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Blockchain emerged as a revolutionary technology that initially made a mark over the financial industry, but with the passage of time, it made its way over to other industries. This opened the door to a plethora of opportunities and bringing the need for the development of Blockchain-based applications. As a right Blockchain platform allows businesses to leverage the full potential of the technology in the most convenient manner. A varied range of Blockchain platforms were developed over a course of time, offering a wide range of benefits in achieving scalability and many of them are nearly indistinguishable in some cases from core Blockchain technology based upon various Blockchain frameworks.
Blockchain now covers a vast range of industries and its uses too are of varied nature ranging from streamlining financial transactions to automating manufacturing process. Due to this, wherever the development of dApps or others, there is considerable emphasis upon which Blockchain framework is to be chosen? As it all depends upon the Blockchain framework or platform which you chose for the development will pave your way towards leveraging the great potential of an emerging technology called Blockchain!
What is a Blockchain platform? Well, the development of Blockchain-based applications happens over the Blockchain platforms or Blockchain frameworks which can be either permissioned or permissionless. Ethereum, R3, Ripple, EOS, and Hyperledger are some of the well-known Blockchain platforms at the present time that allow people to develop and host applications over them.
But one major question ponders in the mind is that, how to choose a particular Blockchain platform for business, that would suit best to your requirements?
Here we will be discussing some of the Top Blockchain platforms and for that, we have selected various Blockchain platforms upon the subject evaluation of their ease of use and worth of usability after an in-depth analysis of all platforms mentioned below.
There are a few parameters which are needed to be taken into consideration for evaluating Blockchain platforms, as keeping them in mind will further prevent you from facing any challenges while you decide to adopt a platform.
In this article, we will be covering up the Top Blockchain platforms which will be open-source as well as paid ones, and industry-wise their primary area of focus too. Which will certainly help you in choosing the best Blockchain platform for your project, no matter even if you are a novice in the arena of this emerging technology.
Solana is one of the fastest-growing open-source programmable Blockchain platform that is a super-fast, secure, and censorship-resistant Blockchain framework. Solana’s unique qualities led to its mass adoption as a Blockchain framework in building open infrastructure in a flexible manner and is widely used by developers and institutions around the world to build decentralized applications (DApps) and marketplaces.
Going for Solana development can make you very competitive in terms of speed and scalability compared to other available Blockchain platforms. Solana has the tag of most scalable and first truly web-scale Blockchain, which is one of the Blockchain frameworks being able to achieve over 1,000 TPS. As a Blockchain platform Solana has its native token in the name of SOL that was traded at US$65.06 with a maximum supply of 489 million coins and a circulating supply of 286 million tokens.
The day-to-day affairs of Solana are looked at and managed by Solana Foundation, which is a non-profit organization based in Switzerland, and the advancement in terms of technology development is done by Solana Labs.
Cardano is the fastest growing Blockchain platform based upon Proof-of-Stake (PoS) protocol that is built through peer-reviewed research. The development of Cardano was started in 2015 by Charles Hoskinson, who is also the co-founder of Ethereum. Cardano now stands as an alternative to Ethereum which claims to offer scalability, interoperability, and sustainability on their network.
The smart contract mechanism in Cardano comes with a two-tiered structure – Cardano Settlement Layer (CSL) and the Cardano Computational Layer (CCL). As per sources, a new upgrade is slated to arrive named Alonzo and it is anticipated that with it there will be several improvements to this Blockchain platform regarding the smart contract functionality.
Cardano has its native currency named ‘Ada’, which is named after Ada Lovelace, who is a 19th-century countess and English mathematician who is recognized as the first computer programmer. The Cardano Foundation is the organization that looks after the promotion and standardization of the Cardano Blockchain platform.
Tron is a high-performing decentralized Blockchain network that strives to develop a decentralized web. Tron functions over Proof-of-Stake (PoS) mechanism algorithm to reach consensus and its own mainnet which was launched in 2018. Tron development is primarily done to host entertainment applications, which utilize the features of Blockchain technology and peer-to-peer networks to eliminate the middleman.
Tron was developed as a direct competitor to the traditional media industry with its aim to eliminate the middlemen from the process of consuming media by users. Tron has its own native cryptocurrency for the system, known as Tronix (TRX) and currently, it commands 31st position in terms of market capitalization ranking among cryptocurrencies.
