The topic of smart contracts is currently the hottest talk in public. Even though it can be seen on Google Trends, it is experiencing a downtrend pattern. Even so, the smart contract trend was recorded at a 150% increase compared to the previous year.
But there are many smart contract platforms in the blockchain market. While Ethereum is arguably the leader of the market, the fee for the platform has been a problem and a hot issue lately.
So it’s not a bad idea to look for a few alternatives while considering your first dApp. Let’s discuss the top 5 smart contract networks to help you choose one for your next dApp. We listed them in no particular order.
Hyperledger
Hyperledger is an open-source smart contract platform supported by IBM. It has worked with some of the most prominent tycoons of the business world, like IBM, Intel, Samsung, etc.
It supports various programming languages and plug-ins. The Linux Foundation first hosted the platform, and now it has developed into a viral blockchain platform just after the Ethereum blockchain. It is also supported by Hyperledger Fabric, which uses the “Go” programming language. The Hyperledger Fabric works under the Linux Foundation and executes chain codes in the platform.
Key Features:
- Open platform
- Supported by IBM
- Allows contracts to be coded in a variety of languages
- Reliable Performance
- Supports plug-in components.
Solana
Solana is a high-performance blockchain with some of the fastest transaction speeds of any layer 1, intending to hit over 50,000 Transactions Per Second (TPS). That level of throughput could support decentralized applications with hundreds of millions of users. Providing you with a secure and scalable ecosystem.
The adoption is growing exponentially. It hosts hundreds of projects, including popular NFT marketplaces, Defi projects, and Chainlink, the decentralized oracle network. FTX co-created derivatives exchange Serum on Solana that aims to become trustless, entirely DeFi-based, and non-custodial DEX.
Key features:
- High performance
- High scalability
- Fast adoption
- Web 3.0 compatible
NEM
NEM is a relatively simple smart contract platform. It uses the Java programming language, which makes it popular among various users. NEM has updated with the Mijin v.2, which boasts of improving the platform’s scalability, security, and speed.
The platform can handle 100 transactions in a second (TPS) is much higher than Ethereum, which can only carry out 15 transactions now. Many are shifting from other smart contract platforms such as Ethereum.
Key Features:
- Easy to use
- No platform-specific programming language
- High scalability
- Excellent performance
Avalanche
Avalanche has the fastest time to finality when you can trust that a transaction cannot be reversed. This is thanks to its breakthrough consensus mechanism. It’s an incredibly lightweight platform, making computing requirements very modest. You need 6 GB of RAM and 200 GB of space. Making it more decentralized than most layer 1 platforms.
Avalanche is also compatible with the EVM. This is a massive benefit because developers can seamlessly port their dApps from Ethereum at a low cost. The most significant advantage of the compatibility is the developer doesn’t have to learn a new programing language to write a smart contract on avalanche.
Key features:
- Massive TPS
- Lightning fast
- EVM compatible
- Lightweight
Near
Near is built on a new layer one blockchain. According to their website, they are building an infrastructure for Web 3.0 to make it impossible for tech giants to steal your personal data and for governments to shut the internet down.
Coming up with a sharded proof-of-stake design called Doomslug. Doomslug allows Near to achieve practical finality in only one round of communication. In Near, you must wait for one block to process transactions, which is far superior to the 35 extra blocks from Etherium.
Key features:
- Web 3.0 focused
- Highly scalable
- Unique sharding mechanism
Conclusion
There’s a lot to consider in choosing a smart contract platform for a dApp. However, speed, cost, and adoption should be your main criteria. You can also look at the market cap of native tokens to help you measure the adoption. It’s an essential factor as, with decent adoption of the blockchain network, your dApp will likely succeed. See our discussion below if you are still curious about this topic.
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