Top 12 Blockchain Platforms for Smart Contract Development in 2024

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Top 12 Blockchain Platforms for Smart Contracts in 2024

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Jesse Anglen

Co-Founder & CEO

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Table Of Contents

‍1. Introduction

Blockchain continues to revolutionize industries, driving innovation in finance, healthcare, supply chain, and more. With the global blockchain market expected to generate a total revenue of around $94 billion by 2027, its popularity shows no signs of slowing down. Central to this revolution are smart contracts—self-executing agreements that automatically enforce terms without intermediaries. They're powering everything from decentralized finance (DeFi) to NFT markets and beyond.

In this blog, we’ll dive into the top 12 blockchain platforms that are redefining smart contract development in 2024. From transaction speed to consensus mechanisms, we’ll explore the essential factors that make a blockchain platform suitable for smart contracts today.

Whether you’re a developer, investor, or blockchain enthusiast, this guide will give you insights into the best platforms to consider for smart contracts.

2. What Is Blockchain Platforms?

Before we get into how blockchain platforms can contribute to smart contract development, it is important to understand what they are and how they function.

Blockchain platforms are the foundational frameworks that power decentralized applications and smart contracts. At their core, blockchain platforms consist of nodes that validate and record transactions across the network. Each transaction is added to a block and secured with cryptography, ensuring that data remains immutable.

Smart contracts, which are self-executing pieces of code, run on these platforms. Once the contract’s conditions are met, the platform executes the agreement without requiring intermediaries.

These blockchain platforms create the environment for developers to write, deploy, and execute self-executing contracts. They manage all backend processes, including transaction verification and data storage, ensuring that once deployed, contracts are secure and immutable.

3. Key Factors to Consider in a Blockchain Platform

There are a plethora of blockchain platforms to choose from. Hence, it is important to have fixed criteria in mind when picking the right platform to work with. These fixed criteria can comprise the following important factors:

Factor	Importance
Transaction Speed	Determines how quickly transactions and smart contracts are processed. Faster speeds enhance user experience and scalability.
Scalability	Refers to the platform’s ability to handle growing amounts of work. Essential for supporting large-scale applications.
Security	Ensures the platform protects against attacks and vulnerabilities. High security is crucial for maintaining trust and integrity.
Consensus Mechanism	The protocol used to agree on the state of the blockchain. Different mechanisms affect speed, security, and decentralization.
Development Tools	Includes the availability of SDKs, APIs, and other tools. Comprehensive tools simplify development and integration processes.
Smart Contract Language	The language used to write contracts, like Solidity or Vyper. It affects the ease of development and compatibility.
Cost of Transactions	The fees associated with executing transactions and deploying smart contracts. Lower costs can improve affordability and efficiency.
Community Support	A strong community provides resources, support, and continuous improvement. Active communities enhance platform reliability and innovation.
Interoperability	The ability of the platform to interact with other blockchains and systems. Good interoperability expands functionality and use cases.
Governance	How decisions are made and changes are implemented on the platform. Effective governance ensures stability and adaptability.

‍4. Top 12 Blockchain Platforms for Smart Contract Development in 2024

With the above-mentioned key factors as our guide, we have come up with an updated, informative, and accurate list of the topmost blockchain platforms to consider for smart contract development in 2024. They are:

4.1. Ethereum

Ethereum remains a leader in smart contract development. It utilizes Solidity and Vyper as its primary smart contract languages, offering robust support for complex applications. Ethereum’s consensus mechanism is Proof of Stake, enhancing scalability and energy efficiency compared to Proof of Work. With an average transaction speed of 13–15 seconds, Ethereum is highly versatile, supporting a wide range of decentralized applications (dApps) and financial services.

4.2. Arbitrum

Arbitrum is a layer-2 scaling solution for Ethereum, designed to improve transaction speed and reduce costs. Developers write smart contracts in Solidity, ensuring compatibility with Ethereum's ecosystem. Transaction costs on Arbitrum are significantly lower compared to Ethereum, and the platform supports a variety of dApps and DeFi projects.

4.3. Hyperledger

Hyperledger is a suite of open-source blockchains and tools aimed at enterprise use. It does not use a single smart contract language but supports various programming languages, including Go and Java. Hyperledger uses consensus mechanisms like Practical Byzantine Fault Tolerance (PBFT) and offers high transaction speeds and low costs.

4.4. Cardano

Cardano distinguishes itself with a research-driven approach to blockchain technology. It employs the Haskell-based Plutus language for smart contracts and uses a Proof of Stake consensus mechanism called Ouroboros. This setup ensures high security and scalability while maintaining energy efficiency. Cardano’s transaction speeds are competitive, and costs are generally low.

4.5. Polkadot

Polkadot enables different blockchains to transfer data and assets seamlessly through its relay chain and parachains. It supports smart contracts written in Ink! and Substrate, its own framework. Polkadot’s transaction speeds are impressive, and costs are generally low due to its efficient design.

4.6. Binance Smart Chain (BSC)

Binance Smart Chain is known for its high performance and low transaction costs. It supports smart contracts written in Solidity, making it compatible with Ethereum-based projects. BSC uses a Proof of Staked Authority (PoSA) consensus mechanism, which combines elements of Proof of Stake and Proof of Authority, offering fast transaction speeds and minimal fees.

4.7. Tezos

Tezos is a self-amending blockchain that supports smart contracts through its Michelson language. It uses a proof-of-stake consensus mechanism, offering energy efficiency and scalability. Transaction speeds are reasonable, and costs are low.

4.8. Stellar

Stellar is designed for cross-border payments and financial applications. It uses the smart contract language Stellar Smart Contracts (Stellar SDK), which is geared toward financial transactions. With average transaction speeds of a few seconds and low fees, Stellar excels in creating a bridge between different currencies and financial systems.

