29 November 2023
The year 2022 will be monumental for blockchain-based smart contracts. Intelligent contracts are programmatic building blocks for decentralized applications that can execute themselves on the blockchain. Moreover, smart contract platforms would then serve as the foundation for all of this year's major trends, including the Metaverse, gaming tokens, DeFi, and web3.js applications. Several other Cryptocurrencies have been designed to function as smart contracts, and they are all vying for widespread adoption. However, the winner of this blockchain coin battle is anyone's guess. There are a lot of rivals, so a major security flaw or technological glitch might wipe them out. Certain informal agreements may be codified and set up to run autonomously, without the involvement of a 3rd party, thanks to the brilliance of smart contracts.
Also Read: Top 8 Web3 Courses To Attempt In 2022
What is a Smart Contract?
The conditions of a contract are recorded in a distributed ledger called a blockchain and then automatically executed by a computer software known as a smart contract. The need for go-betweens is reduced when the contract triggers its own execution when certain criteria are satisfied. As an added bonus, when smart contracts are used, both transaction costs and times are reduced and pace is raised.
You must consider these 5 smart contracts platforms for 2022:
When comparing the various smart contract systems, Ethereum emerged as the top choice. A popular option among developers, it is still a leading smart contract platform in 2022. The platform launched in 2015 and now supports the integration of apps like initial coin offerings (ICOs) and insurance policies based on smart contracts. Even though Bitcoin developers shot down Vitalik Buterin's proposal to integrate application development tools into Bitcoins' smart contract platform, the financier went ahead and founded Ethereum instead. Ethereum, being among the leading smart contract platforms in 2022, has benefited from its early adoption by major corporations like Intel as well as Samsung, who have shown strong interest in the technology.
Gavin Wood, who also developed Solidity and was a co-founder of Ethereum, designed Polkadot. As opposed to a single blockchain, this system is more accurately described as a blockchain ecosystem in which several platforms interact with one another. To ensure that parachains and parathreads may communicate with one another across networks, Relay Chain is an essential part of this system. Since parachains enable programmers to build their personal blockchains with unique coins and consensus mechanisms, Polkadot is an enticing option. The key innovation of Polkadot is the use of parachains as partitions, which allows for unprecedented scalability through transaction parallelism. In fact, the Polkadot network incorporates connection networks to interconnect parachains with other blockchains, such as Ethereum.
3. Hyperledger Fabric
Hyperledger, among the leading smart contract platforms in 2022, was developed by the Linux Foundation. Thirty companies, comprising giants like IBM, JP Morgan, Cisco, Intel, as well as others, established the organization in 2015. Since Hyperledger Fabric is indeed a permissioned blockchain, all individuals' credentials are checked and verified before participation. Hyperledger's compliance with data protection laws like the General Data Protection Regulation (GDPR) is an additional selling point for companies operating in the smart contract platform industry. The Hyperledger Fabric smart contract platform stands out for its emphasis on privacy, confidentiality, and safety
In 2017, Arthur Breitman came up with the concept to construct a blockchain called Tezos in an effort to address problems plaguing first-generation blockchains, like protocol splits. Bitcoin, for instance, has several forks like Bitcoin Cash as well as Bitcoin SV because the platform's investors won't negotiate on specific protocol modifications and instead elect to establish a new chain. Using a mix of on-chain governance and self-amendments, Tezos is able to prevent hard forks from occurring. This implies that if a developer proposes a change to a protocol and the majority of participants agree with that change, then the protocol may be automatically updated. With this design, the platform may expand naturally as more and more programmers are motivated to work on it.
The list includes EOS, widely regarded as the top smart contract platform. The Cryptocurrency world took notice of it when it launched in 2017. With almost no transactional costs and the ability to process a large number of transactions in a short amount of time, it felt like the most promising technology available, which would prove to be crucial for the successful execution of smart contracts. If you're looking for a smart contract platform, go no further than EOS, the best of the bunch. There are no fees involved in either receiving or sending EOS. Rather, the protocol consistently rewards the organizations responsible for maintaining the system with EOS. Thus, inflation is used instead of transaction cost.
There is a lot of misunderstanding and misinformation around blockchain and smart contract application development since it is still a comparatively young field. Because of this, many businesses decide on a smart contract platform based on the quality of its developer group as well as the credibility of its identity. Since Ethereum was the first to market with a smart contract platform, it naturally meets the needs of developers and is thus the most widely used solution. Ethereum has some pros and benefits over its much less prominent competitors, but there is usually a better option for building business apps. What matters most when deciding on a platform of this kind is the intended application. Specialist advising is crucial for making sure the platform is suitable and getting the most out of Dapp as well as smart contract development.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.