CRYPTO- ECONOMY

ChinmayaIAS Academy - Current Affairs October 10, 2022 GS3 Leave a comment 291 Views

Crypto exchanges often rely on smart contracts to run smoothly. A smart contract failure can cause platform outages, and exploitation of the codes could devalue the entire ecosystem. Programming languages help crypto platforms and protocols run effectively.
C++ is a programming language associated with Bitcoin.
It is also one of the most used programming languages, playing a role in the development of operating systems, gaming devices and platforms, search engines, and even machine learning.
Rust has the unique distinction of being called the “perfect programming language” in 2021 by Twitter co-founder Jack Dorsey.
However, developers have complained that Rust is too difficult to learn.
The crypto ecosystem sits on top of distributed ledgers, which are broadly called blockchains. Apart from recording and verifying transactions, some crypto blockchains like Ethereum let users launch agreements or special actions that execute on their own.
These are known as smart contracts and to create them effectively, programming languages are a must.

The importance of programming

Crypto exchanges, decentralised apps, the automated buying or selling of orders, and even NFT-based games often rely on smart contracts to run smoothly.

A smart contract failure can cause platform outages, and exploitation of the codes could devalue the entire ecosystem.
Programming languages thus, help crypto platforms and protocols run effectively.
C++ is a programming language commonly associated with Bitcoin.
While the Bitcoin whitepaper explaining the peer-to-peer electronic cash system is written largely in English, the Bitcoin Core software, which makes transactions possible, uses C++.
It is maintained by a community anyone can join by running Bitcoin Core full nodes. It is hailed for being an accessible programming language that users of Java, C, and C# can easily learn due to existing similarities.
It is also one of the most used programming languages, playing a role in the development of operating systems like MacOS and Windows, gaming devices, search engines, and even machine learning. C++ is a major influence for many other programming languages in use today.
However, some see C++ as an outdated programme. Mark Russinovich, Microsoft Azure’s CTO, recently asked developers to stop using C and C++.

Solidity, Rusk and Haskell

Solidity is the programming language mainly used on the blockchain platform Ethereum. Some of its developers are Ethereum co-founders.
The language is influenced by C++, Python, and JavaScript.
It is also known as a ‘curly bracket language’ as it uses the flower bracket special character. In recent times, with the Ethereum transition to a proof-of-stake model, programming skill in Solidity is expected to be in high demand.
Parts of the Ethereum ecosystem also support several other programming languages such as Python, Ruby, Rust, Java, and more.
Rust has the unique distinction of being called the “perfect programming language” in 2021 by Twitter co-founder Jack Dorsey.
Come 2022, Mr. Dorsey noted that Rust was a “close second” to C. In the crypto world, Rust is commonly associated with the Solana blockchain, which is known for its high speeds and relatively low transaction fees.
The Polkadot blockchain, which helps to better connect blockchains with each other, also uses Rust.
However, developers have complained that Rust is too difficult to learn. A 2018 survey showed that more than 22% of users did not feel productive using the programming language.
Some of the most valuable blockchain projects in the crypto industry don’t necessarily rely on the most popular programming languages.
Cardano, for example, is a blockchain that takes pride in its academic rigour and scholarly approach to the crypto sector. Its smart contract programming language is based on Haskell.
The Cardano Foundation itself admits that Haskell is not well-known, and that it is not a popular programming language for beginners.
Haskell is classified as a purely functional programming language, and is hard to learn. But it is said to be well-suited to deliver accurate crypto projects due to its immutability feature.