Ethereum's smart contracts exceed 200,000, ranking the dominant position in the Defi ecosystem

Trustnodes reported on August 7 that according to Etherscan data, more than 200,000 smart contracts have been released on the Ethereum network.

24357431948_f1a6659c21_b (Source: flickr )

The Ethereum blockchain was officially launched on July 30, 2015 and is now used by many unicorn companies around the world. As a Turing-complete blockchain platform, Ethereum allows developers to automate business processes by writing smart contracts.

Microsoft launches Ethereum smart contract tool

In May of this year, Microsoft released an Ethereum-based application tool developed on its cloud computing platform Azure. Azure's blockchain development kit for Ethereum is an extension of the Microsoft code editor Visual Studio code that allows software architects to create and publish smart contracts while using open source development tools such as Solid and Truffle. According to its Github page, AZure Blockchain Service based on Ethereum can be integrated into various storage services, such as SQL Server or Cosmos DB.

Ethereum use cases include building decentralized or unmanaged cryptocurrency exchanges, gaming platforms, and creating ERC-20 and ERC-721 certificates. The smart contract platform was also used to develop decentralized identity solutions and launched several open financial projects.

Ethereum Smart Contracts Lead DeFi Ecosystem

According to DeFiPulse, more than $500 million in value is currently locked into the DeFi ecosystem. As of press time, Maker's Ethereum peer-to-peer lending system has signed a contract worth approximately $317 million.

Other leading DeFi protocols, such as the Compund, Dharma and Uniswap protocols, offer P2P lending solutions based on Ethereum. As part of the DeFi ecosystem, the Bancor Pass Conversion Network is also developed using Ethereum's smart contracts. In addition, Augur, based on Ethereum's decentralized forecasting market platform, has also been widely used.

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As of August 2019, Ethereum has deployed 200,000 smart contracts. Image source: Trustnodes

Create a Web 3.0 standard

Ethereum also contributed to the Web 3.0 standard, a new set of communication protocols and technologies that will be part of the future Internet. One of the main features of Web 3.0 is to allow consumers and merchants to negotiate and settle transactions directly without the need for a middleman.

As a blockchain-based platform, Ethereum's smart contracts play a key role in helping both parties deal directly.

Currently, the Ethereum network has released more than 2,500 applications. Amazon, the world's largest e-commerce company, is creating and managing blockchains through its blockchain-as-a-service (Baas) platform based on Ethereum.

JPMorgan Chase, the largest bank in the United States, has also established Quorum, an open source blockchain platform based on Ethereum, for large companies.