According to Etherscan, to date, the world’s largest platform for creating and deploying decentralized applications (dApps) Ethereum (ETH) has launched more than 200,000 smart contracts on its blockchain.
As a Turing Complete platform, Ethereum allows developers to automate business processes by creating smart contracts. Launched on July 30, 2015, the Ethereum blockchain is used by the largest companies in the world.
In May, technology giant Microsoft released software tools for developing applications based on Ethereum on the Azure cloud computing platform. The Azure Developer Pack for Ethereum is an extension for the Microsoft Visual Studio Code code editor that allows software developers to create and run smart contracts using open source development tools such as Solidity and Truffle.
The Github project page says that the Azure blockchain service is an Ethereum managed service that can be integrated into various storage services such as SQL Server or Cosmos DB.
Ethereum can be used to create decentralized or non-custodial crypto exchanges, gaming platforms and create tokens compatible with ERC-20 and ERC-721. The leading smart contract platform is also used to develop decentralized solutions for identifying and launching open fintech projects.
More than $ 500 million is currently spinning in the developing ecosystem of decentralized finance (DeFi). This is DeFiPulse data, which shows that the Maker-based P2P lending system (Ethereum-based stablecoin) has issued contracts worth about $ 317 million.
Other leading DeFi protocols, such as Compound, Dharma, and Uniswap, provide various types of Ethereum-based P2P lending. As part of the DeFi ecosystem, the Bancor Network (BNT) is developed using Ethereum smart contracts, and the popular Augur Decentralized Prediction Market Platform (REP) is also based on the Ethereum protocol.
In addition, Ethereum is contributing to the Web 3.0 standard, a completely new set of communications protocols and technologies that will become part of the Internet of the future. One of the main features of Web 3.0 will allow consumers and sellers to negotiate directly and complete transactions without intermediaries.
Potentially, smart contracts on the Ethereum blockchain can play a key role in helping the two parties conclude transactions without resorting to intermediaries to complete transactions.
Currently, the Ethereum network has launched more than 2500 applications. Amazon, the world’s largest online retailer, uses Ethereum to create and manage blockchains through its Blockchain-as-a-Service (Baas) platform.
Largest US Bank J.P. Morgan has created an open-source blockchain platform called Quorum for large companies based on Ethereum.