Klaytn is an open-source service-oriented Blockchain protocol developed by Ground X, the South Korean social media company which traces its origin to Kakao. KaKao is a renowned publicly traded Internet company headquartered in South Korea. Klaytn was built to focus on the needs of enterprises, as it offers a plethora of features to those Public Blockchain protocols. Decentralized data & control and distributed governance while offering low latency and high scalability are some of those features which are offered in Klaytn.
Klaytn is an Ethereum Virtual Machine (EVM) compatible Blockchain network and its native token goes by the name of KLAY, which is used to perform all transactions on the network.
Algorand is an open-source Blockchain protocol that is making itself into the list of top trending platform due to its great features. Algorand was ideated and created to solve scalability problems users face in the legacy Blockchains like low throughput, high gas fee. Algorand works to reduce the amount of energy consumption to do computation, and functions in an efficient way to create distributed ledger with a unified system, without being forked or splitting of Blockchains.
Algorand comes with its unique combination of open-source Layer-1 capabilities, that opens up a world of new possibilities for developers. Currently, there are around 100,000 developers doing Algorand development as summarized by Algorand’s CEO Steve Kokinos. Algorand developers are in great demand due to the innate qualities of Algorand of automatically enforcing custom rules and logic that has been provided in Algorand’s ASC1s, so that Algorand becomes cost-effective and error-free.
Polygon is an Ethereum Virtual Machine (EVM) compatible Blockchain network created to solve the long-pending problems of scalability, and usability. Polygon was inspired due to the increasing demand for decentralized financial (DeFi) services coupled with the unpreparedness of the existing blockchain ecosystems to cope up to the growing needs of the time. Polygon’s native token Matic is the native token of the Polygon network that is a popular token among cryptocurrency enthusiasts, investors, and companies those hoping to benefit from innovations in Blockchain technology.
Golang, is an open-source programming language used primarily for Polygon development to make a modular and extensible framework for building an Ethereum-compatible Blockchain network. One of the recently released feature by the Polygon is the Polygon Edge. Polygon Edge is a new modular framework that is to be used extensible by developers for building Ethereum-compatible blockchain networks, sidechains, and general scaling solutions.
Fantom is an open-source, decentralized, permissionless, smart contract platform built especially for building decentralized applications (dApps) and securing digital assets. Fantom strives to provide more scalability with costs lower than those the legacy first-mover smart contract platforms offer.
Fantom comes with a unique feature in offering to users, where users are free to create and deploy their own independent networks instead of relying solely on Fantom’s main consensus layer. The primary motive for introducing this feature is to avoid network congestion and provide greater scalability to the whole ecosystem. FTM is the native token of Fantom that powers the entire Fantom blockchain ecosystem and is used for staking, governance, and payments over the network.
Near protocol was initially developed as a machine learning protocol but its creators realized that no other existing Blockchain protocol can match up to their needs and aspirations. During the initial stages of the investigation, the creators Illia Polosukhin and Alexander Skidanov learned about smart contracts and cryptocurrency, which made them learn more about cryptography and conduct more studies.
Near protocol functions over the Proof-of-Stake (PoS) mechanism to achieve consensus and the final launch of the Near protocol network happened in 2020. As of now, Near protocol raised $50 million in the first four months in terms of funding and Near Collective is the parent company of Near protocol, which now employs over 80 developers.
Consortium-based Corda is the first of its kind of open-source Blockchain-inspired DLT platform built exclusively for businesses. By embracing Corda, you can join numerous developers building applications over Corda, which is known as CorDapps.
Over 60 companies from various industries had been working with enterprise software firms to R3 to develop distributed ledger technology (DLT) based on various applications on the Corda platform. Which aims to remove costly friction in business transactions along with interoperability and a unique approach to secure data privacy. Corda is a permissioned blockchain framework that only allows the authorized participants to access the data, also it does not have any inbuilt token mechanism nor does it have any cryptocurrency.
Owing to its fine-tuned access control to digital records Corda was initially designed for the financial industry but now it is a Top Blockchain platform to be widely in use over sectors such as supply chain, healthcare and government authorities.
Several firms such as Bank of America Merrill Lynch, HSBC, Intel along with others have invested a large sum into R3 Corda.
Ethereum is an open-source blockchain-based distributed computing platform and operating system having smart contracts functionality. Ethereum owes its existence to Vitalik Buterin, who is a cryptocurrency researcher and programmer, who proposed Ethereum in late 2013. Later on, 30th July 2015 when its system went live, it had grown manifold. Unlike other Blockchain frameworks, in Ethereum you can do programming, and when we talk about developers, they can use it to develop many new kinds of applications. Ethereum is a global, open-source Blockchain framework for decentralized applications and it was the first Blockchain framework to include a programming language.
