10 Best Crypto Smart Contracts Platforms – How to Choose

What are the best crypto smart contracts platforms? Smart contracts have literally revolutionized blockchain, a technology on which the crypto world is based on and flourishes.

Cryptocurrencies, as you may know, is a new type of payment system that has a huge potential and will surely replace fiat currencies one day and make international payments less expensive.

But, for that, it needs to be controlled by the government or they themselves facilitate payments by self-regulation.

This is where smart contracts come in which is one of the most fascinating uses of blockchain technology till date and is a really revolutionary tool.

Smart contracts have the power to decentralize the processes and make the existing solutions much better. In the process, it will also minimize the threats to the governments.

Everything will be cheaper and more efficient with the use of smart contracts. Check out Best Crypto Coins to Buy for Bull Run.

These digital contracts will enable two parties to enter into an agreement without the need of any third-party involvement. This will expedite the process as well as reduce the cost.

These blockchain based contracts operate in a network of peers while processing and maintaining a database. Companies that allow setting up smart contracts on their network charge ‘gas’ fees.

These are payable in crypto tokens and the amount payable depends on the processing power required by a specific smart contract.

This means that, the more complex the smart contract is, the more expensive it will be to process.

10 Best Crypto Smart Contracts Platforms

Best Crypto Smart Contracts Platforms

Smart contracts can be built from scratch using different codes or can be generic such as the ICO tokens.

These offer better potential for making long term investments in spite of the speculative nature of the crypto coins. This is because several projects can be built on it to derive more value.

Now, there are several platforms with their native coins, big and small, that allow setting up smart contracts but all come with their own characteristics, challenges and opportunities.

Things can change very quickly if you choose the wrong platform. Therefore, it is necessary to know the best smart contracts platform and choose one to get high returns from your investments in cryptocurrencies.

Here is a list to help you out in making your choice.

1. Ethereum – Top Choice for Developers

This is one of the main smart contract platforms that are favored by most of the developers.

It facilitates smart contracts for everything such as online games, ICOs, and more. There are lots of ICOs out there that use its ERC-20 token for facilitation.

It offers a lot of support and the degree of standardization is quite good which makes this one of the best smart contract platforms. It is easy to follow by the developers due to the well-defined set of rules and is also less risky.

Ethereum also has the largest market cap compared to all other smart contract platforms and is dedicated to improving how these contracts operate by using an easy smart contract programming language of their own called Solidity.

This is considered to be the best smart contract platform for general use and comes with its set of pros and cons.

It is free and easy to set up and comes with lots of literature to help you out. However, the network is mostly overloaded and is quite expensive.

2. Hyperledger Fabric – Several Frameworks in Place

Hyperledger Fabric is the main competitor of Ethereum and is set up by Linux Foundation. This open-source project has developed the distributed ledgers based on blockchain and has different frameworks in place.

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Some of these frameworks include Hyperledger Sawtooth, Hyperledger Burrow, and Hyperledger Indy.

This is an outstanding smart contract platform and is a viable alternative to the Ethereum platform which is co-developed by IBM.

The smart contracts are executed on chain codes and it comes with a set of tools that are extremely useful for the developers.

One such tool is the Hyperledger Composer. This tool is based on JavaScript and helps in creating smart contracts more efficiently and easily.

It allows installing different useful modules to use common programming languages to create the smart contracts. This makes the entire thing much more flexible.

It is a permission-network where all the participants of the network have their own and known identities. This allows maintaining data protection laws.

However, this open-source and free to use platform does not have any token system of its own which may restrict creating a few specific smart contracts on this platform.

Therefore, if you need to develop smart contracts for payment transfers, you should look somewhere else. Still, it is quite a reliable platform and supports a number of plug-in components.

3. NEM – Most Secure Smart Contracts Platform

Java is one of the most popular and widely used programming languages. It is favored by most of the developers in the world and NEM is written in it.

