If you are familiar with the concept of smart contracts then you must realize the importance of smart contract platforms. In this article, we will take a look at the different smart contract platforms and which one of these is the best smart contract platform.
What is a smart contract?
A smart contract is defined as the computer code that resides on a blockchain. The logic of the code defines the terms of the contract and acts as an agreement between the two parties involved in the transaction. Smart contracts execute on their own and do not require a lawyer. They are built on a smart contract platform.
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What are smart contract platforms?
Smart contract platforms are responsible to verify, facilitate, and enforce smart contracts. They provide the blockchain foundation for smart contracts, offer smart contract programming and testing services and host the deployment and execution of smart contracts. Additionally, the smart contract platform also incorporates the input and output of smart contracts into the blockchain. Avalanche is the fastest smart contract platform currently existing.
Smart contract blockchains
Smart contracts are programs that are stored on the blockchain and get executed automatically when certain pre-defined conditions are met. They are typically used to automate the execution of an agreement so that participants can be immediately informed about the outcome without any time loss.
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Types of smart contracts
Smart contracts can be roughly classified into three categories:
- Smart legal contract: The most common smart contract that binds two parties legally in fulfilling their end of the agreement.
- Decentralized autonomous organizations: Communities that exist on the smart contract blockchain and are defined by a set of pre-defined rules.
- Application logic contracts: This type of smart contract enable communication across multiple devices.
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Smart contract cryptocurrency list
Check out the list of top 10 smart contract cryptocurrencies that are set to take the crypto industry by storm:
- Ethereum is one of the best cryptocurrencies.
- Solana smart contract is the fastest cryptocurrency on the block.
- Polkadot stands out for its speed and interoperability both.
- Cardano prefers the latest technological advancements.
- Avalanche is considered to be one of the rising stars of the crypto market.
- Cosmos focuses on interoperability.
- Algorand promises sustainability, security, scalability, and low costs.
- Elrond offers extremely fast transaction speeds.
- Ergo does not charge any gas fees.
- Tron provides secure means to blockchain technology.
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List of smart contract platforms
Smart contract platforms help in verifying, facilitating, and enforcing smart contracts. There are several smart contract platforms in the market that can be used based on user needs and requirements. However, in this article, we will discuss the top smart contract platforms in brief.
1. Ethereum smart contract
Ethereum is a global decentralized platform that powers ETH cryptocurrency and several thousands of decentralized applications. It is a community-led technology that is home to digital money, global payments, and applications. Also, Ethereum is the world’s first smart contract platform and is highly popular in the market.
How to create an Ethereum smart contract
Check out the following steps for Ethereum smart contract development:
- Create a wallet at Meta-mask.
- Select any one test network
- Add some dummy Ethers to your wallet
- Use editor remix to write the smart contract in Solidity
- Create a .sol extension file
- Smart contract code to create ERC20 tokens
- Deploy your contract
2. Corda smart contract
Corda smart contract platform is used to build interoperability in enterprise settings including capital markets, trade finance, digital identity, insurance, healthcare, government, supply chain, and telecommunications. Corda has impressive scalability, transaction privacy, state consistency, and workflow flexibility. Corda also focuses on familiar legal documents.
Corda smart contract language
Up until 2020, blockchain smart contract applications for Corda were written in Java or Kotlin. On 27th July 2020, Today Digital Asset announced that its cross-platform smart contract language DAML is now available for developing applications on enterprise blockchain R3’s Corda.
Algorand is the next generation smart contract for the DeFi world. These are basic lines of codes that are stored on the blockchain and get executed automatically when certain conditions are met. Using Algorand smart contract platform, developers are able to make dApps that are highly scalable, secure, and low cost to execute.
Algorand smart contract address
During smart contract deployment to the Algorand blockchain, a unique identifier gets assigned to it, called the app id. Every Algorand smart contract has a unique Algorand address that is generated from this specific iD. The smart contract functions as an escrow account with the help of this address.
