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Get ready to dive into the world of Neutron, an innovative leader in blockchain technology. This network creates a connection between over 50 different blockchains through the use of smart contracts. Neutron, also known as NTRN in the trading world, makes it possible for smart contract-powered applications to operate effectively over numerous separate blockchains.
This group of blockchains is collectively referred to as the Interchain. While this might sound typical, it’s actually a revolutionary step. Neutron not only links these blockchains quickly, but it also achieves this with low cost and reduced energy consumption. Plus, it’s accessible to anyone with an internet connection, breaking down barriers to entry.
So, what sets Neutron apart? Let’s explore what Neutron is, how it operates, and the economic aspects of its NTRN token.
Neutron was brought to life by Avril and launched in 2023. Its main aim is to facilitate the functioning of smart contracts across various platforms, promoting the development and usage of smart contracts within the Interchain. This network encompasses 50 distinct blockchains, all unified by Cosmos technology. Neutron utilizes the Tendermint consensus approach and the Cosmos SDK from Cosmos.
It employs Cosmos’ Inter-Blockchain Communication Protocol (IBC) to enable its smart contracts to function on any network built using the Cosmos SDK. Neutron also uses Cosmos’ Interchain Accounts (ICAs) to allow the Cosmos blockchain to handle accounts, like wallets, on different blockchains. In simpler terms, Neutron’s smart contracts can interact with components from any blockchain that is equipped with ICA and IBC, courtesy of Cosmos.
Before we get into more details, let’s first understand some important concepts.
Neutron was meticulously crafted with the Cosmos Software Development Kit, also known as the SDK. At its core, the Cosmos SDK serves as a versatile toolkit for building blockchain networks, establishing Neutron as a Proof-of-Stake (PoS) project. PoS, known for its scalability and energy efficiency, is a consensus method that stands in sharp contrast to the more well-known Proof-of-Work mechanism used by Bitcoin. The SDK plays a crucial role in crafting…
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