This means that developers do not need to learn and use platform specific programming languages to create smart contracts.

It is much more developed and therefore it is less vulnerable to security issues.

In fact, this is considered to be one of the most secure smart contracts platforms available today especially after its release and implementation of the Catapult or Mijin v.2 feature that updates the NEM blockchain.

It is highly scalable and comes with more capabilities and functionalities for blockchain databases. The best part is that this platform can handle more than 100 transactions per second, much more than Ethereum.

However, this platform is less decentralized and comes with fewer tools and has a relatively smaller development community as compared to other platforms.

4. Stellar – One of the Oldest Smart Contracts Platform

Stellar is one of the oldest smart contracts platforms and was established in 2014.

Maintained by the Stellar Development Foundation, it comes with a lot of good and useful features which makes it one of the most favored platforms for several different companies.

Apart from being an exciting blockchain startup, this also comes with a robust infrastructure that facilitates making international payments quickly and safely.

Moreover, after entering into a partnership with KlickEx and IBM, it now offers low-cost, cross-border transactions.

The platform is also very easy and simple to use that Ethereum but not as simple as NEM. Still, its design facilitates ICOs and other simple smart contracts.

All these can be created very quickly and with total security. However, this platform is not designed to create more complicated smart contracts for dApps but is good for creating simple ones.

5. Waves – Fast and Scalable

Launched in 2016, Waves is also a very good alternative smart contracts platform.

This open-source platform comes with features and functionalities that help it to address most of the challenges that are existing in the blockchain technology that holds it back from implementing mainstream.

It is fast and scalable and therefore is a good platform to rely on for token operations and for ICOs.

Creating your own tokens is very easy and requires little to no technical knowledge and can be done in a few minutes.

This is one of the best smart contracts platforms that will also help in crowd-sales.

However, this platform has a comparatively smaller user base and is not very versatile.

6. RSK – Most Secure and Trusted

This smart contract development platform is considered to be a side chain of the Bitcoin blockchain.

It offers a lot of advantages and is touted to be the most secure and trusted blockchain platform of the world.

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Apart from that, this platform also offers many different investment options to the investors via its first layer RBTC tokens.

In addition to that, there is the RIF or RSK Infrastructure Framework which acts as a second layer and has its own tokens.

This layer comes with features that help the developers in many different ways over and above smart contracts. It includes payment channels, storage, and communication.

It offers everything that Ethereum offers and is also quite scalable. It can handle up to 100 transactions per second.

7. Polkadot – A Rich Ecosystem of Protocols

Polkadot, created by Gavin Wood the Solidity creator and Ethereum co-founder, is not a traditional blockchain.

It is instead a blockchain ecosystem in which several platforms are linked with each other.

The most significant component of Polkadot is the Relay Chain. This feature ensures network interoperability of the Para threads and Para chains.

Of these two, Para chains are specifically more useful because it allows the developers to build customized blockchains with custom tokens and governance models.

These are also used as shards by Polkadot which ensures an exceptional scalability of the product resulting in parallel processing of every transaction.

Apart from that, this specific platform also comes with bridge chains. These chains help it to link the Para chains to Ethereum and other external blockchains.

It also comes with several SDKs or Software Development Kits that makes it a favored platform among the developers.

With better and preconfigured templates, different programming language support apart from JavaScript, and interoperability, this rich ecosystem comes with a high potential that will result in mass adoption of smart contracts.

8. Tezos – Self Amended On Chain Governance Combined

Developed by Arthur Breitman in 2017, Tezos on-chain governance combined with self-amendments which helps it to solve the most common issues related to blockchain.

One such issue is with the protocol forks which stakeholders often disagree with and create new chains which results in multiple forks.

The self-amendment feature resolves this issue by upgrading the approvals made by the majority of stakeholders automatically to any improvements made by the developer.

This architecture helps in the organic growth of the platform and at the same time incentivizes the developers for their contributions made to the network.

