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Best Smart Contract Platforms: Explained

Smart contracts are automatically generated contracts with the agreement terms between buyers and sellers written in codes and stored in a blockchain. With the growth of advanced technology, many companies & businesses are gradually moving towards this. The reason is that it holds through the end of any business bargain. It makes business running transparent, easier, and significantly cheaper.

Since it became a thing, many industries and business sectors have explored this platform. The reason is that it efficiently streamlines business operations for many companies that rely on contractual relationships. To create a smart contract, it’s best to rely on existing blockchain platforms that support it. All you have to do is pay the token price charged by the vendors of these platforms.

With Ethereum being the best and most widely used smart contract platform, the Ethereum price on contracts depends on the amount of power required for executing the contract. However, there are other widely used smart contract platforms. Below are some of the most popular blockchain platforms we’ll discuss for smart contracts.

6 Best Smart Contract Platforms Today

Technology has made it so easy that you don’t need to rely only on one platform to generate smart contracts. There are now many platforms businesses can choose from. This article highlights some of the best that including;

1. Ethereum

Ethereum deserves an honourable mention as a smart contract platform; it’s the first-ever smart contract platform and has remained the most sought-after. In 2015, the platform took off and started facilitating the deployment of applications ranging from ICOs to smart-contract-based insurance.

The main idea behind the creation of Ethereum was that Bitcoin developers rejected the idea of introducing application development capabilities to the platform. With Ethereum’s first move, the blockchain has attracted significant investment and gained traction from developers and users alike.

Generating a smart contract on Ethereum requires writing a secure code that ensures the contract isn’t vulnerable to seasoned hackers.

2. Polkadot

Polkadot is on the list of some of the best smart contract platforms that operates as a blockchain ecosystem with various platforms linked to each other. “Relay Chain” is the central component of Polkadot, responsible for allowing specialised and public blockchains to connect using a unified network easily.

On its own, the Polkadot relay chain does not support smart contracts. However, with the consistency between relay chains and parachains, developers can create their unique blockchain that supports smart contracts.

3. Hyperledger

Hyperledger went live in the cryptocurrency market in 2015. It was the brainchild of 30 co-founding members, including IBM, J.P Morgan, Cisco, Intel, and many other big corporate giants.

Hyperledger is a blockchain platform that requires authentication to function. This feature makes this blockchain platform an attractive option for smart contracts. Big companies dealing with big and sensitive data prefer Hyperledger because it complies with data protection laws like GDPR.

It’s not surprising since the blockchain’s central creation vision was for enterprise use with trust, confidentiality, and security. Here, users can create private channels for particular network members, with only selected participants accessing transaction data.

4. Tezos

In 2017, Tezos was founded by Arthur Breitman. The initial idea behind the creation was for Tezos to serve as the blockchain that solves the first-generation blockchain issues. An instance is Bitcoin’s protocol forks, which result from platform stakeholders’ inability to agree on specific protocol upgrades.

Tezos uses the Proof of Stake mechanism instead of the Proof of Work. This means Tezos relies on using delegates to publish new blocks to a chain instead of using miners’ excessive power.

Tezos is regarded as one of the most secure in the industry because its support for formal verification guarantees that smart contracts will be executed exactly as agreed upon. This is possible because all the smart contracts are written using Michelson, Tezos’ programming language.

5. Stellar

The blockchain platform, Stellar, was launched by founder Jed McCaleb in 2014. Stellar is a platform suitable only for primary smart contract cases like ICOs and simple escrow contracts. Organisations looking for a simple yet effective smart contract always go after Stellar.

In terms of speed, cost-effectiveness, and security of transactions, Stellar is the best platform for money exchange in this regard. The primary reason IBM chose Stellar to design the global payment system that streamlines cross-border money transfer—World Wire.

6. Solana

Solana was created by A-list software engineers from big companies like Intel, Dropbox, and Qualcomm in 2017. Like other new-generation smart contract platforms, Solana is interested in solving scalability issues.

Impressively, Solana has been able to achieve a record-high 65,000 transactions per second. The main reason behind this result is its innovative combination of Proof of History and Proof of Stake mechanisms. Instead of grouping transactions in blocks, each transaction is allowed to reside within its block, establishing a consensus that becomes an input for the next transaction.

The advantage of this transaction pattern is that it allows developers to trace which transactions were the first or last within a particular block.

Conclusion

Blockchains for smart contract development are still a relatively new area. And while these platforms serve valuable purposes. First, study their distinctive features before selecting any as host for your business agreement.

The world of smart contract platforms is bustling with innovation and competition. Ethereum remains a stalwart despite its challenges, while newer players like Binance Smart Chain, Cardano, Polkadot, and Solana offer unique approaches to solving scalability, cost, and interoperability issues. As the blockchain landscape continues to evolve, these platforms are poised to drive the next wave of decentralised applications, transforming industries and shaping the future of technology.