4.9. Optimism

Optimism is another layer-2 scaling solution for Ethereum, utilizing Optimistic Rollups to enhance transaction throughput and reduce costs. It supports Solidity for smart contracts, ensuring compatibility with existing Ethereum projects. The platform’s transaction costs are lower compared to Ethereum’s base layer, and speeds are significantly improved.

4.10. Polygon

Polygon is a layer-2 scaling solution that enhances Ethereum’s capabilities. It supports smart contracts in Solidity and uses a variety of consensus mechanisms, including Proof of Stake and Plasma. Polygon offers rapid transaction speeds and minimal costs, making it a popular choice for dApps and DeFi projects.

4.11. Cosmos

Cosmos focuses on interoperability and uses smart contracts written in CosmWasm whilst employing a Tendermint-based consensus mechanism. It offers high transaction speeds and low fees, providing a scalable solution for blockchain networks seeking to connect with others.

4.12. Algorand

Algorand is known for its high-speed transactions and low fees. It supports smart contracts through its Algorand Smart Contracts (ASC1) language and utilizes a Pure Proof of Stake consensus mechanism. This setup ensures fast and secure transactions with minimal costs.

‍5. Which Blockchain Platform should you choose for Smart Contract Development?

It is important to choose the right blockchain platform for smart contract development as per all your requirements and budget constraints, as well as the factors that each platform characterizes. To make your decision easier, we have come up with the following:

Blockchain Platform	Transaction Cost	Transaction Speed	Smart Contract Language	Advantages	Disadvantages	Other Key Features
Ethereum	High	13-15 seconds	Solidity, Vyper	Highly versatile, large developer community	High fees, slower transaction times during congestion	Scalability improvements with Ethereum 2.0
Arbitrum	Low	2-4 seconds	Solidity	Low cost, fast transactions, Ethereum compatibility	Relies on Ethereum’s security and infrastructure	Optimistic rollups for scalability
Hyperledger	Low (variable)	High (depends on setup)	Go, Java	Customizable for enterprises, high security	Less suitable for public dApps	Private networks, high scalability
Cardano	Low	~20 seconds	Plutus	Research-driven, energy-efficient	Less mature ecosystem	Formal verification, strong security
Polkadot	Low	~6 seconds	Ink!, Substrate	Interoperability, high scalability	Complex architecture	Cross-chain functionality
Binance Smart Chain	Low	3-5 seconds	Solidity	Low fees, high performance	Less decentralized	PoSA consensus mechanism, fast transactions
Tezos	Low	~30 seconds	Michelson	Self-amending, energy-efficient	Smaller developer community	On-chain governance, frequent upgrades
Stellar	Very low	2-5 seconds	Stellar SDK	Fast cross-border transactions, low fees	Limited smart contract capabilities	Focus on financial transactions, high speed
Optimism	Low	2-5 seconds	Solidity	Lower fees, fast transactions	Relies on Ethereum’s security	Layer-2 solution with Optimistic Rollups
Polygon	Low	2-4 seconds	Solidity	Low fees, high scalability	Dependent on Ethereum for security	Layer-2 scaling solution, high throughput
Cosmos	Low	~6 seconds	CosmWasm	Interoperability, high scalability	Complex setup	IBC protocol for cross-chain communication
Algorand	Very low	4-5 seconds	ASC1	High speed, low fees	Less decentralized	Pure Proof of Stake, high throughput

6. Conclusion & Future Trends

As we move through 2024, certain trends and platforms are poised to shape the future of blockchain technology. Blockchain adoption is projected to increase across various sectors, and blockchain platforms that offer efficient, secure, and scalable smart contract capabilities will be in high demand.

Ethereum, despite its high costs, continues to be a dominant force due to its significant role in DeFi and NFT industries. However, platforms like Polkadot and Cosmos stand out with their focus on interoperability. Cardano and Algorand, with their strong emphasis on security and scalability, are likely to attract projects requiring robust and energy-efficient smart contracts.

Each blockchain platform brings unique strengths to the table. The future of blockchain technology will likely be defined by these innovations and the ability of these platforms to adapt to emerging industry demands.

7. FAQs (Frequently Asked Questions)

7.1 What are blockchain platforms? How do they help in smart contract development?

Blockchain platforms are digital infrastructures that support the creation and execution of smart contracts. They handle backend processes such as transaction verification and data storage, ensuring contracts are tamper-proof and irreversible.

7.2 What factors one must keep in mind while choosing blockchain platforms for smart contract development?

Key factors include transaction cost, speed, smart contract language, scalability, and security. Evaluate these based on your project’s requirements to ensure optimal performance and efficiency.

7.3 What are some of the most popular blockchain platforms for smart contract development?

Popular platforms include Ethereum, Cardano, Polkadot, Binance Smart Chain, and Polygon. Each offers unique features tailored to different use cases and industry needs.

7.4 Which blockchain platform is projected to gain popularity for smart contract development in the forthcoming future?

Ethereum and Polygon are likely to gain more prominence due to their strong ecosystems and ongoing upgrades. However, platforms like Arbitrum and Optimism are also emerging as key players.

7.5 Between Polygon and Cosmos, which blockchain platform is better suited for my business needs?

Choose Polygon if you need high transaction speed and low fees for dApps. Opt for Cosmos if you require cross-chain interoperability and scalable multi-chain solutions.

7.6 If someone is looking to cut costs, which blockchain platform would be the best choice for them?

Platforms like Binance Smart Chain, Polygon, and Arbitrum offer lower transaction costs compared to Ethereum. They are ideal for cost-conscious projects.

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