The Best Smart Contract Platforms in 2021
The smart contract has been a revolutionary change in the market. It has brought forth a transformational change in the execution of contract and payment. A few years back, only Ethereum was known to be the only platform for smart contract development, but the latest funding into this field has propelled the development of new platforms that are triggering the development of smart contracts.
There have been some new developments of platforms that have the potential to be bested than Ethereum. This blog focuses on such platforms that are aiding smart contract development.
What are smart contracts?
These are automated, digitized platforms. Smart contracts run on a Blockchain platform. It has pre-decided conditions, and once the conditions are met, the payment is executed. Conventionally, it was Ethereum that formed the base for smart contracts. However, with more investment in this domain, there has been the addition of new platforms that aid smart contract creation by improving the scalability of the blockchain platform.
Popular smart contract platforms:
Polkadot- This platform has been created by Ethereum developers and was developed with an aim to resolve the issue of Ethereum like scalability. This platform has a host parachains on its blockchain network. It means that this platform can run different chains inside the Blockchain. This process is also known as sharding. In simple words, Polkadot promotes more transactions than otherwise.
Soalan- The objective of the development of this platform is to solve the blockchain trilemma, and it also aims to improve the scalability factor. This platform can support 65,000 transactions every day, which is one of the highest for any Blockchain platform. This platform is supported by Tower Byzantine Fault Tolerance and Proof of History.
EOS- Although EOS is a popular platform, its centralized nature makes it a questionable platform. Also, This platform works on Delegated Proof-of-Stake (DPoS) for decentralized application development. It makes use of WebAssembly (WASM) for the execution of the smart contract.
Binance Smart Chain — This was developed as an alternative to Ethereum. It makes use of Proof of Staked Authority (PSA) for transactions. In this network, Blocks are created every 3 seconds, and those who actively stake BNB can join the Binance Smart Chain network as a validator. Some of its notable features include lower fees, interoperability, and a high transaction.
Shrimpy- It is a social media platform for cryptocurrency exchange. This platform was developed for both the freshers and working professionals.
The Bottom Line:
Smart contracts find a multitude of uses across the different industrial domains like real estate, education, marketing and more. There is going to be a rise in the demand for Blockchain professionals and Blockchain developers who can help in developing smart contracts and improving the conventional Blockchain platform.
The Blockchain Council is a renowned platform for smart contract development. This online certification program offers a blend of classroom learning and hands-on practical experience. If you are also willing to become a Blockchain expert, then you can enrol on this certification program. Connect with the Blockchain Council to know more about the certification program.
