Blockchain technology is maturing, moving beyond its initial application for cryptocurrency and increasingly being touted as the foundation for Web3, the next iteration of the internet. Decentralized computing platforms such as Ethereum already allow developers to build distributed apps and smart contracts are revolutionizing industries such as finance, e-commerce, entertainment, logistics, and more.
Now, the next level of blockchain development is trending toward a model that builds on this to create a dynamic, flexible decentralized environment to support Web3. Called the blockchain OS, it aims to do more than what current smart contracts can.
Limitations of Smart Contracts
Smart contracts are very useful to streamline aspects of business and finance, but one advantage of the contract for trustless agreements—that it is immutable and unchangeable once made—also makes it difficult to update, whether for changing circumstances or for security purposes. Their automatic nature also requires very specific wording that the machine can parse and limits what the smart contract can do—great for transactions and transferring numbers, but not for more complex tasks that could be open to interpretation.
Advantages of a Dynamic Blockchain OS
Web3 needs to be able to handle many things besides transactions: social media, virtual reality worlds, creative works and more. To support this variety of activity, Web3 protocols use a blockchain operating system (OS) rather than smart contracts.
One example of a blockchain OS is PraSaga, which is based on a version of the Python coding language known as SagaOS. It supports all the functions of smart contracts but also includes the conveniences that we expect from the current Web2 internet, such as dynamic coding logic and much greater flexibility. This makes it a more appropriate platform for enterprise uses than simple smart contracts.
Blockchain OS solutions have the potential to power a version of Web3 that can be progressively updated and secured to reflect the needs of all stakeholders. Still a young technology, it’s clear that the potential of blockchain for enterprise continues to evolve.
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