The necessity of a revolution in the electrical system is obvious, and smart meters will be the solution. The development of smart grids will be built over the new electronic measuring devices, which imply a challenge for the next few years in the engineering field.In order to understand the basics of smart grids, we have carried a description and comparison of both the current and the next-gen electrical systems. Emphasizing the advantages and opportunities obtained by changing into the smart grids, it demonstrates the importance of moving towards a more modern measurement system.A very important issue is to decide which should be the minimum features in Smart Meters, therefore this thesis analyzes the different exiting models and also proposes several suggestions for the future. Finally, it was conducted a report of the current deployment situation of this new technology in various representative countries. Describing the settings and options chosen by each country, we can achieve a conclusion that unifies a standard solution by the choice of the best proposals.