Smart contracts are self-executing programs that run on a blockchain network, and they are a key feature of decentralized applications (dapps). MaxxChain, like Binance Smart Chain (BSC) and Ethereum, is a blockchain that support smart contracts. However, the BSC and ETH networks, as well as the MaxxChain network, have some differences in how smart contracts are implemented.
Chains with Smart Contracts
Binance Smart Chain is a newer blockchain network that was launched in 2020 by Binance, a major cryptocurrency exchange. BSC uses a consensus mechanism called Proof of Staked Authority (PoSA), which combines elements of Proof of Stake (PoS) and Proof of Authority (PoA) to achieve fast block times and high throughput. BSC is designed to be compatible with Ethereum, and it supports the Ethereum Virtual Machine (EVM) – which is what MaxxChain is build off. This means that Ethereum smart contracts, including MaxxChain smart contracts, can run on BSC with some modifications.
On the other hand, Ethereum is one of the oldest and most established blockchain networks, and it was designed from the ground up to support smart contracts. Ethereum uses a consensus mechanism called Proof of Work (PoW), which requires significant computational resources to validate transactions and create new blocks. However, Ethereum has recently transitioned to a new consensus mechanism called Proof of Stake (PoS), which is expected to reduce the network's energy consumption and increase scalability. MaxxChain, however, has continued with the previous Proof of Work (PoW) consensus
Smart Contract Functionality
In terms of smart contract functionality, BSC, Ethereum and MaxxChain offer similar features, such as the ability to create tokens, execute code, and store data. However, there are some differences in how smart contracts are implemented on each network. For example, BSC has lower gas fees compared to Ethereum, which makes it more cost-effective for developers to deploy and execute smart contracts. Ethereum has a more established developer community and ecosystem, which means that there are more tools and resources available for building and deploying smart contracts. MaxxChain is able to take the best of both worlds by being able to utilize the tools and resources available to Etherium while offering considerably lower gas fee than either of the other two chains. Although the chain is new, the team will use these strengths to its advantage for further development and onboarding of new projects from both other chains.
BSC, Ethereum, and MaxxChain are all powerful blockchain networks that support smart contracts, and they have their own strengths and weaknesses. The choice between the three depends on factors such as cost, scalability, and developer ecosystem, as well as the specific requirements of the dapp being developed. However, with MaxxChain being a new, up and coming chain, offering the tools and resources from the Etherium networks while being extremely cost efficient in terms of gas fees may allow it to become a premier Layer 1 PoW EVM blockchain in the near future.