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Have you ever heard of blockchain? This decentralized technology has become popular after introducing many things such as NFTs, tokens, Web 3.0, etc.
The Smart contract is also one of the essential parts of the blockchain. It automatically executes an agreement after meeting predetermined terms and conditions.
You can check the best Smart Contract platforms to make contracts based on blockchain technology. But first, let’s understand what a Smart contract is?
What is a Smart Contract?
It is an agreement between buyers and sellers. The deals are written directly into lines of code. The code controls the execution, which can be tracked but can’t be changed.
The code and the agreements of the contracts get stored across a distributed blockchain network. Here is the detailed blog for Smart contracts.
A business uses it as an alternative to traditional contracts, but there are some differences between them that you will know in the next section.
Smart vs Traditional contracts
Maybe you have heard of contracts based on legal services, but smart contracts are entirely different from traditional contracts. You’ll understand the difference better with this image.
Many platforms are available to make crypto contracts. Check some of the best platforms in the next section.
Best Smart contract platforms
You can check the top 5 platforms where you can make contracts for your business. All these platforms have unique features, which also come with some drawbacks. Let’s check all these platforms.
1. Ethereum
Ethereum is the leading platform for developing blockchain apps. Many businesses are already using this platform for its variety of features. Ethereum builds decentralized applications/software whose back-end code is available in its blockchain network.
| Founded in | 2015 |
| Founded by | Vitalik Buterin |
| Written in | Solidity |
| Official Currency | ETH |
| Coins maximum supply | Unlimited supply (lifetime)18 million (Annual limit) |
Why use Ethereum?
The community of its large developers can bring many benefits to developers. If you need development help, the Ethereum community will help you with any doubts and questions.
Also, it has clearly defined development rules, which makes developing contracts more manageable and less risky. These are the features of Ethereum:
- Ethereum is free to set up.
- Ethereum token standard or ERC-20
- It has its contract programming language, “Solidity..”
- It gives clear development guidelines
- It has the best overall development community
Drawbacks in Ethereum
There are some security issues with Ethereum. In recent years, many security issues in the Ethereum blockchain have been exposed by developers worldwide.
Also, the study by Singapore and UK-based researchers found that over 34,000 Ethereum based crypto contracts were at risk of having bugs in their code.
There are many other issues, such as its networks getting frequently overloaded, it’s more expensive than other blockchain platforms, and its security concerns have left many contracts exposed to hackers.
2. Hyperledger Fabric
Hyperledger Fabric is one of the top competitors of the Ethereum platform for making crypto contracts. Linux Foundation is the founder, which is co-developed by IBM.
Hyperledger Fabric consists of many different frameworks: Hyperledger Burrow, Hyperledger Fabric, Hyperledger Sawtooth, and Hyperledger Indy.
| Founded in | 2015 |
| Founded by | Linux Foundation and IBM |
| Written in | Golang |
| Official Currency | Not applicable |
| Coins maximum supply | Not applicable |
Why use Hyperledger Fabric?
Like just Ethereum, the developers of Hyperledger Fabric have created a set of beneficial tools like Hyperledger Composer for their community.
Hyperledger Fabric is a set of tools based on Javascript language that allows developers to create crypto contracts easily. It helps developers not to rely on blockchain programming languages such as Solidity. These are the features of Hyperledger Fabric:
- Hyperledger Fabric is open source and free to use
- IBM supports it
- It supports a variety of languages
- It has reliable performance
- Hyperledger Fabric Supports plug-in components
Drawbacks in Hyperledger Fabric
The only drawback that developers could face is no token systems available. Companies and developers who want to develop contracts that need some form of payment transfer can consider Ethereum for having their own ETH coin.
Still, if you want to use Hyperledger Fabric, you can create your token with the chain code.
3. Nem
Nem is a well-known blockchain as it provides an efficient way to manage assets and data quickly at a low cost. It comes with its currency, called XET, used mainly for trading but not as a means of payment.
It allows its community to easily create crypto coins and tokens compatible with the trading apps and wallets available in the NEM ecosystem.
| Founded in | 2015 |
| Founded by | Erik Van Himbergen, Jeff McDonald, Leon Yeoh, Lon Wong |
| Written in | Java |
| Official Currency | XEM |
| Coins maximum supply | 8,999,999,999 |
Why use Nem?
As Nem wrote in Java, many developers prefer it. Because it provides an easy programming language, it doesn’t require any skills based on blockchain-based programming languages such as Solidity. NEM can handle almost everything like financial assets, contracts, a variety of digital assets, etc.
Also, Nem has released the Catapult or Mijin v. two updates, which provides one of the safest ways to secure contracts. Nem is highly scalable as it can handle around 100 transactions per second compared to Ethereum, which operates 15 transactions per second. Nem Features are as follows:
- Nem uses Java which makes it so easy to use.
