Top 15 List of Smart Contracts Platforms

Smart contracts are special tools used in blockchain, a type of technology found in many businesses. 

These contracts make things work smoothly on the blockchain. 

Companies like them because they save money and time, are more trustworthy, and avoid mistakes. These contracts are put into action using specific platforms. But which platform is right for you? 

Let’s explore the Top 15 List of Smart Contracts Platforms for 2023!

What are Smart Contracts?

Smart contracts are self-executing contracts where the terms and conditions of the agreement are written directly into lines of code.

They operate on blockchain technology, ensuring that transactions are traceable, transparent, and irreversible.

How do Smart Contracts Work?

Smart contracts work like any other computer program. Once deployed on a blockchain, they wait for specific triggers or inputs.

When the right conditions are satisfied (as defined in the contract’s code), the smart contract automatically performs the action it was designed to do, transferring funds, registering an asset, or any other task.

Because these contracts are on a blockchain, they’re decentralized and tamper-proof. No single party can alter the contract without consensus from the network.

Here are the 4 stages of smart contracts at work.

Stage 1: Pre-defined Contract

First, all terms and conditions of an agreement are clearly defined and coded into the smart contract. This contract is then deployed onto a blockchain, ensuring it’s secure and immutable.

Stage 2: Events

The smart contract waits for certain events or triggers. These events could be anything agreed upon, like a specific date, product delivery, or payment.

Stage 3: Execution

Once the specified event occurs, the smart contract automatically performs the actions it was programmed to do. This might involve transferring money, releasing a digital asset, or updating a record.

Stage 4: Settlement

After execution, the contract ensures all parties receive what they agreed upon. The blockchain records the transaction, making it transparent and irreversible.

Top 15 List of Smart Contracts Platforms

Smart contracts are especially liked by industries like building, health, and shipping because they offer fast and strong solutions. There are many platforms for making these contracts, not just the famous ones. It’s essential to pick one that fits your future plan.

Here are our Top 15 Smart Contract Platforms.

1. Ethereum Smart Contract Platform

Ethereum is often referred to as the pioneer of smart contract platforms. Launched in 2015 by Vitalik Buterin and his team, it introduced the concept of the “world computer”.

Ethereum uses a proof-of-work (soon transitioning to proof-of-stake) consensus mechanism. It can process around 30 transactions per second, though layer-2 solutions are being developed to increase this capacity.

Many of the most popular decentralized applications (dApps) and decentralized finance (DeFi) projects are built on Ethereum, including Uniswap, Compound, and MakerDAO.

Benefits

• Allows for the creation of decentralized applications using its native programming language, Solidity.
• Strong developer community and extensive documentation.
• Ethereum Virtual Machine (EVM) compatibility allows for cross-chain integrations.

Drawbacks

• High gas fees, especially during network congestion.
• Scalability concerns, though Ethereum 2.0 aims to address these.

2. EOS Smart Contract Platform

EOS.IO, launched in 2018 by Block.one, aims to provide decentralized application hosting, smart contract capability, and decentralized storage of enterprise solutions. It operates on a delegated proof-of-stake mechanism, which offers scalability.

Several dApps, ranging from games to social networks, are built on EOS due to its free transactions and scalability features.

Benefits

• Ability to process millions of transactions per second.
• Offers free transactions for users.
• Robust community and developer support.

Drawbacks

• Centralization concerns due to its consensus model.
• Faced criticisms regarding its ICO and governance model.

Ethereum and EOS are the most popular smart contract platforms in 2023. If you want to know more about EOS and Ethereum, check out our latest blog that represents the differences between EOS and Ethereum.

3. Avalanche Smart Contract Platform

Avalanche is a decentralized platform designed for custom blockchain networks. Founded by Emin Gün Sirer in 2020, it differentiates itself with its unique consensus mechanism, Avalanche consensus. This mechanism allows for thousands of transactions per second and finality times of under three seconds.

Prominent projects on Avalanche include Pangolin, a decentralized exchange, and Benqi, a liquidity market protocol.

Benefits

• Highly scalable with quick transaction finality.
• Supports Ethereum-compatible toolsets.
• Environment-friendly, as it uses proof-of-stake.

Drawbacks

• Still relatively new, which can mean less tested security.
• Smaller developer community compared to Ethereum.

