Top 3 Blockchain Smart Contract Development Platforms

1. Top3Blockchain SmartContract Development Platforms www.sofocle.com

2. A smart contract is a piece of self-executing code that not only defines the rules and penalties of an agreement like a traditional agreement, but also enforces those obligations automatically. Smart contracts can be used across a broad spectrum of utilities including financial services, healthcare, insurance premiums, legal processes, crowdfunding agreements etc. Smart contracts are capable of: a. Managing agreements between different parties. Example : In the case of an insurance, one person buys insurance from an entity. Functioning as ‘multi- signature’ accounts, where funds are spent only if a required percentage of people agree. Providing utility to other contracts b. c.

3. Currently, the most popular platforms for smart contract development are : 1. 2. 3. Ethereum EOS Hyperledger Fabric Ethereum It is worth mentioning that Bitcoin was the first to support basic smart contracts in the sense that the network could transfer value from one person to another. The nodes would validate the transactions only when certain conditions were met. However, Bitcoin is limited to the currency use case. By contrast, Ethereum replaces Bitcoin’s language with a language that allows developers to write their own programs. Ethereum platform is built specifically for creating smart contracts.

4. EOS EOS is a new and innovative defi development platform for smart contract development as opposed to the old and trusted Ethereum. EOS platform uses Graphene technology that makes use of the delegated Proof of Stake consensus, meaning that the validations on the network are done by a chosen set of nodes which are selected on the basis of the stake they hold in the network. This also helps it to become scalable by allowing millions of transactions to run together per second. EOS has been able to achieve 100,000 transactions per second in stress testing. Ownership of EOS tokens gives the users a proportional stake in storage, network bandwidth, and the computing power. In EOS, even the startups that have a very little stake invested in the platform also get guaranteed, reliable computational power and bandwidth.

5. Some of the advantages of using Hyperledger Fabric are : The network is permission-based and a consensus needs to be reached at a transaction level, not ledger level making it more scalable and fast than public blockchains. All the agreements are confidential, so only direct participants of the agreement have access to the data of transaction. It is modular, scalable and secure. Its architecture allows developers to plug-in their preferred implementation.

6. Platform Programming Language Ethereum Solidity EOS C++ Hyperledger Fabric Go Java Apart from the above-mentioned platforms, there are many other platforms like Stellar, NEO, Corda, Lisk etc. All these platforms come with abundant features and it is difficult to compare or say which is the best as each platform has its own unique features. The only way to determine which platform to use is to check your requirements and see what suits you best.

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