Platform Definition
A platform, in the context of blockchain and cryptocurrency, is a type of system or technology that enables the development and execution of distributed applications (dApps), smart contracts and other services.
Platform Key Points
- A platform allows for the building and running of blockchain-based applications and services.
- These platforms often provide features such as smart contract functionality and tokenization capabilities.
- The most famous blockchain platform is Ethereum, but there are numerous others such as Binance Smart Chain, Polkadot and Cardano.
What is a Platform?
At its core, a blockchain or crypto platform is a type of distributed ledger technology that can be used to develop other applications and services. These platforms are not merely currencies or tokens – they have extended functionality that allows developers to build entire ecosystems.
Why is a Platform Important?
Platforms are important because they can provide a decentralized and secure environment for developers to create innovative applications and services. They often come with built-in tools for creating and enforcing smart contracts, facilitating peer-to-peer transactions, and designing new types of crypto-assets.
Where are Platforms Used?
Platforms can be used in a wide variety of industries and fields. From finance and insurance to supply chain management and entertainment, the application of blockchain and crypto platforms seems endless. The power of these platforms is that they can bring the advantages of decentralization, transparency, and immutability to almost any sector.
When are Platforms Used?
Platforms are used when a developer, a company, or an organization wants to create a decentralized application or a other blockchain services. Platforms serve as the foundation and infrastructure upon which these applications or services are built.
Who Uses Platforms?
Platforms are used by a wide variety of people and institutions. Because they enable the development and deployment of decentralized services and applications, platforms can be used by blockchain developers, tech companies, financial institutions, and even government entities looking to leverage the power of blockchain technology.
How are Platforms Used?
To use a platform, a developer would typically write a smart contract or a piece of code that is then deployed on the platform. Other users interact with this code through transactions, which are processed and authenticated by the platform’s network. The platform then adjudicates these interactions based on predetermined rules written into the code.
