Top 6 Blockchain Technology for Smart Contracts in 2019
July 31, 2019
Top 6 Blockchain Technology: Smart contracts are one of the best innovations of blockchain. It acts as a trust lever between all permitted parties in a decentralized ledger system.
Smart contracts are exactly what the name sounds; it is a contract made smarter between parties.
Here are the four reasons why smart contracts are more sophisticated in today’s world:
1) The right for self-governance.
2) Increase in trust & safety.
3) Offers better speed and accuracy.
4) Saves time and money.
These are the Top 6 Blockchain Technology platforms are offering Smart Contract functionality to program the decentralized ledger now.
1) Ethereum – The First Smart Contract Blockchain created
Ethereum is the name that first comes to our mind for smart contracts. It facilitates everything from ethereum token to online gaming. Ethereum has built its programming language – Solidity to make setting up smart contracts. Smart contracts on this platform are virtually free to set up, and Gas is the unit of payment for transactions. Gas is the internal pricing unit for running a smart contract operation through Ethereum.
Ethereum has problem-related to its transaction speed; scalability and security. There are many layer-2 solutions in development to solve many of these problems.
2) Hyperledger Fabric – Developed to compete with Ethereum.
Hyperledger is a framework that is administered by the non-profit technology organization, Linux Foundation. It is an open-source project that supports the development of blockchain-based distributed ledgers.
IBM jointly develops Hyperledger Fabric, and it is a private or permissioned blockchain infrastructure that facilitates the execution of smart contracts. Permissioned blockchains require authentication and permission for entities to participate. Hyperledger Fabric allows components, like consensus and membership services, to be plug-and-play. Hyperledger Fabric uses a container technology called “chaincode” to host smart contracts. “”
3) NEO – Ethereum open-source competitor that uses proof-of-stake.
It is a mold of Ethereum and often called as “Chinese Ethereum.”
Like Ethereum, NEO offers flexibility s to build decentralized applications and smart contracts. NEO also allows the hosting of tokens.
Unlike Ethereum and other platforms, NEO implements a decentralized Byzantine Fault Tolerant (dFBT) consensus algorithm. This consensus mechanism is already proven to be more energy-efficient than Ethereum, and transactions are much faster as well. NEO also uses NEOGAS for transactions.
4) Cardano: an open-source blockchain project that focuses on advanced smart contracts.
Cardano is a decentralized public blockchain project and is fully open source. Cardano offers an Ouroboros consensus mechanism, unlike Ethereum.
Ouroboros consensus mechanism is proof of stake instead of proof of work. This mechanism makes transactions much more energy efficient. Hence it is better in terms of scalability, cost, and speed.
5) EOS: A blockchain protocol to operate and develop smart contracts while being extremely fast with zero transaction cost and fees for users.
EOS aims to become more scalable and flexible compared to earlier blockchain developments. The smart contracts are modularized, and each module can be executed based on a set of limitations. Hence EOS Smart contracts are incredibly flexible.
EOS implements DPOS (Delegated Proof-of-Stake) consensus mechanism. Hence EOS claims to manage millions of transactions per second.
6) Stellar: The Extremely Fast Settlement Mechanism
Stellar is an open-source platform for building financial products that offer speed and scalability. The stellar project aims to create an open-source, decentralized protocol gateway for digital currency to fiat currency.
Stellar is the right development solution for simple applications through simple, smart contracts. The smart contracts can only make simple functionalities for basic applications. Sophisticated contracts are not possible in Stellar. However, for basic applications and tokens, Stellar is by far the most cost-effective, time-saving, and simple solution.
These are Top 6 Blockchain Technology for Smart Contracts. There are other smart contract platforms that are promising and have the potential to get into the top platform category.
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