TechFlow Insights
Canton is a smart contract network where developers can create any consensus-based application with full control, and like existing blockchains, Canton synchronizes on-chain data in real time among participants. Canton has a built-in programming language for "Daml" smart contracts, making each application's ledger independent, with programmable privacy for every asset or data. Moreover, Canton's scalability and independence improve network utilization and reduce gas fees.
Therefore, the Canton network fills a major gap in the public ledger space: it hosts smart contracts on a single virtual ledger, similar to Ethereum, Solana, and Tezos, while also offering built-in privacy and selective transparency, akin to Bitcoin's Lightning Network and Zcash.
As of early 2023, financial institutions conduct over $50 billion in transactions daily on the Canton network.