Another notable feature of Tezos is its use of Proof of Stake or PoS mechanism instead of PoW or Proof of Work distributed consensus system.

This enables the platform to use delegates instead of excessive power used by miners to add a new unit to the blockchain.

These delegates come in two groups – one that consolidate nodes to the blocks and the other that validates them.

Network members are selected at random by the platform from a pool of users who own a minimum of 10000 XTZs, the native coin of this platform.

All these results in higher and faster transaction output as well as in consumption of less computing power.

The Tezos smart contracts are considered to be the most secure amongst all in the industry.

This is because it allows formal verification and a guarantee that these smart contracts will work just the way it is intended to.

Each of these smart contracts are carefully audited prior to its deployment which is facilitated by the programming language of Tezos Michelson, in which the codes are written.

This programming language is however more complex than JavaScript or Solidity which is why it is so reliable among healthcare and aeronautics industries that need easily proven mathematical execution of smart contracts that are accurate.

This means that it is designed for the experts in smart contracts and enterprise level developers.

9. Solana – Proof of History Consensus System

Developed by some of the most renowned software engineers from Intel, Qualcomm, and Dropbox in 2017, Solana is pretty similar to other smart contracts platforms that has successfully done away with the scalability issues.

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As per records, Solana has managed to resolve it even better and can handle as many as 65,000 transactions per second.

The unique aspect of this platform that enables it to be so highly functioning is its use of Proof of History consensus mechanism.

This means that the transactions are not grouped in blocks but each of them remains in the respective blocks. This is used as an input when the next transaction is made.

This enables the users to know which particular transaction was made first within that block and which were the ones that were added last.

Solana also comes with an exclusive technology called Sea-level. This allows it to process the smart contracts parallelly and makes it one of the fastest smart contracts platforms in the market.

This is quite a useful feature for dApps which need on the spot outputs.

All these features of Solana help it to offer exceptional transaction speed and scalability.

You can expect a steady performance irrespective of the amount of workload on the network making it one of the best performing decentralized exchanges.

10. EOS – Offers a Better User Experience

Finally, EOS is also a good smart contracts platform which has a very strong development team backing it up.

However, there seems to be little focus on the decentralization aspect having only 21 block producers.

Looking at the brighter side of EOS, it has made its main net launch and Voice – a decentralized social network of its own.

The good thing about EOS is that this platform based on blockchain is created to support both public as well as private blockchain networks in the real world.

It comes with features that help businesses to customize it so that it suits their respective needs. It supports familiar programming languages and development patterns.

This smart contract platform promises a better user experience using the accessible non-blockchain applications and development tools that are easy to use and understand.

It is scalable, usable, and flexible and at the same time allows governance and parallel processing. Most importantly, it comes with a supple cost model that allows zero-fee transactions and faster operation.

Things to Consider before Choosing a Crypto Smart Contracts Platform

Smart Contracts are very popular and have revolutionized every domain whether it is finance or supply chain, healthcare or education. The reasons behind its immense popularity are:

  • It allows efficient management of agreement between the users
  • It is transparent and conflict-free
  • It is safe since it is based on multi-signature accounts
  • It adds to the utility and
  • These are written in programming code languages that are easy to read and understand.

In order to enjoy the maximum benefits of the smart contracts, you should choose a platform based on different factors. These are:

  • The reputation of the platform you choose
  • The consensus mechanism used
  • The security and safety aspects
  • Relevant and proper uses cases in place
  • The prospects of the blockchain network in the long run
  • Scalability and handling ability of the digital assets
  • Electricity costs
  • Your requirements and suitability of the platform and
  • Transaction throughput.

When you make your choice based on these factors, you will have a much cheaper, faster, and more secure transaction made.

Conclusion

When it comes to selecting the best crypto smart contracts platform, it boils down to the use cases.

It is difficult and that is why the list above should be followed. And, further expert consulting is also required to ensure suitability.