- There is no requirement for a platform-specific programming language.
- It has better Scalability compared to other blockchain platforms.
- It provides excellent performance in speed and scalability.
Drawbacks in Nem
Nem has a smaller development community than other blockchain platforms due to its less decentralized nature. A small community can create problems for new developers to get help from the Nem blockchain experts regarding any difficulties in development and programming.
Also, It comes with fewer development tools which overall limits the development potential of the Nem blockchain.
4. Stellar
Stellar is one of the oldest crypto contracts platforms on this list. In 2017, it partnered with IBM and KickEx to offer a low-cost transaction service in the south pacific region.
Many companies have decided to implement the Stellar platform into their existing business infrastructure.
| Founded in | 2014 |
| Founded by | Jed McCaleb |
| Written in | C++, Go, Java, JavaScript, Python, Ruby |
| Official Currency | Lumen |
| Coins maximum supply | 50 billion |
Why use Stellar?
Stellar is easier to use than Ethereum because it provides simple and easy-to-use smart contracts by offering low transaction costs.
It outperforms Ethereum in speed and security and handles exchanges between fiat-based and cryptocurrencies. Stellar Consensus Protocol provides network security through a decentralized network. The features of Stellar are as follows:
- Stellar is ideal for ICOs.
- It is very inexpensive when compared to Ethereum
- Stellar is an easy to use platform
- Stellar offers good performance in terms of speed and security.
Drawbacks in Stellar
The contracts developed using Stellar are not suitable for complex agreements because the contracts of Stellar use plain and straightforward contracts.
5. Waves
Waves blockchain came in June 2016. It is an open-source platform used mainly to facilitate token operations, making it an excellent platform for ICOs. It provides the transfer of fiat currency and cryptocurrency.
| Founded in | 2016 |
| Founded by | Sasha Ivanov |
| Written in | Ride |
| Official Currency | Waves |
| Coins maximum supply | 107,862,346 |
Why use Waves?
Waves are considered another best platform for token-based usage after Ripple. It takes less time to create tokens on the Waves platform.
Also, it needs just a little technical knowledge to create tokens which makes it suitable for ICOs and crowd sales. These are the features of Waves blockchain:
- Wave is ideal for ICOs and crowd sales, and property transfers
- It requires very little background knowledge to create your tokens.
- Waves require significantly less time to create a token.
Drawbacks in Waves
It has a minimal user base, and it lacks a development community, which can create problems for developers who want help from experienced developers during the development of crypto contracts.
Closing thoughts
Smart contracts give many decentralized benefits. What excites entrepreneurs about these contracts is that it brings more features and security to their business.
If you want to give an extra advantage to your business by making the best smart contract platform, you are making a wise decision. For advancing your business with Crypto contracts, you may need expert blockchain developers.
Idea Usher can help you make a Smart contract platform for your business. The team has excellent and experienced blockchain developers who can be suitable for your business needs. You can contact Idea Usher for more information.
Frequently asked questions
You can check answers to some of the most asked questions by entrepreneurs who want to make the best contract platforms for their businesses.
1. What is a Smart contract?
It is a blockchain-based agreement between two parties. It uses for property transfers, automating supply chains, or other reasons.
2. Which is a good Smart contract platform?
You can consider Ethereum as the best platform to develop contracts. It comes with its contract language known as Solidity, which blockchain developers use mostly to make decentralized apps.
3. Where can I find Smart contract programmers?
You can find it by checking the business portfolio of many software development companies. You can check Idea Usher’s portfolio to find the best crypto contracts projects that can be relevant to your business needs.
4. Does Bitcoin use Smart contracts?
Yes, Bitcoin allows using a wide range of contracts. You can make your digital agreement in Bitcoin by using its scripting language, called Script.
5. How to make money in Smart contracts?
Many ways are available by which you can make money through crypto contracts. The suggested method is to set up an MLM platform based on Ethereum.
6. How do Smart Contracts work?
It works on the principles of automated conditional performance. It gets triggered on a specific condition (“if A happens, then perform B”) or a particular date (“at X date, perform Y”).
7. What are the common use cases of Smart contracts?
These are the most common cases where you can see greater use of crypto contracts:
- Copyright
- Clinical trials
- Data marketplace
- Financial data recording
- Insurance
- Property ownership
- Supply chain management
8. What is Blockchain, and how does it relate to Smart contracts?
Blockchain is a decentralized network of databases shared across the entire network of computer systems on the blockchain.
It stores data in its block. When the block space becomes full by storing data, it gets chained into the previous block. Whenever anyone makes contracts into a specific blockchain, it gets stored in that network.
