Tezos smartcontract adoption growth
Tezos smartcontract adoption growth

By Allen Walters | Publish0x posts | 1 Jun 2020


For starters, let's get a misconception out of the way: Michelson, (the programming language introduced by L.M Goodman in the Tezos Whitepaper in 2014) is not the only smartcontract language available on Tezos.

About Michelson: "The Tezos blockchain project has been introducing a brand new programming language to the world called Michelson — an incredible functional programming language designed for Tezos smart-contract development. Its forward thinking innovations bring Tezos smart-contracts an unmatched level of precision and efficiency, as well as a potent vehicle for formal verification." - source 

So Michelson gives the ability to formally verify your smartcontract before you execute it. This makes it possible to run the smartcontract and see if it does what you intended it to do. Very important if you build something that should hold a lot of value. This is a unique feature Tezos has to offer in the cryptospace.

But Michelson is a specific smartcontract language and developers that have no experience with a new language should be offered the possibility to write code in a smartcontract language they're more familiar with. So a variety of languages has become available to build on Tezos since the launch of mainnet and various tooling services have embraced Tezos in the process. You can use languages like SmartPy (Python), LIGO, Liquidity, Morley (Haskell), Fi (JavaScript / Solidity), Archetype (Ocaml). You can read more details here. Since that article was written, more developments have taken place to facilitate a more catered experience for developers to build smartcontracts on Tezos. Just to name two examples: Truffle Suite launched its first support tools for Tezos, and Magic SDK offers the integration of Passwordless Authentication for developers of DaPPs. VScode extension for Archetype, a DSL for developing smart contracts on Tezos 
On top of that far over a thousand developers have followed courses to build on Tezos. 

As a result we're starting to see some growth in smartcontract development. One of the more interesting things to notice is growth that brings more scarcity for Tezos' native token (XTZ). So lets look at the numbers that show how much XTZ is being fixated and taken off the market in smartcontracts. Alexander Eichhorn, someone to add to your list of people to follow on twitter, released the following graph, showing that today, around 26 million of XTZ is held in smartcontracts already. 

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Another fantastic sign of rising interest is the exiting number of participants of the Coinlist-Tezos hackathon. Registrations for this one month hackathon that is purely focused on Tezos, just surpassed a whopping 1000 registrations.

Tezos' core platform and the unique features it brings as a blockchain, a cryptocurrency and a smartcontract platform, is solid and always in evolution due to its smooth governance system. Now, slowly but surely, development (other than core development) is getting up to steam as the ecosystem that is being build on top of it is starting to take more shape.

 


Allen Walters
Allen Walters

Fascinated by blockchain and future proofing cryptocurrency. Discover the tech before it gets relevant.


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