Top 12 Blockchain Platforms Ideal for Smart Contract Development

The history of smart contracts dates back to 1991 when Haber and W.S. Stornetta made the first attempt to timestamp electronic documents. Since then, Smart contract development has undergone a fascinating journey through the intersection of computer science, cryptography, and decentralized technology. 

Let’s explore the history:

• 1990s: It was in 1994 that computer scientist and cryptographer Nick Szabo first used the term “smart contract”. He envisioned self-executing contracts that included certain terms of an agreement written into code.
• 2000s: It was the phase when smart contracts evolved rapidly. Szabo continued to refine his ideas, and Smart contract development services began exploring their practical implementations using blockchain technology.
• 2015 (Launch of Ethereum): Ethereum came into existence in 2015, and it was a crucial moment in the history of smart contracts. Today, developers from an experienced Smart contract development company can create and deploy smart contracts on Ethereum or alike blockchains that are compatible with EVM. It facilitates the creation of a wide range of decentralized applications (dApps) and automated contracts.
• 2015 to Present: Since Ethereum’s launch, the use of smart contracts has expanded significantly. They have now become an integral part of the DeFi, NFTs, supply chain management, and more. Smart contracts have gained popularity due to their potential to streamline processes, reduce intermediaries, and increase transparency and security.

How Do Smart Contracts Work?

Execution of smart contracts involves a series of steps that are typically performed on blockchain platforms like Ethereum. Here are the key steps:

• Smart Contract development and deployment: The first step is to create and deploy the smart contract to the blockchain.
• Transaction Initiation: Once the smart contract is deployed, and made available on the blockchain, it needs to be triggered to get executed. For this, a transaction must be initiated by an external party or an entity with the necessary permissions. Smart contract development services help in writing the codes in such a way that it includes certain terms and conditions that triggers the transaction. 
• Transaction Parameters: When initiating the transaction, the sender specifies the address of the smart contract, the method of execution of the contract, and any input parameters required for that function.
• Gas and Fees: The sender must pay transaction fees in the form of cryptocurrency to execute a smart contract. These fees cover the computational resources (gas) required to process the transaction and execute the contract.
• Validation and Execution: After being broadcasted on the blockchain, the transaction is verified by miners or validators. As soon as the transaction is validated and gas fees are paid, the smart contract function is executed on the blockchain.
• Transaction Receipt: Once the transaction is successfully executed, a transaction receipt is generated. The receipt includes information about the gas used, the contract address, and any logs or events emitted.

Top 12 Best-Suited Blockchain for Smart Contract Development

Here are some of the most preferred blockchain networks that any Smart contract development company would like to opt for:

1. Ethereum

Ethereum is the best blockchain for smart contracts due to several key factors:

• Supports Solidity Language: Solidity is the native programming language of Ethereum, which makes it well-suited for contract development.
• DeFi Dominance: Ethereum holds dominance in the DeFi space and therefore, it is one of the most preferred choices of smart contract coders. 
• Interoperability: Ethereum’s compatibility with various tokens and dApps enhances versatility.
• Security: Ethereum has undergone continuous improvements in security measures which attracts users and developers alike.

2. Cardano

Here are the highlighting features of Cardano that make it one of the best smart contracts platforms:

• Security and Reliability: Cardano ensures robust security and reliable smart contract execution.
• Formal Verification: Cardano uses formal verification methods that enhance code correctness and reduce the chances of vulnerabilities in smart contracts.
• Sustainability: Cardano uses an energy-efficient proof-of-stake mechanism that reduces environmental impact and aligns with sustainable practices.
• Scalability: Cardano is designed for scalability, which helps to accommodate a growing number of users and transactions.
• Interoperability: Cardano seamlessly integrates with other blockchain platforms and helps build a connected ecosystem.

3. Avalanche

Avalanche can be a choice for many Smart contract development services for the following reasons:

• High Throughput: When it comes to fast and scalable transaction processing, Avalanche is the best-suited platform.
• Custom Blockchains: Avalanche helps create custom blockchains to fulfill specific needs.
• Interoperability: Avalanche supports cross-chain interoperability and enables seamless communication between different blockchain networks.
• Security: Avalanche is known for its advanced security features which ensure the integrity of smart contracts.

4. Hyperledger

Hyperledger can be chosen by smart contract developers due to several key factors:

• Permissioned Networks: Hyperledger has permissioned blockchain architecture that enhances privacy and control.
• Modular Framework: It offers a modular and customizable framework for creating customized smart contracts for different purposes.
• Enterprise-Focused: Hyperledger fulfills enterprise needs by ensuring robust security and scalability.
• Interoperability: Interoperability is one of the chief features that makes it the right platform for coding smart contracts. 
• Open Source: Hyperledger is an open-source platform that fosters collaboration and innovation.

