Since it is developed by the largest crypto exchange in the industry, it is no wonder that the Binance Smart Chain occupies a high position in the world of smart contracts. Developers have really embraced the platform to create DeFi platforms. The largest project in the ecosystem, PancakeSwap, even outperformed Uniswap in terms of trading volume last week. Today, there are a number of different blockchains that offer the benefits of smart contracts. They differ greatly in terms of architecture, functionality, power consumption, and governance. Here`s a list of some of the great hitters; If you`ve been paying attention to cryptocurrency news, you`ve certainly heard the aforementioned term “smart contract.” Below is a brief analysis of some of the major smart contract platforms, their differences, and what makes each of them valuable. This is not surprising since blockchain and smart contracts have similar characteristics. The first is a decentralized network that relies on volunteer collaboration instead of a central center. Polkadot is another smart contract ecosystem created by none other than one of Ethereum`s co-founders: Gavin Wood. After realizing that ETH is far from reaching its imaginary state as a secure and scalable protocol, the ex-CTO decided to create its own blockchain network. These are the most popular smart contract platforms that we will discuss with their pros and cons. If no other project beats Ethereum and replaces it within a year, the new PoS network will once and for all establish itself as the dominant figure in smart contracts.

There`s nothing wrong with that, given that many would prefer to entrust both the DeFi market and the standard crypto market to Vitalik Buterin and his team, but it`s sad to see that no development team has managed to outperform the leading smart contract platform in the last six years. In its current state, Ethereum is a proof-of-work blockchain network that hosts the Ethereum Virtual Machine (EVM), a complete system called Turing. It is known to be the computer of the world for its ability to simulate an almost perfect machine. Developers build applications on EMC through Solidity, an object-oriented programming language for writing smart contracts. Many experts also portray Ethereum as a potentially insecure smart contract platform, due to high-profile events in which hackers managed to decipher smart contracts and steal six-figure sums. However, it is important to understand that the vulnerabilities in the code have almost nothing to do with the platform itself. For example, the famous DAO incident occurred in 2015 when the authors managed to steal $50 million in ETH because the developers of this particular smart contract failed to write secure code. At the same time, Ethereum has always been quick to address emerging vulnerabilities in its own code and proactively perform token updates over the years. In an effort to conquer the decentralized LaFi market, CEO Changpeng Zhao announced the birth of the Binance Smart Chain as an alternative to Ethereum.

It is a blockchain that runs parallel to the original Binance chain, with the notable difference that BSC supports smart contracts and offers EVM compatibility. Since its launch in 2015, Ethereum has acted as the king of smart contracts. Although many competitors have tried to become “Ethereum killers”, none of them have surpassed the creation of Vitalik Buterin. Even the infamous NEO ecosystem, formerly known as Antshares, failed to establish a position as a leading smart contract hub, although it had the chance in the last bull run. Smart contract OG pioneered the technology in 2015 and was until recently the only platform with full functionality. As a result, Ethereum benefits from “First Mover Advantage”, with nearly 80% of dapps (decentralized applications) currently running on the Ethereum network. The special thing about Hyperledger is that it has a modular architecture, allowing companies to develop solutions for a variety of industrial use cases. Similar to Ethereum, Hyperledger offers a wide range of tools such as Hyperledger Composer that streamline the creation and delivery of smart contracts. Ethereum owes its success mainly to the fact that it is a pioneer in the smart contract niche. With the help of a team of talented, dedicated, development-oriented programmers, the project has established itself as the best and perhaps the only viable solution for smart contracts. With the $40 billion distributed finance (DeFi) market booming, smart contract platforms will have even greater prominence in 2021. The ICO gold rush of our time is here, and developers are pushing their respective ecosystems forward as the main nest for dApps and other blockchain projects.

Now that we`ve remembered the importance of this not-so-new technology, it`s time to take a look at the best smart contract platforms and analyze how they stack up against each other. .