What a dynamic blockchain OS means for the Web3 ecosystem

In Southeast Asia, at least 9 out of 10 Respondents in a recent survey of 3,000 people state that they are currently using or open to trying digital currencies. In particular, the region offers a hotbed for consumer-facing FinTech products that leverage peer-to-peer payments and smart contracts. As fast as developments are coming, so is the global adoption of Web3 technologies, and its dangers.

Growing opportunities in the Web3 ecosystem

Building on blockchain technologies is gaining traction in the software development industry, with platforms like Ethereum reporting as high as 4,000 monthly active developers. The reasons vary across the board. For example, smart contracts allow developers to build decentralized applications that rethink data ownership and digital identity models. This creates monetization models that directly connect data creators with their consumers. This can reduce intermediary costs and ultimately generate more revenue for app builders and data owners.

Beyond data, developers have also created a suite of “money lego” apps that adopt elements of traditional financial products. This led to the rise of decentralized finance (DeFi), including peer-to-peer payments, decentralized exchanges, stable coins, flash loansand leveraged performance protocols.

Why smart contracts are only useful in specific scenarios

Any technological improvement that streamlines business processes, whether simple or AI-driven, usually has limitations as well, smart contracts notwithstanding. Take software development as an example. Usually the smart contracts that are released cannot be easily changed or closed due to their immutable nature. In a nutshell, this can stop major cybersecurity fixes, since it is very difficult to change smart contract code live, and worse, prevent software disasters.

“Smart contracts are still inherently risky. We have come a long way, but nonetheless we have flaws and errors that lead to the loss of millions of dollars today. We still need more time for smart contract development to become more robust and battle-tested. General and institutional adoption will only follow once we have fewer smart contract exploits,” says Jeremy Nichols, Blockchain Marketer at stake.

Smart contracts have already proven to be detrimental when exploited. Earlier this year, an NFT project known as Akutars was delisted from its $33 million auction fund due to both a bug and a cyber exploit. The funds were locked in a smart contract that not even the development team could access or change.

When it comes to enterprise scenarios, smart contracts cannot completely replace traditional “off-chain” contracts because they are realistically limited in what can be accommodated. For example, stakeholders may not include vague terms to simplify the interpretation of technical clauses, which may lead some parties to unknowingly act in bad faith. Smart contracts are most useful for enforcing actions that have clear outcomes, such as payments and asset exchanges.

Serving the dynamic needs of industry with a blockchain operating system

Bypassing smart contracts is an alternative solution to Web3 development. However, without smart contracts, most blockchains will not have the proper encryption layer needed to create such applications. That’s why Web3 protocols like prasaga they are using a blockchain operating system (OS) instead of smart contracts.

The blockchain operating system uses a variant of Python, known as SagaOS, to extend the functionalities of smart contracts. Plus, it includes the gold standards found in Web2 software development: full flexibility and dynamic coding logic. This can be very useful for meeting the complex needs of enterprise-grade software, including supply chain and manufacturing industries.

“Automakers can use unique digital IDs to track every part of their finished cars, from origin to final delivery. For automakers, this creates complete visibility into the entire manufacturing process, providing an unprecedented level of transparency and data tracking,” says Michael Holdmann, CEO and founder of PraSaga.

Blocks on the SagaChain are secured using the Proof-of-Work (PoW) consensus mechanism promoted by Bitcoin, coupled with the energy-efficient Proof-of-Stake (PoS) model. Ethereum, the largest smart contract platform, recently reduced its total energy consumption by 99.95 percent after switching to the PoS consensus model.

Web3 still has a lot to explore

“A blockchain operating system means that Python programmers can now quickly fix bugs as they would in Web2 development while reaping the benefits of the underlying blockchain technology. We anticipate that these factors will encourage more coders to take advantage of the latest Web3 technologies while maintaining the industry standards of battle-tested software development,” says Holdmann.

The notion that Web3 is relatively new also makes it a hotbed for startups and ambitious developers. As with any new industry, time will tell how the next evolution of digital applications will take off.

The human and the machine The podcast is dedicated to informing and demystifying the crypto, DeFi, GameFi, NFT, and blockchain industries for the average person.

Tlahui he is a man in love with words and the blockchain. His storytelling and his passion for communicating led him to co-host The Human & Machine, a podcast and YouTube channel. Where he legitimately plays the role of an average minded human trying to understand and explain in layman’s terms, the jargon and intricacies presented to him by The Machine, his ruthless but brilliant co-host.

HikaruHikaru is a blockchain lover with a soft spot for cooking. His excellent understanding and experience in blockchain technologies, in addition to his inhuman work ethic, have earned him the nickname The Machine. In the show, he plays the role of an all-knowing hybrid robot who struggles to explain blockchain concepts to The Human as he tries not to lose faith in humanity.

The Human Machine The Brain 02Kenny Au, also known as The Brain, is a #Web3.0 #FutureofWork #DistributedOrganizations Outerspace OG. Your brain works in space-time. Additionally, his innate Web 3.0 visions and strategies have earned him the nickname The Brain.

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