Smart contract blockchains are the future, with the age of the commodity-only blockchain essentially over, according to an article on Crypto-news-flash.com. All over the world, people understand what blockchains are. The invention of smart contracts on blockchains has shown us a glimpse of what they can do.
Smart contract blockchains bring out the potential of blockchain technology. They act as the code repository for decentralised apps (D-Apps) as the world looks for utility rather than existence.
The first-generation blockchains have limits, the article argues. That said, the benefits of first-generation blockchains are clear. Humanity got introduced to the idea of distributed ledger technologies (DLTs). Vitalik Buterin’s Ethereum extended that idea by creating a computing layer for blockchains.
This computing layer has changed how people use blockchains. It has also created new industries based on utility. This utility is the future of the Web3 space.
First-generation blockchains have enabled the culture of innovation needed to fire things up within the Web3 space. Innovation is now the standard as Web3 solutions provide several advantages over the current technologies that rule the world.