Top 3 Smart Contract Development Platforms
Smart contracts are essentially digital contracts that allow two or more parties to enter into an agreement. It happens through a piece of self-executing code on a blockchain that automatically enforces the terms of the agreement. Consensus protocols are used to implement a smart contract, either on a ledger level or on a transaction level. Smart contracts are also immutable and can be traced back which ensures their security.
Smart contracts offer various benefits like exceptional security, cost-efficiency, speed, precision, automation, and decentralization. This makes them perfect to be the base of business solutions across various industries, from financial technology to healthcare. But, every solution has a different requirement. It calls for a smart contract development platform whose features are perfectly aligned with the requirements of the solution. In addition, every smart contract platform has its pros and cons. You need experienced developers with outstanding technical proficiency to select the smart contract platform that will be right for your solution. So here are the Top 3 Smart contract Development platforms for you:
When it comes to smart contract development, Ethereum needs no introduction. Ethereum might be more popular because of its toke Ether or ERC-20, but it is the original smart contract development platform. It is still the world’s leading smart contract development platform and the first choice for most blockchain developers. Ethereum also has the first-mover advantage with most dApps running on it.
Etereum smart contract development platform allows developers to create their own smart contracts with Solidity, a language that is Turing-complete. Thus, it supports a wider and broader set of computational instructions. Another feature that compels developers to use Ethereum is the phenomenal degree of standardization. A clearly defined set of rules for developers results in seamless, easier, and less risky smart contract development.
Ethereum’s popularity is also one of the key selling points of the smart contract development platform. It results in a huge market capitalization as well as a large, supportive development community. It facilitates smart contracts for everything from online games to ICOs. Considering the massive popularity of Ethereum, it is also arguable the closest platform to achieve mainstream acceptance. To underline this, Microsoft and AWS both offer Ethereum blockchain-as-a-service.
EOS is one of the newer smart contract platforms which is known for its innovative solutions for smart contract development pain-points. To give you an example, it uses Graphene technology that makes use of the Delegated Proof of Stake consensus. Hence, a set of nodes chosen on the basis of the stake they hold in the network perform the validations. In other words, EOS provides exceptional scalability with the ability to run millions of transactions together per second.
EOS provides a much more scalable alternative to Ethereum smart contract development. It has been able to achieve 100,000 transactions per second in stress testing. Furthermore, EOS smart contract development also offers a proportional stake in storage, network bandwidth, and computing power. In other words, developers can enjoy guaranteed, reliable computational power, and bandwidth, even if they have a limited stake invested in the platform.
Hyperledger Fabric is one of the best smart contract platforms hosted by the Linux Foundation. It is a blockchain framework implementation originally contributed by IBM and Digital Asset. The central goal of the hyper ledger project is to support the development of blockchain-based distributed ledgers. It is known for its modular architecture that offers options to share confidential information, endorse policies for transactions, and allows to host smart contracts via chaincode. In addition, it also allows Fabric to be customized to a wide range of applications across different industries.
Hyperledger Fabric is also faster and more scalable than public blockchains owing to its permissioned network. A permission-based network requires consensus to be reached at the transaction level, hence enhancing speed and scalability. Furthermore, the smart contract development platform allows for confidential agreements resulting in limited access to the agreement. Lastly, the modular, highly scalable, and secure architecture allows components, such as consensus and membership services to be plug-and-play.
In conclusion, there are the Top 3 smart contract development platforms that you can consider f0r your blockchain solution. Three of the best smart contract platforms are Ethereum, EOS, and Hyperledger Fabric. But, each business solution calls for a different set of required features from your smart contract development platform. Identifying the requirements of your project and developing the solution on the right smart contract development requires technical proficiency and relevant experience.
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