In your pursuit of the perfect smart contract platform, consider your project’s specific requirements and goals. Whether you prioritise compatibility, sustainability, speed, or a combination of factors, each of these platforms has something unique to offer. Stay informed, explore their capabilities, and participate in the exciting journey of decentralised innovation. The world of smart contracts is still unfolding, and the best is yet to come.

An Introduction to Cryptocurrency Wallets and How They Work

Cryptocurrency wallets are devices, physical mediums, programs or services which store the public and/or private keys for cryptocurrency transactions. Cryptocurrency is a decentralised digital asset, meaning it does not have a central authority like a government, company, or bank that can issue more of it, freeze accounts, etc. Instead, it is decentralised and managed by its users.

The first cryptocurrency was introduced in the year 2009, and the market is still growing at a rapid pace. Nevertheless, it can be a little tricky to understand and adopt the new technology. Crypto-assets are becoming an increasingly popular way to invest, especially with the recent boom in the price of many digital currencies. However, investing in crypto assets comes with a lot of risks.

In this article, we will help to learn how to choose the right crypto wallet and set it up securely on your digital device. Let us get started!

Here you can find top cryptocurrency wallets reviewed and ranked.

What are Cryptocurrency Types?

When you already know what a cryptocurrency is, you should also get familiar with its types. Bitcoin is the first cryptocurrency, and now it is on top of other altcoins because of the privacy, scalability, and functionality it supports. You cannot find the best cryptocurrency to buy because that question is very subjective, and there is no the best one in the market. The different types of coins are Ethereum, Terra, Solana, XRP, Tether, and many more.

When you research and choose the one you plan to buy, also think about a wallet to save it.

What Is a Cryptocurrency Wallet?

Crypto wallets are the means by which we store, secure, and manage our digital assets. A bitcoin wallet is where your digital bitcoins are stored, and your cryptocurrency transactions are verified when you trade them (and other cryptocurrencies). Just like a regular wallet holds physical currency when you are not using it, a cryptocurrency wallet is where you store your digital currency. As a secure place to store proof of ownership, cryptocurrency wallets can take the form of physical hardware or software installed on your smartphone, computer, or cloud.

They offer a wide range of benefits to users, from the ability to take financial freedom into your own hands to the opportunity to participate in global economic ecosystems without depending on centralised institutions like a bank to do so.

Where to Store a Cryptocurrency

Many cryptocurrency exchanges allow you to store cryptocurrencies in a wallet on the exchange, and some people leave them there. Please note that there is a difference between storing your cryptocurrency on the company’s exchange and in a Coinbase wallet. With this wallet, you cannot buy cryptocurrencies using traditional currencies, so you will need to transfer your cryptocurrencies from a non-custodial wallet.

This is considered one of the most secure types of crypto wallet, but it lacks the convenience of a hot wallet that could allow you to quickly trade and transfer your crypto funds.

What Is a Non-custodial Wallet?

While a non-custodial wallet can be complex and expensive, it will keep your crypto assets safe even if your computer is hacked. Most non-custodial wallets (wallets that you fully own) offer downloadable software that you can use to protect your private key and crypto-assets. Also, you can use a non-custodial wallet to take part in more complex DeFi transactions and support a hardware wallet if you want to store large amounts of cryptocurrencies securely.

When it comes to cryptocurrencies for beginners, it may make sense to start with an escrow wallet, such as the one offered on a cryptocurrency exchange.

Cryptocurrency Wallets

Exchanges allow you to buy and sell cryptocurrencies, but you still need a wallet that acts as your personal digital address and contains all the cryptocurrencies you trade with. If you are interested in using cryptocurrencies and other digital assets, you need to create a crypto wallet. Everything aside, the first step to getting into the Cryptoverse is to create a crypto wallet to store all your cryptocurrencies in one place securely.

Just as you need a wallet to protect your money and credit cards, you also need to know where you will store your cryptocurrencies.

Final Words About Cryptocurrency Wallets

If you dabble in bitcoin or other cryptocurrencies, you can get away with storing your private keys in a software wallet. Bitcoin and cryptocurrency wallets are online and sometimes offline storage platforms that encrypt your private key, protecting your crypto assets. Crypto Wallet provides secure storage and storage of your cryptocurrency wallets and private keys, giving you access to your assets so you can store, send and receive tokens and digital coins.

Do not forget that crypto wallets are the safest way to store your cryptocurrencies!

In Conclusion

Cryptocurrency wallets play a pivotal role in the adoption and utilisation of digital currencies. By understanding the types of wallets available and how they function, users can make informed decisions about the level of security and convenience they desire. As the cryptocurrency landscape continues to evolve, staying informed about wallet security best practices will remain crucial in safeguarding your digital assets.