Top 6 smart contract platforms

Smart contracts Blockchain are a revolutionary layer of blockchain technology that enables users to interact and perform transactions with each other through a ‘robotic intermediary.’ You can view a smart contract as a self-executable pile of code that can perform specific actions that usually need to be made manually.

Why are smart contracts so important? Because they provide the aspect of trustlessness that blockchains truly need.

Smart contracts can transform our lives

Smart contracts are one of the reasons blockchain technology could be so powerful -- but as yet, they've only reached a fraction of their potential. If they are to reach mainstream adoption and transform our day-to-day lives, the platforms need to be faster, secure, scalable, and more affordable.

They are the engines behind the emerging decentralized finance (Defi) industry, which refers to various applications that cut the middleman out of traditional finance. They're also crucial for decentralized applications (dApps) being built on smart contract (or programmable) platforms.

Here are some top smart contract platforms to watch, in no particular order.

Ethereum (ETH)

Ethereum Blockchain Solution was the first cryptocurrency to launch smart contract functionality. As a result, it powers the lion's share of applications. According to State of the dApps, about 80% of DeFi applications run on Ethereum's network.

Solana (SOL)

Solana is the fastest crypto on the block right now, with speeds of 50,000 transactions per second (TPS). To put that in perspective, Ethereum runs at 15 to 45 TPS, though it will speed up dramatically post Eth2. Average fees on Solana are a fraction of a cent.

Polkadot

Polkadot was created by Ethereum co-founder and Solidity creator Gavin Wood. It is more of a blockchain ecosystem where various platforms are connected to each other, rather than a blockchain in the traditional sense.

Hyperledger Fabric

Hyperledger Solution was founded by Linux Foundation in 2015, with 30 co-founding corporate members including industry giants like IBM, J.P. Morgan, Cisco, Intel, and others.

Hyperledger Fabric is a permissioned blockchain, implying that authentication is required and participants’ identities are known. This makes Hyperledger especially attractive for companies that deal with sensitive data and need to comply with data protection laws like the GDPR.

BSC

A decentralized smart contract ecosystem created by a centralized exchange? It may sound strange, but the reality is always stranger than fiction.

Aiming to capture the decentralized Defi market, CEO Changpeng Zhao announced the birth of the Binance Smart Chain as an alternative to Ethereum. It is a blockchain that runs in parallel with the original Binance Chain, with the noteworthy difference that BSC supports smart contracts and features compatibility with the EVM.

Stellar

Stellar was launched by Jed McCaleb, who also happens to be one of the Ripple founders, in 2014. This is the only non-Turing complete platform on this list, meaning that it’s suitable only for basic smart contract use cases such as ICOs or simple escrow contracts. However, Stellar’s narrow scope makes it one of the best platforms for money exchange. In terms of speed, cost-effectiveness and security of transactions, Stellar is superior to any other smart contract platform in this regard.

Given that blockchain and smart contract application development are relatively new areas, there is still a high degree of uncertainty and confusion regarding them. This is why many organizations choose a smart contract platform based on its reputation and the maturity of the developer community.

Given Ethereum’s first mover advantage, the platform ticks all of those boxes, making it the most popular smart contract platform at the moment. However, while Ethereum definitely has its certain perks and advantages over its less popular rivals, there is almost always a better choice for enterprise app development.

The selection of such a platform mostly depends on the use case. Building a complex IoT-connected insurance Dapp on Stellar would be as ineffective as trying to deploy a public cryptocurrency exchange on Hyperledger Fabric. To ensure platform suitability and squeeze the most out of Dapp and smart contract development, expert consulting is paramount.

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