4. Hyperledger fabric
Hyperledger fabric platform is an open-source blockchain framework hosted by The Linux Foundation. It is a general-purpose framework that offers unique identity management and access control features. The Hyperledger fabric platform is suited to a wide variety of industrial applications such as trade finance, loyalty and rewards, etc.
Hyperledger fabric smart contract language
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5. NEM smart contract
NEM is a homegrown blockchain technology that can be deployed either as a private ledger or a public ledger. NEM has its own native cryptocurrency XEM. It is a platform with well-built services interacting with the NEM blockchain. NEM is more like Software-as-a-service.
NEM, or the New Economy Movement, is a smarter and technologically advanced blockchain. NEM positions itself as a smart asset blockchain and aims at managing assets and data easily and at a low cost. NEM has its own smart contract platforms crypto, called XEM and a cryptocurrency wallet called Nano wallet.
6. Polkadot smart contracts
Polkadot is a shared protocol that enables different blockchain networks to work together. It hosts blockchains and handles their security and transactions. Users can easily build a blockchain on Polkadot with their Substrate framework. It is an open-source project that was founded by the Web3 Foundation.
Polkadot smart contract address
Polkadot is a completely separate network from Ethereum or BSC, which is why there is no contract address like we are familiar with ERC20 token and BSC20 tokens. This is also the reason why DOT, the smart contract cryptocurrency of Polkadot is not present on Uniswap, MetaMask, Pancakeswap or other projects of the Ethereum or BSC ecosystems.
Polkadot smart contract language
Polkadot is a blockchain platform that is written in Rust programming language. The concept behind Polkadot is to use network effects from a network of blockchains to improve the decentralized internet. Polkadot brings blockchain interoperability to increase the scalability, speed, and extensibility of blockchains.
7. Solana Smart contracts
Solana smart contract platform is for users to build crypto applications at scale. It differs from traditional EVM-enabled blockchains. A traditional EVM-based contract combines both logic and state into one single contract deployed on-chain. In contrast, Solana smart contracts remain in read-only mode and contain only program logic.
How to write a Solana smart contract
Here are the steps on how to create a Solana blockchain smart contract:
- Set up a Solana development environment
- Create Solana smart contract in Rust programming language
- Clone the repository
- Set the current environment to Devnet
- Create a new keypair
- Obtain required SOL tokens
- Build the program
- Deploy to Devnet
Solana smart contract cost
Deploying a Solana smart contract can cost anywhere between 1-2 SOL. Depending on the size of the smart contract the space is allocated to the smart contract on the ledger and the price differs. More the size of the smart contract, the higher the cost.
Tezos is a self-amending cryptographic ledger that is available on the MIT license. This open-source ledger receives consensus not just about the state of the ledger but also about the state of its protocol. It can execute peer-to-peer transactions and serves as a platform to build smart contracts.
Tezos smart contract address
The deployment of a Tezos smart contract is called “origination”. When a smart contract is deployed, it gets assigned an address and a corresponding persistent space called “storage”. The smart contract address is sort of like identity and denotes where that smart contract lives on the ledger.
Tezos smart contract language
There are a variety of languages that can be used to write smart contracts on Tezos. For example, Michelson is a domain-specific language from Tezos smart contracts. While this is a fairly common one, there are other alternatives as well such as LIGO, SmartPy, Morley, Fi, and Archetype.
FAQs on best smart contract platforms
How to upgrade Ethereum smart contract?
Ethereum smart contracts are immutable by default. If you wish to upgrade an Ethereum smart contract, consider deploying a new contract using DeployProxy. It allows the contract instance to be updated later only by the addresses that deployed the contract in the first place.
How to send money from Ethereum smart contract
Money can be sent from Ethereum smart contract when the predefined conditions are met between the two parties involved in the transaction. The smart contract allows the two parties to send money without the need for an intermediary.
Megha is a content writer with sharp technical skills, owing to her past experience in networking and telecom domains. She focuses on various topics including productivity, remote work, people management, technology, market trends, and workspace collaboration.