4. Algorand Smart Contract Platform

Algorand, founded by MIT professor Silvio Micali in 2017, is a permissionless and decentralized blockchain. It uses a pure proof-of-stake consensus mechanism. The platform emphasizes speed and efficiency, boasting a transaction finality of less than 5 seconds.

Projects built on Algorand include Circle’s USDC and the decentralized exchange Tinyman.

Benefits

• Fast transaction finality with high throughput.
• Predictable and low transaction fees.
• Strong focus on security and decentralization.

Drawbacks

• Limited smart contract programming language options.
• Still working to expand its ecosystem and developer community.

5. Hyperledger Fabric Smart Contract Platform

Hyperledger Fabric, hosted by the Linux Foundation, is a modular and customizable blockchain platform designed primarily for enterprise solutions. Introduced in 2017, it stands out as a permissioned blockchain, meaning participants are known and vetted.

Notable implementations of Hyperledger Fabric include IBM’s blockchain solutions and TradeLens, a supply chain solution by Maersk and IBM.

Benefits

• High degree of modularity and flexibility.
• Suited for private, confidential transactions.
• Rich query language allows for complex transactions and interactions.

Drawbacks

• Not suited for public or permissionless applications.
• Steeper learning curve for developers new to the platform.

6. Polkadot Smart Contract Platform

Polkadot, founded by Dr. Gavin Wood (a co-founder of Ethereum), is a multi-chain platform that seeks to enable different blockchains to transfer messages and values in a trust-free fashion.

Its unique consensus mechanism allows it to process multiple transactions simultaneously across different chains, enhancing scalability and interoperability.

Several projects are being built on Polkadot, focusing on decentralized finance (DeFi), data storage, and identity verification.

Benefits

• Enables cross-chain communication and interoperability.
• A strong governance model that allows for on-chain upgrades without hard forks.
• Supports multiple programming languages for smart contract development.

Drawbacks

• Still in its early stages and might face competition from existing platforms.
• Complexity in its architecture can be a barrier for new developers.

7. Tezos Smart Contract Platform

Tezos is a decentralized, open-source blockchain platform that can modify its rules with minimal disruptions. Founded in 2017, it introduced a unique on-chain governance system where stakeholders can vote on protocol upgrades.

Numerous projects, especially in the DeFi and NFT space, have chosen Tezos due to its energy-efficient proof-of-stake consensus algorithm.

Benefits

• On-chain governance reduces the risk of divisive hard forks.
• Environmentally friendly compared to proof-of-work platforms.
• Formal verification ensures the correctness of smart contracts.

Drawbacks

• Had a controversial initial coin offering (ICO) which led to legal challenges.
• Slower adoption rate compared to other platforms.

8. Corda Smart Contract Platform

Corda, developed by R3, is specifically designed for the financial industry. Unlike other blockchain platforms, it ensures transaction privacy by only sharing transaction data with involved parties.

Many financial institutions and banks have shown interest in Corda for streamlining their processes and ensuring data privacy.

Benefits

• Ensures transaction privacy by design.
• Highly customizable for specific business needs.
• Provides a secure, scalable, and interoperable network.

Drawbacks

• It is not entirely open like other blockchains; focuses more on private transactions.
• Limited to mostly financial applications.

9. Stellar Smart Contract Platform

Stellar, founded in 2014 by Jed McCaleb, focuses on easing cross-border transactions. It uses a consensus mechanism called the Stellar Consensus Protocol, which ensures fast and low-cost transactions.

Stellar is popular among businesses looking for efficient cross-border payment solutions and has been adopted by big names like IBM.

Benefits

• Efficient for cross-border transactions and micro-payments.
• Low transaction fees and high-speed transactions.
• Simple and straightforward smart contract language.

Drawbacks

• Less flexible in terms of complex smart contract capabilities.
• Faced scalability concerns in the past.

10. Waves Smart Contract Platform

Waves is a multifunctional, decentralized platform that allows for the creation of custom tokens, dApps, and smart contracts. Launched in 2016 by Alexander Ivanov, Waves set out to improve blockchain technology’s speed, usability, and functionality.

The platform uses the Leased Proof-of-Stake (LPoS) consensus algorithm, which enhances security while maintaining high transaction speeds.

