The smart contracts are emerging at a fast pace with the explosion of cryptocurrencies. Both the smart contracts and the cryptocurrencies are powered by the latest and rigid blockchain technology.
This leads to a surge in smart contract development in the crypto industry. As the days passed by, the need for smart contract platforms was off the charts.
The smart contract development platforms with its unique tokens, characteristics, opportunities, functionalities, and challenges are evolving in the crypto industry with its value. In this article, you will be able to find the top smart contract development platforms.
Before looking into the smart contract platforms, we will see how smart contract works?
A smart contract is a digital contract backed by the blockchain technology. The contract or agreement between any two parties is recorded in the blockchain without any third-party intervention.
Read the blog on Real time applications of smart contracts and blockchain technology
Top Smart Contract Development Platforms
The list of top 5 smart contract development platforms are as follows
Though Ethereum has been in the crypto industry from the past three to four years, It has become the most popular platform with its native token Ether or ERC-20. It is one of the most leading smart contract development platforms.
During July 2015, the Ethereum platform went live for the first time in the crypto market. It offers smart contracts for various types of industrial sectors ranging from online games to Initial Coin Offering (ICO projects). Nowadays, many ICO’s are focussing their offering with ERC-20 token standard.
The major highlight of the Ethereum platform is the high support and standardization it offers to its customers. It has got a set of rules in ERC-20 token standard and their programming language-Solidity to develop the smart contracts. This helps to facilitate smart contract development.
The features of the Ethereum platform are as follows:
CryptoSoftwares offers the best ERC20 Token Development services
Drawbacks of the Ethereum platform
2. Hyperledger Fabric
Hyperledger Fabric is the tight competitor of Ethereum. It was established during December 2015. Linux foundation backed this open-source project. Different frameworks of Hyperledger are available. It includes Hyperledger Sawtooth, Hyperledger Fabric, Hyperledger Burrow, and Hyperledger Indy.
Here not only the Solidity programming language is used to develop the smart contracts. It is also a permissioned network where all the members have unique identities.
Features of Hyperledger Smart Contract are as follows:
CryptoSoftwares provides Hyperledger Application Development services
The drawback of Hyperledger Smart contract platform
On March 31, 2015, NEM was developed. The smart contract developers widely support it as it uses the programming language- Java.
Java is one of the most popular programming languages. So this feature makes NEM most popular and widely accepted by the developers. Here there is no need for the developers to learn any specific programming language to develop smart contracts such as Go, Solidity, etc.
As Java is highly protected, advanced, and far developed, there is less chance for the vulnerabilities than the other smart contract-specific programming languages.
NEM has released an update to improve the blockchain functionalities. Mijin v.2 is an update of NEM, which made the NEM blockchain more secured.
Read the blog on NEO vs Ethereum
This functionality opened up space for many other capabilities in NEM blockchain. NEM became highly scalable when compared to other platforms. In the Ethereum platform, it can handle around 15 transactions per second, whereas, in NEM, it can manage around 100 transactions per second.
This is the main reason for the developers to opt NEM smart contract platform when compared to other platforms.
Features of NEM smart contract platform are as follows:
Drawbacks of NEM smart contract platform
Get to know the future of smart contracts
Stellar was launched in 2014. This shows that it is one of the oldest platforms on the list. Stellar development foundation is backing this blockchain.
Many large enterprises are planning to implement a Stellar platform for their infrastructure. It facilitates international payments and this is the main reason for the organization to opt Stellar platform.
During 2017, it is collaborated with KlickEx and IBM to provide an affordable way to transact across the borders.
Stellar is also considered as one of the best platforms for smart contract development. It is very simple and easy when compared to Ethereum and NEM.
Features of Stellar Smart Contract Platform are as follows:
The drawback of stellar Smart Contract Platform
Waves – is one of the top smart contract development platforms and it was launched during 2016. It provides a solution for the blockchain implementation. It processes the transaction at a very fast pace and it is highly scalable.
Similar to Ripple, it facilitates smart contract development and execution. It is a perfect platform for the ICOs. It only takes less time to create your tokens or smart contracts.
Features of Waves Smart Contract Platform are as follows:
Drawbacks of Waves Smart Contract Platform
CryptoSoftwares provides excellent ICO Development Services
Hope in this article; you will be able to find the top list of smart contract development platforms. It also provides the features and limitations of the platforms.
Choose the right blockchain platform to develop your own smart contracts.
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