5. EOS

EOS makes it easier to code smart contracts. Here are the reasons:

• Developer-Friendly: EOS is known for having a developer-friendly environment that supports accessible tools and resources.
• High Throughput: EOS boasts rapid transaction speeds and high throughput.
• Scalability: Scalability is one of its core features, and it helps to accommodate the growing demands of the network.

6. Stellar

Stellar is primarily designed for fast and low-cost cross-border payments.  It has some unique qualities that make it suitable for developing smart contract applications:

• Speed and Low Fees: Stellar charges minimal fees and ensures fast transaction confirmation times that are advantageous for smart contracts with high transaction volumes.
• Custom Assets: Stellar allows the creation of custom tokens, making it ideal for tokenization and asset management.
• Supports Smart Contract Creation: Stellar allows time stamps, automated execution, and conditional logic to be used for coding smart contracts. 
• Built-in Exchange: Stellar has a built-in decentralized exchange that simplifies asset trading with the help of smart contracts.

7. Fantom

Fantom excels as a smart contract development platform due to several key factors:

• High-Speed Execution: Fantom ensures blazing-fast transactions and low fees, which makes it an ideal platform for making DeFi applications. It can be considered the fastest smart contract blockchain.
• EVM Compatibility: Being EVM compatible, makes it easier for Smart contract development services to craft custom contracts. 
• Security: Fantom incorporates features like formal verification to ensure robust security and vulnerability-free contract execution.
• Interoperability: Fantom’s compatibility with other blockchains supports cross-chain functionality.

8. Polkadot

You can choose Polkadot for diverse reasons:

• Interoperability: Polkadot facilitates communication between different blockchains. It enables cross-chain smart contract functionality.
• Scalability: Polkadot’s parachain architecture ensures scalability without compromising performance.
• Customizability: Developers can create custom blockchains within the Polkadot network.
• Security: Polkadot is featured with tight security with robust governance.  

9. Solana

Solana is gaining traction for smart contract development due to its exceptional features:

• High Throughput: Solana is known for offering high-speed transactions. It has the capacity to handle thousands of transactions per second, making it an ideal choice for coding smart contracts.
• Low Fees: Its cost-efficient model ensures affordable transactions.
• Scalability & Security: Solana’s scalability and security are the most noteworthy features that attract smart contract developers. 
• Interoperability: Solana’s compatibility with Ethereum fosters cross-chain integration.

10. Near

Near, as a smart contract platform, stands out for several reasons:

• Developer-Friendly: Developers can use the familiar Rust programming language for drafting smart contracts. 
• Scalability: Its sharding architecture enables high scalability and helps to handle a growing number of transactions.
• Interoperability: Near supports interoperability and makes it easier to integrate with other blockchains and applications seamlessly.
• Security: The formal verification feature ensures tight security, which is helpful in smart contract development

11. Arbitrum

Arbitrum excels as a smart contract development platform for several reasons:

• Layer-2 Benefits: It leverages the benefits of Layer-2 solutions and makes it an ideal choice for Ethereum-based dApps, backed by smart contracts. 
• Ethereum Compatibility: Being a Layer-2 scaling solution for Ethereum, it ensures compatibility with existing Ethereum smart contracts and supports popular developer tools.
• Fast & Cost-Effective: It offers faster transactions and lower gas fees.
• Security & Scalability: Arbitrum maintains Ethereum’s security standards and also supports scalability.

12. NEO

It’s one of the finest blockchain-based smart contract platforms because of these exciting features:

• Focus on Digital Identity: NEO offers digital identity solutions, making it suitable for the development of applications that require identity verification and compliance.
• High Transaction Throughput: NEO offers high transaction throughput and ensures smooth execution of smart contracts even when there is a high demand.
• Strong Security: NEO has unique security features, including formal verification and auditability.

How to Select the Right Smart Contract Platform?

When it comes to smart contract development, you need to consider the following aspects before choosing the right blockchain platform for your project:

• Transaction Speed 
• Cost
• Required programming language
• Consensus algorithm
• Security
• Scalability
• Customization

Final Verdict

Selecting the right blockchain platform for smart contract development is a crucial decision. Each platform mentioned, from Ethereum to NEO has unique strengths and features. When you initiate your discussion with the Smart contract development services, you must carefully assess your project’s requirements, and consider factors like scalability, security, transaction speed, and cost, as it will help make an informed choice. If you are not sure, feel free to contact Antier, the Smart contract development company having years of experience in the blockchain niche. We will help you to harness the full potential of smart contracts in the dynamic world of blockchain technology.