus, the ultimate consensus for dApps.
Radix is able to ensure that its distributed system is extremely fast and efficient by using the casual relationship of events. It then churns out an absolute order of events via the usage of logical clocks. Apart from that, it ensures that protocol violations do not become a thing in the ecosystem.
The development process on Radix is easier for developers. The developer can spend most of his or time modelling instead of trying to create from scratch. The Radix Engine Library offers developers a myriad of models that they can use in creating the typical DeFi app.
You can find helpful content on their Website: (https://radixdlt.com/)