Ethereum has its cryptocurrency named Ether, which is much similar to Bitcoin and Ethereum allows one to send and receive coins between wallets. Ethereum based dApps now ensure permanency, transparency & complete security to all electronic business transactions, due to recent advancements over time. In case your business is scalable, Ethereum based dApps allow you to leverage numerous advantages from Ethereum blockchain development to help achieve increase your reach exponentially.
The Enterprise Ethereum Alliance now consists of more than 250 members, which consists of leading corporates like J.P. Morgan Chase, Microsoft, and Intel. Also, it connects nearly 500 Fortune enterprises, academics, start-ups, and various technology vendors at present.
Tezos as a Platform was co-founded by Kathleen Breitman and Arthur Breitman, which they had been building since 2014 with a team of developers. In 2016 Breitman conducted an ICQ and received around $612,000 within 6 months. Tezos is a self-governed, decentralized blockchain platform that establishes a true digital commonwealth.
Tezos is quite inexpensive as compared to other Blockchain platforms, as the participants need to provide only the necessary computational resources to keep the network working, as it functions over the Delegated Proof-of-Stake (PoS) consensus mechanism.
As a Blockchain platform, it has a digital token, called a Tezzie or Tez, where token holders get rewarded for participating in the proof-of-stake consensus mechanism, a platform is not based on the mining of Tez. Just like Ethereum, Tezos is a smart contract and dApp platform, but what makes it into a Top Blockchain platform is its self-amending cryptographic mechanism.
Hyperledger is a big name when we talk about Blockchain development, as they have a variety of frameworks catering to the needs of different enterprises. You need not to go elsewhere to look for an alternate Blockchain having varied tools and frameworks.
Here are those frameworks developed by Hyperledger, which are designed to address specific needs of enterprises.
Hyperledger Fabric is a project of Hyperledger which is thought to be a base for developing solutions or applications with a modular architecture. What distinguishes Hyperledger Fabric is the modularity of the architecture which allows in the plug-in of their preferred components like consensus and subscription services. Hyperledger Fabric with its modular and flexible design satisfies a wide selection of business use cases and it gives an exceptional way of building consensus that permits functionality at scale while maintaining privacy. Therefore, many leading leading blockchain companies prefer Hyperledger Fabric as a Top Blockchain platform for building enterprise-grade applications.
Hyperledger Sawtooth is an enterprise-grade and modular Blockchain platform launched by Linux Foundation and contributed by IBM and Digital Asset.
Hyperledger Sawtooth offers a modular and flexible architecture that divides the core system in the application domain, and this enables smart contracts to define the business rules for software without having to know the underlying design of the core system. The consensus algorithms like Practical Byzantine Fault Tolerance and Proof of Elapsed Time (PoET) are supported by Hyperledger Sawtooth.
Hyperledger Sawtooth is the second Blockchain framework that transformed itself into a Top Blockchain platform to be developed by Hyperledger to integrate with an enterprise-ready 1.0 version.
Hyperledger Iroha is a Blockchain framework, hosted by the Linux Foundation for building secure, trusted, and fast decentralized apps. The core teams of Hyperledger have worked hard so that there is always a balance between transparency in the development process and attaining important milestones. Therefore, the transactions on Fabric may be obfuscated, but not the development process.
Hyperledger Iroha is an easy and modularized distributed ledger system based on an extremely secure and speedy consensus algorithm known as Another Consensus, protecting Iroha networks out of adversary failures or nodes. This Blockchain framework is extremely suitable for distribution chain and IoT usage cases, as Hyperledger Iroha is highly portable and it supports macOS.
Hedera Hashgraph is a solution based on DLT technology like Blockchain frameworks that works on Graph like structure where all the nodes communicate their information to each other and their communication is reported by building a graph of connections. Where all such information or data is stored in events. Hedera Hashgraph has the capacity to handle hundreds of thousands of transactions per second and authenticate more than one million signatures per second, and this makes Hedera Hashgraph extremely fast.
To ensure fairness the Hedera Hashgraph platform never allows a single user to block the transactions flow into the community. Thereby ensuring the consensus order of transactions which represents the transaction order received by the community.
Hedera Hashgraph functions over asynchronous Byzantine Fault Tolerance consensus algorithm, that is capable of securing the platform against potential attacks. The governance of Heders Hashgraph is taken care off by The Hedera Hashgraph Council, which states it clear in its terms that Hedera’s governance ensures no single member can have control and no group can have extreme influence over the entire body.
