The Top 6 Smart Contract Platforms You Need for 2022


Picture: Payments Journal


Techspace - Smart Contract platforms provide a blockchain framework, offer development services, host execution, and incorporate inputs and outputs into blockchain Smart Contracts. The Smart Contract Platform is a gateway that enables Smart Contracts to be developed on the top Smart Contract blockchain by operating on a peer-to-peer and decentralized network. Smart contracts are among the reasons why blockchain technology has the potential to be so powerful. However, Smart Contracts are still in their early stages. Therefore, companies should choose the top Smart Contract platforms well based on their reputation and the entire developer community.


Top Smart Contracts Platforms in 2022

Ethereum


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Ethereum still ranks highly as one of the preferred 2022 Smart Contract platforms among developers today. The platform enables application deployments ranging from initial coin offerings (ICOs) to Smart Contract based insurance. Ethereum has a large developer base. This makes auditing the Smart Contract platform on the network impractical. In certain circumstances, companies use Smart Contract experts to ensure applications function wholly and safely. 


Ethereum's strengths and vulnerabilities make it very popular on the list of Smart Contract platforms. The creators of Ethereum misjudged the platform's growth potential, resulting in scalability issues. The platform has a history of network overload, as a result of which transaction speeds remain poor and transaction processing fees are pretty expensive.


Hyperledger


Picture: IBM


Linux Foundation created Hyperledger, one of the top Smart Contract platforms, in 2022. Hyperledger Fabric is an official blockchain where participant identity authentication is required. This makes Hyperledger attractive to businesses on the list of Smart Contract platforms that handle sensitive data and must comply with data protection requirements such as GDPR. Users of this platform can establish secret channels for certain network members, allowing only selected participants to view transaction data. In addition, by including an additional hardware-based security model for identity management, the platform provides the highest level of business cybersecurity.


Tezos


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Breitman created this platform intending to develop a blockchain that would eliminate concerns such as protocol separation. Tezos combines on-chain administration with its amendments to avoid hard forks. So that you can immediately modify the protocol if stakeholders agree to the modification suggested by the developer. In addition, Tezos achieves distributed consensus using the Proof of Stake technique. Tezos employs delegates who consume excessive electricity to add new blocks to the chain.


Additionally, you can get delegates that combine nodes into blocks as well as those that validate blocks. The platform selects network members randomly from a pool of people with at least 10,000 XTZ. A consensus process requires significantly less computing power than mining and allows for much better transaction throughput.


EOS


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EOS attracts the crypto community's attention with its near-zero transaction fees and capacity to handle multiple transactions in one second. Cryptocurrencies built for large-scale applications do not contain fees associated with sending or receiving EOS. In contrast, the protocol regularly pays the company managing the network with additional EOS. Thus, EOS replaces transaction costs with inflation.


Stellar


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Stellar is the only Smart Contract platform not yet Turing complete because it is only for essential use like ICO or simple escrow contracts. However, Stellar's limited reach makes it one of the largest money exchange platforms. Stellar excels in terms of transaction speed, cost-effectiveness, and security. IBM chose Stellar to develop World Wire, a worldwide payment system designed to facilitate cross-border transactions. Stellar does not have its virtual machine. So, you can formulate Smart Contracts in the most common programming language and be accessible to most developers. Stellar is an alternative for organizations looking for a simple yet powerful Smart Contract solution.


Algorand


Picture: Outlook India


Algorand is considered the best next-generation unlicensed Smart Contract platform in the DeFi world. Algorand offers minimal price, scalability, and speed without compromising security. Developers can write Algorand smart contracts in multiple computer languages. This makes it easier for users to understand what the contract is trying to achieve, regardless of the inexperienced coder.


Cryptocurrency with smart contracts is an exciting field. There is a high probability that this digital currency will perform well in the long run. You can find most of these currencies on cryptocurrency exchanges for investment. However, it would help if you researched the crypto industry and always remembered that all crypto investments are risky. Given the speed at which technology advances, you should also keep an eye on quantum computing. Therefore, there might come a day when this poses a danger. Hundreds of platforms worldwide are ready to give access to thousands of coins. To choose the best, you must first decide which qualities are most important to you.


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