On-chain smart contract automation is seen as a way to achieve true decentralization in applications. According to Pavel Salas, the chief growth officer at Gear Foundation, on-chain smart contract automation removes the need for centralized servers or external entities, allowing participants to engage in transactions without relying on a central authority. It also helps decentralized applications maintain data integrity without relying on external databases. Salas does not see Webassembly (WASM) as a direct replacement for Ethereum Virtual Machine (EVM), but rather as a tool to expand the capabilities of smart contract development in the broader Web3 landscape.
There are several factors that inhibit developers in the blockchain industry, especially in decentralized finance (defi) and Gamefi. Scalability is a major hurdle, with many blockchain networks struggling with scalability bottlenecks that result in higher fees and slower transaction processing. Limited interoperability between blockchain networks also hampers developers’ ability to create interconnected experiences. Additionally, the complexity of blockchain platforms and the limitations of smart contracts pose challenges in creating user-friendly experiences. Educating users about the benefits and usage of decentralized platforms is also crucial for broader adoption.
The Gear Protocol, on which Vara Network is based, aims to simplify blockchain development. It utilizes an Actor Model for concurrent computation, which enhances security and reduces complexities in handling data. Persistent Memory eliminates complexities associated with shared storage, simplifying development processes. WASM serves as a virtual machine that allows developers to write code in familiar languages, lowering the barrier to entry for blockchain development and enabling exploration of experimental use cases.
On-chain smart contract automation has the potential to make decentralized applications truly decentralized by removing dependencies on centralized servers or external entities. This autonomy ensures that critical functions occur within the decentralized realm and enables trustless interactions between users or entities. On-chain automation also allows for data management on-chain, ensuring data integrity without reliance on external databases. Smart contracts deployed on the blockchain are immutable, guaranteeing consistency and transparency.
WASM is versatile and interoperable, allowing blockchain developers to write and compile code in traditional languages. While it is not a direct replacement for EVM, efforts to integrate WASM with EVM-based ecosystems highlight its potential to expand the capabilities of smart contract development in the Web3 landscape.
In conclusion, on-chain smart contract automation and the use of WASM have the potential to drive true decentralization in applications and simplify blockchain development processes. Overcoming scalability challenges, improving interoperability, and educating users about decentralized platforms are key factors in achieving broader adoption.
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