Top Best 10 Smart Contracts
Smart contracts are a transaction protocol or computer program, smart contracts are executed automatically, when any transactions happen between parties and need a legal binding. In this case smart contracts take place to have the legal binding between parties. The main purpose of the smart contract is to reduce the of the trusted middleman between parties. reduce the arbitrations, fraud and many other loses.
A smart contract is a decentralized application that responds to events by executing business logic. The exchange of money, delivery of services, unlocking of information secured by digital rights management, and other sorts of data manipulation, such as changing the name on a land title, are all possible outcomes of smart contract execution.
The prime focus of a smart contract is concealing identity and maintaining privacy.
The top 10 Best smart contracts are as follows:
Of course, we had to include the reigning queen, Ethereum.
It so happened that Bitcoin rejected the Vitalik Buterins idea of having a platform to develop decentralized applications. And that is how, Ethereum was the first smart contract platform in the world, and it is still the most popular among developers today.
The platform allows for the implementation of applications ranging from initial coin offerings (ICOs) to insurance based on smart contracts.
The platform has gained traction from the largest players in the industry such as Intel and Samsung, all thanks to its first-mover advantage.
Three company basically develop Solana, the company name is intel, QUALCOMM and drop box, this are the three top software company in the world. Solana founded and developed in the year. It intends to address scalability concerns.
This has achieved a record-breaking 65,000 transactions per second. The Proof of History (PoH) consensus technique is a crucial enabler of such high throughput. Which is different from the regular proof of work or stake technique we know of.
Bitcoin has so many forked-up versions like Bitcoin cash or Bitcoin gold. To resolve that Tezos developed in 2017 by Arthur Breitman with the goal of creating a blockchain that would address concerns with first-generation blockchains, such as protocol splits.
Tezos can do the self-amendment as it is blends on chain-governance. This system helps to remove the hard splits. This means that if a majority of stakeholders agree with a developer’s suggested enhancement, protocols can be automatically modified. As a result of this architecture, the platform can grow organically as developers encourage to participate.
And as a bonus, it operates on proof of stake.
Mr. Gavin wood invented and developed the Polka dot, he is also the inventor and cofounder of Ethereum and solidity. There will be more block chain platforms and there will be a ecosystem which will be connected each other.
The Relay Chain, which is responsible for the network interoperability of Parachains and Parathreads, is a critical component of this system. Polka dot is particularly appealing due to its Parachains, which lets developers establish their own blockchains with custom governance frameworks and coins.
Moreover, Polka dot extends itself to bridge and Parachain to external networks such as Ethereum too.
In 2014, Jed McCaleb, who also happens to be one of the Ripple founders, founded Stellar. This is the only non-Turing complete platform on the list, which means it’s only good for basic smart contract use cases like ICOs and escrow contracts.
Stellar, on the other hand, is one of the greatest platforms for money exchange due to its limited reach. Stellar is superior to any other smart contract platform in terms of transaction speed, cost-effectiveness, and security.
Its partnership with IBM to create World Wire for cross country payments solidifies its place in the top smarts contracts list.
On March 31, 2015, NEM was released. Some developers choose it since it is written in Java. This also makes it very accessible.
Another point to consider is that Java is significantly more mature than newer platform-specific languages like Solidity, and it has fewer security flaws.
According to a number of security experts, NEM’s Catapult or Mijin v.2 updates has made it the most secure smart contract platform available.
The most appealing feature of NEM is how scalable it is. Furthermore, whereas Ethereum can only handle about 15 transactions per second, NEM can handle hundreds.
As a result, developers are progressively abandoning competing platforms like Ethereum, in Favour of NEM.
7. Hyperledger fabric
Hyperledger Fabric is at the top of Ethereum’s competitor’s list. Linux Foundation develop Hyperledger system/project in the year of 2015. To develop the block chain system which is distributed ledger based system the Linux become an open-source initiative with a mention objective of help the block chain technology.
Hyperledger Fabric is a fantastic smart contract platform that has shown to be a strong Ethereum competitor. It is a permission blockchain infrastructure co-developed by IBM that supports the execution of smart contracts or “chain codes.”
Waves launched in June 2016 and are another of the top alternative smart contract platforms. It’s an open-source platform that aims to overcome many of the existing roadblocks to more widespread blockchain adoption, such as speed and scalability.
Wave, like Ripple, has positioned itself as a platform for token transactions. As a result, it’s yet another outstanding ICO platform. It only takes a few minutes to build your own tokens on the platform, and it’s so simple that you won’t need any technical experience.
TRON is a decentralized blockchain that has gained a lot of attention due to its adaptability and versatility. It has improved on the Bitcoin paradigm by providing added protection to blockchain users. As a result, Tron smart contract MLM has the potential to completely alter the network marketing sector. Tronix (TRX) is the Tron blockchain’s native cryptocurrency, which follows the UTXO paradigm.
Tron is a blockchain that is spearheading the web 3.0 revolution from the developer’s perspective. Because of the way Tron is designed, smart contracts can be written in any high-level language.
EOS is a name that everyone remembers. Despite its reputation for being highly centralized, the blockchain network continues to contend for the title of the best smart contract environment. Despite its lack of dominance in this space, EOS is a noteworthy alternative that any true crypto fan should be aware of.
EOS, like the other candidates, has its own consensus methodology called Delegated Proof-of-Stake (DPoS). According to the team, the strength of staking alone allows their platform to perform millions of transactions every second. Furthermore, the technology generates blocks faster and at a lower cost.
Web Assembly (WASM) is EOS’ virtual machine for executing smart contracts, whereas C++ used to write them. Because new engineers work in a familiar software environment, EOS finds it much easier to onboard them.