What is Smart Contract?
A smart contract is the set of computer protocol which facilitates verification, negotiation or performance of transactions without any third-party intervention.
Smart-contract transactions are stored using the blockchain technology which means the transactions added as blocks are immutable, chronological and tamper-proof.
Smart Contracts implemented in the industry can be of two distinct ways. One which is of standard protocol available in the network, other which is customized smart contracts. However, customized smart contracts implementations take up the lump of money from the pockets. Hence many companies out there has implemented the generic smart contracts for their ICO needs.
Now let’s take a look into the 5 best smart contract platforms for 2019 and decide which suits your business needs!
5 Best Smart Contract Platforms
Ethereum is one of the topmost smart contract platforms to date and its the developer’s cup of ice cream. This platform facilitates the smart contract platform to a wide range of industries right from ICO’s to blockchain games.
The smart contract platform of Ethereum renders great support to developers through clear documentation on rules, compliances which maintain the standardization of platform. Solidity is Ethereum’s own smart contract programming language which helps developers to launch their smart contracts in a much easier way.
However, Ethereum has its own vulnerable flaws which are rectified by the team. Still, Ethereum serves to be the best generic smart contract platform to implement in the industries.
- Free of cost
- Degree of Standardization
- Solidity as a programming language
- Supporting developers through documentation
- Overloaded Network
- Security bugs
2. Hyperledger Fabric
Hyperledger Fabric ranks the second-best in the list. The smart contract platform was set up by the Linux Foundation and it’s the permissioned blockchain smart contract platform in which all the nodes have their identity.
Hyperledger holds a powerful tool which is HyperLedger Composer, a Java-based tool that makes smart contract development much easier for its developers by compliance with data protection laws.
Hyperledger also includes more frameworks like Hyperledger Indy, Hyperledger Sawtooth, Hyperledger Burrow, Hyperledger Fabric. If there is a get back, then the miss of own token system in Hyperledger is the only feature.
- Permissioned smart contract platform with identities
- Open-source platform
- Can be developed in well-known programming languages
- Doesn’t include own token system
NEM is the easiest smart contract platform for the developers as it’s built-in Java language. It’s less vulnerable to security threats as the developers are used to the programming language.
The smart contract platform of NEM supports higher transactions than the Ethereum platform. Many smart contract enthusiasts switch over for the advantages in NEM.
- Java platform
- Lower security threats
- Higher transaction rates
- No supporting tools
- Less decentralized
Stellar the experienced smart contract platform which is the simplest of other platforms and has ease-of-use to develop ICO’s.
If you’re looking for a much sophisticated smart contract platform to implement in your industry, then stellar must not be your choice. Stellar is soon kick-starting its idea of the international payment sector.
- Simplest & experienced smart contract platform
- Apt for ICO smart contracts
- Not the choice of complex smart contracts
Waves, one of the open-source smart contract platform was launched to shatter the barriers of speed and scalability. It’s acute for token developers and can be just like drag and drop tasks to create ICO’s.
- Ideal for ICO smart contracts
- Speed & scalability
- Easy development platform
- Open-source smart contract
- Flexibility is low.
If you’re looking forward to developing a smart contract platform for ICO’s or implementing in your industry, then Blockchain Firm might be sharing their professional thoughts to save time and money!