How To Choose The Best Smart Contract Platform?

Intelligent contracts are programmatic building blocks for decentralized applications that can execute themselves on the blockchain, smart contract platforms would then serve as the foundation for all of this year’s major trends, including the applications.

5 smart contract platform

Ethereum

When comparing the various smart contract systems, Ethereum emerged as the top choice. A popular option among developers, it is still a leading smart contract platform. Even though Bitcoin developers shot down Vitalik Buterin’s proposal to integrate application development tools into Bitcoins’ smart contract platform, the financier went ahead and founded Ethereum instead. 

Polkadot

Gavin Wood, who also developed Solidity and was a co-founder of Ethereum, designed Polkadot. As opposed to a single blockchain, this system is more accurately described as a blockchain ecosystem in which several platforms interact with one another. To ensure that parachains and parathreads may communicate with one another across networks, Relay Chain is an essential part of this system. 

Hyperledger fabric

Hyperledger, among the leading smart contract platforms, was developed by the Linux Foundation. Thirty companies, comprising giants like IBM, JP Morgan, Cisco, Intel, as well as others, established the organization. Since Hyperledger Fabric is indeed a permissioned blockchain, all individuals’ credentials are checked and verified before participation.

Tezos

Using a mix of on-chain governance and self-amendments, Tezos is able to prevent hard forks from occurring. This implies that if a developer proposes a change to a protocol and the majority of participants agree with that change, then the protocol may be automatically updated. With this design, the platform may expand naturally as more and more programmers are motivated to work on it.

EOS

The list includes EOS, widely regarded as the top smart contract platform. With almost no transactional costs and the ability to process a large number of transactions in a short amount of time, it felt like the most promising technology available, which would prove to be crucial for the successful execution of smart contracts.

Conclusion

There is a lot of misunderstanding and misinformation around blockchain and smart contract application development since it is still a comparatively young field. Because of this, many businesses decide on a smart contract platform based on the quality of its developer group as well as the credibility of its identity.