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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us at: https://www.codezeros.com/contact
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