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Which mechanism do the vast majority of smart contract platforms employ?.
Sybil mechanisms in Blockchain.
A smart contract is a self-executing computer program that utilizes blockchain to store the contract’s terms. When the conditions embedded in the contract are met, the program executes itself, which effectively eliminates intermediaries. Moreover, with smart contracts in place, transaction costs are significantly decreased, while the transaction speed is dramatically increased.
Since the advent of this technology, organizations have been continuously exploring smart contract applications and their potential for building Dapps (decentralized applications). From blockchain for nonprofits to trade finance to insurance to construction, smart contracts can streamline operations in many industries that rely on contractual relationships.
While enterprises commonly prefer to experiment with new technologies in pilot projects launched from scratch, it’s more practical to use existing blockchain platforms that support smart contracts. The vendors of these platforms charge fees based on the amount of power required for executing deployed smart contracts.
These are the most popular smart contract platforms we are going to discuss along with their pros and cons.
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