Numerous projects and dApps operate on Waves, including Neutrino, a stablecoin infrastructure, and the Waves.Exchange, a decentralized trading platform.

Benefits

• User-friendly with a straightforward token creation process.
• A decentralized exchange integrated into the platform.
• Smart contracts can be written in the RIDE language, ensuring simplicity and safety.

Drawbacks

• Though it is popular, it’s not as widely adopted as some other platforms.

11. Tron Smart Contract Platform

Founded by Justin Sun in 2017, Tron aims to build a decentralized internet and its infrastructure. It’s known for its high throughput, handling 2,000 transactions per second.

Tron uses the Delegated Proof-of-Stake (DPoS) consensus mechanism, allowing for quicker and more efficient transaction validations.

Popular dApps on Tron include JUST, a decentralized lending platform, and Wink, a gaming platform.

Benefits

• High transaction speeds and throughput.
• Strong focus on content-sharing and entertainment sectors.
• Compatibility with Ethereum, making it easier for developers to migrate.

Drawbacks

• Has faced criticism for issues related to centralization and transparency.

12. Chainlink Smart Contract Platform

Chainlink is not a typical blockchain platform but rather a decentralized oracle network that bridges the gap between smart contracts and real-world data.

Chainlink, founded in 2017 by Sergey Nazarov and Steve Ellis, allows smart contracts to securely interact with external data sources, APIs, and payment systems.

Benefits

• Provides reliable and tamper-proof data for smart contracts.
• Chainlink’s decentralized nature ensures data integrity.
• Wide adoption across various blockchain platforms.

Drawbacks

• As it’s primarily an Oracle service, it’s not a standalone platform for developing dApps.

13. Binance Coin (BNB) Smart Contract Platform

Created initially as a utility token for the Binance cryptocurrency exchange, BinanceCoin (BNB) has evolved into a full-fledged smart contract platform known as the Binance Smart Chain (BSC).

Launched in September 2020, BSC boasts fast transaction times and low fees. It uses a consensus model called Proof-of-Authority (PoA).

Numerous DeFi projects and dApps have been built on BSC, including PancakeSwap, a popular decentralized exchange.

Benefits

• EVM-compatible, allowing developers to port Ethereum dApps easily.
• High-speed transactions with low fees.
• Strong community and developer support.

Drawbacks

• Centralization concerns due to Binance’s influence over the network.

14. Cosmos Smart Contract Platform

Cosmos, branded as the “Internet of Blockchains,” was designed to solve some of the blockchain industry’s most complex problems, like scalability and interoperability.

Launched in 2019 by Jae Kwon and Ethan Buchman, Cosmos uses a consensus algorithm called Tendermint BFT.

The Cosmos network includes various independent blockchains connected through the Inter-Blockchain Communication (IBC) protocol.

Benefits

• Focuses on interoperability between different blockchains.
• Modular framework allows developers to create custom blockchains.
• Robust security mechanisms in place.

Drawbacks

• The complexity of the ecosystem can be challenging for new developers.

15. Near Protocol Smart Contract Platform

Near Protocol is a scalable and developer-friendly platform designed to provide the infrastructure for decentralized applications.

Founded in 2018 by Alex Skidanov and Illia Polosukhin, Near utilizes a unique consensus mechanism called Nightshade, which combines aspects of both sharding and Proof-of-Stake.

Popular projects on Near include Mintbase, a platform for NFT creation, and Flux, a decentralized prediction market.

Benefits

• Offers low-cost transactions and high speeds.
• Environmentally friendly due to its efficient consensus mechanism.
• Supports multiple programming languages, including Rust and AssemblyScript.

Drawbacks

• Still relatively new, so it might not have as extensive a community or ecosystem as older platforms.

Factors to Consider when Choosing a Smart Contract for Your Business

Selecting the right smart contract for your business is crucial for smooth operations. It’s more than just choosing a platform; it’s about ensuring growth, security, affordability, and compatibility.

Here are key considerations to help you make an informed decision tailored to your business needs.

1. Scalability

A scalable smart contract can grow with your business. As the number of your transactions or users increases, the platform should be able to manage without any hitches.

It’s like a shop expanding its space to accommodate more customers.

A non-scalable platform can bottleneck growth, making future expansions challenging and inefficient.

2. Security

Security is the bedrock of any online transaction. A robust smart contract platform should keep hackers and threats out like a vault.