Ripple is a non-profit Blockchain framework discovered in 2012, which aims to connect payment providers, digital asset exchanges, corporates, and banks through a Blockchain network named RippleNet minus any chargeback. Validating servers secure Ripple with an internal ledger that guarantees transactions based on consensus.
Ripple currently has more than 100 customers and almost 75 clients which are over in different stages of commercial deployment such as minimizing costs in liquidity (xRapid), sending payments across multiple networks (xVia), and cross-border payments services (xCurrent).
Quorum is an enterprise-focused Top Blockchain framework that is based on Ethereum, founded by J.P. Morgan. It is an open-source Blockchain framework that is forever free to use. Designed to be permissioned, uses vote-based and different algorithms for processing per second hundreds of transactions. Quorum can handle applications that require high throughput processing and speed for private transactions.
The issue of the confidentiality of records that Ethereum and other Blockchain frameworks failed to handle was resolved by Quorum by introducing private and public on-chain.
EOS is a Blockchain platform founded by a private entity named Block.one, as an open-source Blockchain framework in June 2018. To offer decentralized application’s hosting, decentralized storage of enterprise solutions and smart contract capability, solving the scalability issues of Ethereum and Bitcoin, is the aim of EOS platform. Any user which uses dApp based on EOS needs not to pay any fee. By using multi-threading as well as a delegated proof-of-stake algorithm EOS accomplishes consensus. EOS Forum is their own community forum where investors discuss about the platform.
Dragonchain’s Blockchain as a Service Platform is a public/private hybrid blockchain platform that was developed at the Walt Disney Company. Later during 2016 was open-sourced which is designed to provide developers and enterprises the useful resources for developing a blockchain application in minutes.
Dragonchain by allowing utilize Interchain offers flexibility to businesses. The need for patch implementation, updates, and server setup are also eliminated with their cloud-based model. As a Top Blockchain platform, it has a wide range of programming languages such as Node.JS, Python, C#, Go, and Java. Dragonchain gives a wide spectrum of trust with five levels of consensus.
NEO was designed to develop scalable decentralized applications and its main asset is the NEO token. The founders of the NEO are the duo named Da Hongfei and Erik Zhang, who set up blockchain companies named OnChain, which is based in Shanghai. Delegated Byzantine Fault Tolerance is what NEO uses as its consensus algorithm and the use of NEO token is to generate GAS tokens which can be used as pay transactions fees to run applications on the network.
Binance Smart Chain (BSC) is a community-driven decentralized Blockchain network for running smart contract-based dApps. Binance Smart Chain is ideally suited for those planning to build DeFi yield farming applications, DeFi staking projects, and synthetic asset development. Binance was initially started as a cryptocurrency exchange, but later they decided to enter into Blockchain development by launching their own Blockchain protocol. Changpeng Zhao was the brainchild behind the development of Binance, and Binance Smart Chain was launched as an alternative to the Ethereum Blockchain while having original qualities of it. Smart Contracts can be deployed in Binance Smart Chain as they can function flawlessly being Ethereum Virtual Machine (EVM) compatible.
Native tokens are valuable components of any blockchain-based system, and Binance has its native token by the name of Binance Coin (BNB). These BNB tokens are used to pay for transaction fees on the Binance Chain and Binance DEX platform, staking, and asset transfers.
Avalanche is an open-source decentralized Blockchain platform to be developed by Ava Labs. The main aim of Avalanche is to address long pending issues like scalability, security, and decentralization. Avalanche functions upon the Proof of Stake (PoS) mechanism that lets it maintain decentralization and security while focusing on lower costs, fast transaction speeds, and eco-friendliness.
Technology is mercurial so does Blockchain technology which is constantly innovating itself with newly added features in the platforms. Nevertheless, there is the emergence of new frameworks too, which makes plenty of blockchain platforms for an entrepreneur to choose from. The proper understanding of blockchain platforms holds the key to build highly scalable applications, which will not just transform the business but will even serve other factors like costing and sustainability.
Here we have discussed some well-known Top Blockchain platforms which are used by top Blockchain companies which include Microsoft, IBM, and others. We hope the article gave you a quick insight into the emerging Blockchain platforms and helps you in choosing the right blockchain platform and solution to suit your business needs.
Think about it, the biggest marketplaces for NFTs, OpenSea, Foundation, Rarible, Mintable, Nifty Gateway, Superare, and others are on Ethereum.
In Terms DeFi Ethereum And Solana Both Are Trying Their Level Best To Capture The Potential Market.
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