What are the best blockchains for smart contracts?
Talk about the most famous blockchain applications and smart contracts that are sure to take a fair share of the limelight- and for all the great reasons. Smart contracts are undoubtedly a revolution and the world will forever be grateful to Ethereum for introducing smart contracts to modern life. Now, a lot of people use blockchain and smart contracts interchangeably but these two are not the same. As mentioned above smart contracts are essentially a type of blockchain application. Check out more at Multibank.io.
While Ethereum was the first to launch smart contracts on blockchain- a bunch of advanced blockchains has also started offering smart contracts today. However, the Ethereum chain has been and probably would always be the #1 base blockchain for smart contracts.
The post below will offer a brief on the best blockchains for smart contracts today- but prior to that, let’s have a compact discussion on smart contracts.
Smart contracts are blockchain applications that function on the basis of “if-then” programming. These are digital contracts that function somewhat like vending machines. In vending machines, it is pre-determined that if you insert a particular amount of money, the machine will bring out a candy. The whole function happens automatically.
It’s somewhat the same with smart contracts. These blockchain applications are self-enforceable digital contracts that are programmed to execute certain pre-set functions if certain specified conditions are fulfilled.
Top features of smart contracts
Being a blockchain use case, smart contracts share key features with blockchain.
- Decentralized- facilitates direct P2P communication and eliminates intermediaries
- Immutable- any data entered on blockchain and smart contracts cannot be modified
- Transparency- Both blockchain and smart contacts assures complete transparency about the data stored
- Safety- Smart contracts guard the embedded data with encrypted security
When it comes to blockchain and smart contracts, almost any industry out there would benefit from these two technologies.
Smart contracts are now widely used across the finance, trade, and banking sectors. Several banks in South Korea and Japan have started using smart contracts for faster and more economical international money transfer in real-time. A leading Chinese bank has already developed a smart contract-embedded portal for international trade settlement.
Additionally, smart contracts can be used in the health sector, insurance, supply chain, record keeping, real estate, NFT, and more. In fact, government organizations can utilize smart contracts in the voting system to eliminate tampering in the voting process.
Top blockchains for smart contracts
If you are a developer aspiring to build smart contracts, then you should know about the best blockchains to build upon. Here is a list of top blockchains that would ensure a safe home for your smart contracts-
The pioneer of smart contracts in the blockchain world, Ethereum allows smart contracts applications for almost any industry, ranging from ICOs to NFTs to online games, and so on. The chain creates smart contracts through Solidity, Ethereum’s own programming language for smart contracts. One of the best aspects of Ethereum- especially in regard to smart contracts- is dedicated support and clear standardization measures. The Ethereum chain also boasts the largest market capitalization when it comes to smart contracts.
Pros of Ethereum chain for smart contracts
- Free setup
- Boasts own programming language for smart contracts
- Has established clear rules for smart contracts developers
- Highly active and knowledgeable development community
- Offers immense volume of resources
Cons of Ethereum chain for smart contracts
- Congested network
- Expensive, more pricey compared to other blockchains for smart contracts
- Security issues that had led to hacking attacks
Talk about the safest and most secured blockchains for smart contracts today and NEM is sure to take the cake away. The blockchain has impressed the blockchain world with its recent Mijin v.2 or Catapult update.
NEM has already been a favorite of smart contract developers since its inception as it allows smart contract development in the good old Java. As a result, developers here won’t have to take additional training in additional programming languages, like you have to do for Solidity on Ethereum.
And of course, NEM also steals the show with excellent scalability.
Pros of NEM chain for smart contracts
- User-friendly development, thanks to Java
- No need to take training on other new programming languages
- Reliable performance
- Stellar scalability (100 TPS)
- Highly secured
Cons of NEM chain for smart contracts
- Does nor offer many tools yet
- Comparatively smaller community of developers
- Less decentralized
Pros of Hyperledger chain for smart contracts
- Allows free use
- Open-source blockchain
- IBM support since the tech giant is co-developer
- Permissioned membership
- Enables smart contract coding in multiple languages
- Offers support for plug-in components
Cons of Hyperledger chain for smart contracts
- Absence of token system
We will conclude our list of top blockchains for the smart contracts applications with Wave.
Founded in 2016, Wave represents a high-tech open-source blockchain portal that has been intelligently developed to address the glaring problems existing in traditional blockchains, especially the glitches of scalability and speed.
Akin to Ripple, Wave allows easy token operations, thereby offering a reliable portal for the ICO projects. One of the best parts about working on Wave is that the platform offers an easy ground for novice developers as well. The platform is so user-friendly that you just require the basic tech know-how to work on Wave.
Pros of Wave chain for smart contracts
- One of the best blockchain platforms for ICO projects as well as crowd-sales
- Does not require advanced tech know-how for creating tokens
Cons of Wave chain for smart contracts
- Not very versatile
- Smaller user base
So, you have quite a bunch of blockchain platforms here for the development of smart contracts. Each of them comes with its unique set of advantages. As a blockchain developer, you have to chalk what kind of blockchain environment you want and then choose a portal accordingly.