With the increasing sophistication of cyberattacks, choosing a platform that stays ahead in security measures, continually fortifying its walls and protocols is vital.

Your business’s reputation and customer trust hinge on this.

3. Cost

Every business decision often boils down to cost. But it’s not just about the cheapest option. It’s about value. Think of the costs of using a smart contract platform as an investment.

What do you get in return? Are there hidden fees?

It’s essential to balance the costs with the benefits, ensuring you’re not just saving money but also getting a platform that efficiently serves your business’s needs.

4. Integration Capabilities

In today’s interconnected digital world, isolated systems can be a drawback. A good smart contract platform should play well with other systems, like a team player in a sports team. 

Whether it’s your CRM, inventory management, or any other system, smooth integration ensures seamless operations, reducing errors and inefficiencies.

Moreover, easy integration can save time, effort, and potential headaches if you’re transitioning from another system.

Risks and Challenges of Smart Contracts

Smart contracts, though revolutionary, come with their own set of challenges.

Here are the top 2 for you to be aware of:

1. Potential Vulnerabilities

While smart contracts aim to be secure and tamper-proof, they are not immune to flaws. Since they are essentially lines of code, any oversight or error in programming can lead to vulnerabilities. 

Cases like the DAO attack on Ethereum serve as reminders that even a tiny flaw can result in significant losses. Once a smart contract is deployed, it’s challenging to alter, making it crucial to ensure its security from the onset.

2. Legal Considerations

The legal framework surrounding smart contracts is still evolving. Many jurisdictions are yet to recognize smart contracts as legally binding. This presents a challenge in cases of disputes. 

Since blockchains operate globally, cross-border transactions may raise jurisdictional issues. The anonymous or pseudonymous nature of blockchain transactions can also complicate matters, especially in sectors that require strict identity verification and compliance checks.

How Can Core Devs Ltd. Support Your Smart Contract Development Needs?

Blockchain-enabled smart contracts are revolutionizing the business world, offering automation and unmatched security. Core Devs Ltd. is at the forefront of this evolution, providing a comprehensive Smart Contract Development Solutions suite.

Here are our services designed to empower your business through smart contracts:

01: Customized Smart Contract Design 

Eliminate the middlemen with smart contracts that provide transparent and immutable agreement terms.

Our strength is in designing tailored smart contracts to meet your unique requirements, including:

• Automated Transactions: Execute complex deals without any human intervention.
• Robust Security: Harness the power of blockchain for unparalleled security.
• Industry-Specific Solutions: Custom solutions for diverse sectors, from real estate to healthcare.

02: In-depth Smart Contract Analysis & Optimization 

A slight coding error in smart contracts can lead to significant vulnerabilities. Our review and optimization services dive deep, ensuring that your smart contracts are flawless and efficient.

We offer:

• Thorough Audits: Scans to identify potential vulnerabilities and performance bottlenecks.
• Performance Enhancement: Improve gas efficiency and minimize computational overhead.

03: dApp Integration & Development 

Smart contracts are the backbone of decentralized applications (dApps). We ensure seamless integration between them or can design a new dApp that leverages your smart contracts for enhanced functionality. Benefit from:

• Seamless Integration: Combine your existing dApps with new or existing smart contracts.
• Feature Enhancements: Incorporate advanced features, from token-based incentives to governance structures.

04: Digital Asset Transformation & ICO/IDO Services 

The modern approach to raising capital is transforming assets into tradable tokens and leveraging ICOs and IDOs.

We offer end-to-end solutions for both, from conceptualizing tokens to their deployment, including:

• Token Design: Craft unique tokens with specific utilities or governance features.
• ICO/IDO Development Suite: Comprehensive services, including smart contracts for seamless token exchanges.

Core Devs Ltd.’s Smart Contract Development Solutions offer a robust, secure, and innovative way to digitalize various aspects of your business operations. With our expertise, your company is not just adapting to the future – it’s shaping it.

Contact us to uncover the transformative capabilities of smart contracts for your enterprise.

Final Words

Our List of Smart Contracts shows that the future holds immense promise for these digital agreements.

As technology evolves, these contracts will be pivotal in various sectors, driving efficiency and trust.

Stay tuned to Core DevsDevelopment for more insights into the ever-changing landscape of blockchain and smart contracts.