Most Popular Smart Contracts

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By Eva Carler on The Capital

If Blockchain is the biggest revolution that the world is talking about, then smart contracts are the key contributors to the same. These are the new world of the digital revolution, which are bringing with them a completely new way of executing agreements. Smart contracts are revolutionary tools. These are pre-programmed digital contracts run on Blockchain platforms. They are known to have pre-decided terms and conditions, and the execution takes place once the conditions are met. Since there is no third-party involvement, they save a lot of money and time. These have the power to improve the existing solution without any threat to the legal system.

There are a number of smart contracts that are currently working, but here we will be highlighting five popular ones.

Best 5 Smart Contract Platforms:

1. Ethereum — It is an open-source platform that is not only a cryptocurrency but also offers a platform for decentralized application development of dApps. It is the world’s leading smart contract platform and is the best choice for many developers. The platform first surfaced in the year 2015, and since then, there has been no looking back. It facilitates smart contracts and ICOs. It has clear and defining protocols and rules, which makes its use easier for developers.

Key features:

· Free to setup

· ERC-20 token

· It has its own programming language or Solidity

· Clear standards for developers

· Lots of supporting literature

Drawbacks :

· Overloaded network

· Expensive than other platforms

· Security issues with Ethereum code

2. Hyperledger Fabric- Another entrant to our list of popular smart contracts is the Hyperledger fabric. The project was started by Linux Foundation in the year 2016. It was developed to provide enterprise solutions to businesses looking for a safe Blockchain platform for transactions. It supports the development of Blockchain-based distributed ledgers.

Key features:

· Open-source

· Free to use

· Permissioned Blockchain

· Supported by IBM

· Coding of contracts in different languages

· Reliable

· Supports plug-in components

Drawbacks :

· No token system

3. Nem– Founded on March 31st, 2015, this is written in Java

Key features:

· Easy to use

· No platform-specific programming language requirement

· Excellent performance

Drawbacks :

· Smaller development community

· Lesser tools available

· It uses code off the Blockchain thus making it decentralized

4. Stellar– This is one of the oldest smart contract platforms that was founded in the year 2014. It is governed by the Stellar Development Foundation.

Key features:

· Best for ICOs

· Inexpensive

· Good performance

· Accepted by the industry

Drawbacks :

· Not suitable for complex smart contracts

5. Wave- Wave was launched in 2016. It is an open0source platform that aims to address the barriers that are present in the mainstream blockchain implementation like speed and scalability.

Key Features

· Good for ICOs

· Requires little knowledge to create tokens

· Overcomes the barriers of speed and scalability that are present in the conventional Blockchain system

Disadvantages

· Not one of the versatile platforms

These are some of the many smart contract platforms that are there in operations. Smart contracts are going to be the future, and if you too are willing to make a career in the same, then you must know about smart contracts development. For more information on this, you must join the Blockchain certification course offered by Blockchain Council.

The Capital

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