The use of smart contracts has completely transformed how transactions are done in different industries, this ranges from supply chain and finances. With the help of blockchain technology through smart contracts, transactions are carried out efficiently without the use of middlemen.
Many individuals find it difficult to decide the best smart contract platform to use when building their projects in the blockchain. Well, it is good to know that different blockchain platforms are known for their ability to execute these smart contracts. Each of these platforms has different specific properties, and deciding the best from these multiple platforms will eventually rely on your experience with them.
Using some factors such as; security, functionality, user-friendly, and scalability, we will be examining the five best smart contract platforms in blockchain technology in this article.
For smart contracts, Ethereum is the most famous and adopted used blockchain platform. It has a good supportive community and a strong ecosystem. The idea of smart contracts was brought into existence by Ethereum and it was introduced in 2015. On the Ethereum platform, the most popular programming language used by developers to build decentralized applications is called solidity which developers used to easily build decentralized applications (DApps) and decentralized finance projects (DEFI). It has a good ecosystem, and large adoption, and security has made it the most desired platform by developers.
2.Binance Smart Chain (BSC):
Binance exchange, the most famous trading centralized platform introduced BSC. It is an alternative platform to Ethereum because it is compatible permitting developers to change their decentralized applications (DApps) easily and smoothly, it processes fast and has cheap fees for transactions. BSC has mostly used for DEFI (decentralized Finance) projects which have attracted more individuals and investors to it due to the congested nature of the Ethereum ecosystem. One of the challenges faced by projects under BSC is the centralized nature of BSC. BSC is owned and controlled by Binance.
Cardano uses a specific kind of proof-of-stake consensus mechanism called Ouroboros which allows the efficiency of energy and decentralized governance. It aims to offer a safe ecosystem for deploying smart contracts and for the development of decentralized applications. Cardano blockchain platform prioritizes flexibility, good security, and a sustainable ecosystem for building projects and smart contracts.
Polkadot blockchain platform link several blockchain together, and it is known as a multi-chain technology. It provides a scalable and flexible platform for building and developing smart contracts. Via relay chain, it enables developers to create and integrate unique blockchains, these include the ones that have the ability to carry out smart contacts. It also uses this relay chain to connect the parachain to the main network.
Avalanche is an efficient blockchain platform that emphasizes speed and scalability. It uses avalanche as its consensus mechanism which processes transactions simultaneously and enables cheaper transaction rate. With the help of Ethereum Virtual Machine, developers can easily transform their smart contract which can let them take the opportunity of Ethereum structure. Avalanche is essential for platforms that allow easy and fast execution of smart contracts.
Smart contract platform has drastically transformed how transactions are being carried out by offering a safe, decentralized solution, and transparency. However, platforms like; Binance smart chain, avalanche, Polkadot, and Cardano have appeared as powerful competitors, there address the scalability problems faced by Ethereum and there also have special properties.
As a developer, before selecting a smart contract platform for your project, it is important to carry out intensive research about the platform in such a way that the developer should consider their security measures, scalability, transparency, etc since each platform has its own merits and demerits.