Popular smart contract platforms based on blockchain
As of 2020, the potential of smart contracts to optimize some legal and organizational business processes is no longer an abstract theory, but rather an ever-expanding current reality.
Although there are still a number of difficulties in implementing blockchain-based electronic contracts into the conventional legal framework, several applications for smart contract generation are already operating in full capacity. They are accepted by both individuals and legal entities, which aim to spare time and resources by drafting the perfect legal agreement with just a few clicks of the mouse.
Which are the best platforms for assisted smart contract creation in different programming languages? Here are the leading names you need to know in 2020 if the subject of smart contracts intrigues you in theoretical or practical terms.
1. Ethereum
Ethereum is the very first decentralized smart contract platform to be released in 2015. The contracts built in Ethereum function and are executed thanks to a simple but powerful virtual machine called Ethereum Virtual Machine (EVM). To create smart contracts in EVM, one must get familiarized with Solidity - a simplistic and generally accessible coding language with specifics similar to JavaScript.
The primary advantages of Ethereum are the degree of standardization and the level of customer support that the platform grants to its users. Ethereum provides a set of strictly established rules and guidelines that developers should follow - this makes smart contract generation much more convenient and less risky.
2. Hyperledger Fabric
Hyperledger Fabric is on the list of major competitors of Ethereum. The Linux Foundation project launched just a few months after Ethereum, offering an open-source and describing its goal as encouraging the expansion of decentralized blockchain-based ledgers.
In essence, Hyperledger Fabric is an excellent platform for smart contracts. It incorporates many easy to use and convenient tools that make code development happen as quickly and efficiently as possible. With Hyperledger Composer, developers can create contracts in both JavaScript and a wide range of additional well-known programming languages after installing the appropriate plug-ins.
This enhanced functionality makes Hyperledger Fabric a far more flexible option in which developers are not required to use a single language, such as Solidity, to create valid smart contracts.
3. Stellar
The primary purpose behind the production of Stellar was to offer a new, more affordable way to make cross-border transactions. That is why the platform is considered a favorite among individuals and legal entities whose goal is to speed up and facilitate international payments and financial accessibility.
Stellar is a reliable option for smart contracts that are relatively quick, easy to prepare, and generally as simple as possible. When utilized for creating more minimalistic electronic arrangements, Stellar outperforms Ethereum in terms of both speed and security. The average price for a transaction with Stellar is $ 0.0000002. By comparison, with Ethereum, the same service costs about $ 0.094.
Other widely discussed and popular smart contract platforms include EOS, Waves, Nem, Cardano, TRON, etc. Their number is growing every day, answering the ever-progressing demand for this type of service and the promising opportunities it offers to multiple business industries.
Georgi Toshev is a lawyer and Managing Partner at Toshev & Boteva Law Office, leading a dedicated team of lawyers who invest time, resources, and efforts in exploring blockchain technology and defining its legal status as a key technology of the future. Because the world does not change all by itself. We are the ones changing it.
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