It appears that blockchain technology is gaining traction at an exponential rate. According to Cision, bitcoin technology is expected to generate $20B in revenue by 2024, an increase from $9B in 2009.

Blockchain Platforms: What Are They? Why they are important

There are a growing number of blockchain development platforms to build on top of the growing interest in blockchain technology, making it difficult to choose the right framework that meets all of your business requirements. Here, we'll provide a brief overview of the top blockchain development platforms for 2022.

These platforms help developers create blockchain applications. For instance, when building a cryptocurrency trading app, you might encounter a range of legal constraints as well as backend complexities that can slow down the app development process. Blockchain platforms can help remove these complexities. As well as saving you a lot of time, these platforms lessen the effort required for building an app from scratch.

If you want to make an informed choice among the top blockchain application platforms, you need to understand each one better. We will discuss the top blockchain platforms that can be used by developers to host and develop apps using the blockchain. 

Top 10 Blockchain Platforms

Ethereum

Blockchain platform Ethereum has its own digital currency, often known as Ether. In addition to financial applications, decentralized markets, games, cryptocurrency markets, and others, Ethereum is used by developers to develop new applications. In order to do so, third-party websites storing data and monitoring financial instruments over the internet are eliminated.

A few of its features include

  • Tokenization

  • Privacy 

  • Permissions 

  • Smart contract functionality

  • Rapid deployment 

  • Turning completeness 

Polkadot

Gavin Wood, one of the cofounders of Ethereum, has created the relatively new but promising Polkadot blockchain platform. Token prices for Polkadot have risen by 1238% since August of 2020, and the platform is becoming more and more competitive. 

Pololadot's main feature is the creation of a distributed network based on multi-blockchains and fully decentralized information exchange. The environment allows for the creation of new blockchains and the connection of existing ones. A unique feature of Polkadot's architecture is that you can integrate the permission data from a private blockchain into a public blockchain. Due to the fact that it alleviates the problems of scalability and interoperability, it could become one of the best blockchain development platforms in the future.

Polkadot offers developers and users many benefits in terms of blockchain development and use. As a first step, the network will enable fast and secure communication between the public and private blockchains. Furthermore, the platform is highly functional and scalable.

As Polkadot is a relatively new project, its effectiveness has yet to be fully evaluated. Additionally, instead of decentralizing, it concentrates on its own DOT currency, which critics find objectionable.

Cosmos

Polkadot's biggest competitor is Cosmos, a major player in the multi-chain retail space. A decentralized alternative to the Internet will be provided by a platform called Interchain - a network of interconnected chains. Cosmos Hub is the foundation of Intrachain's vision. It is a distributed ledger that connects compatible chains, provides bridges with external networks such as Ethereum and Bitcoin, and provides access to other systems. Platforms, apps, and services can also be built on this framework. Currently, there are over 260 apps and services included in the Cosmos ecosystem, according to its website. 

Avalanche

The project has already attracted significant development activity since its initial coin offering in 2020. A key feature of the platform is the support for the Ethereum Virtual Machine. This enables cross-chain operations for Ethereum assets. 

There are three chains working on Avalanche - Avalanche, which supports fast transactions, and Snowman, which offers secure smart contracts. This makes Avalanche an interesting platform.

Solana

Solana is another blockchain project that is among the hottest at the moment. In relation to market capitalization, SOL is currently the fifth-largest token in Solana's native token pool, a testament to the buzz generated over the past few months by the protocol. Solana is already proving to be one of the top blockchain platforms, so the project's enthusiasm is all the more justified. 

In addition to its technological innovations, Solana enables significant performance gains in terms of transaction costs and throughput through a new Proof of History consensus mechanism. By claiming that Solana's protocol is scalable, decentralized, and secure, the developers essentially solve the "scalability dilemma" that has plagued prior versions of blockchain technology like Ethereum. 

The platform's robust performance has helped it attract some of the biggest trends in the blockchain space, and has made it one of the most popular blockchain platforms. In recent years, Solanart has led the growth of NFT marketplaces based in Solana. 

Near Protocol

A proof-of-stake (POS) blockchain is built on top of NEAR enabling developers to build scalable blockchains while lowering costs at the same time. Researchers, developers, and thinkers worldwide are working together to develop the NEAR Protocol, which is a novel perspective on sharding and a new consensus process called Doomslug. 

Blockchains such as Bitcoin and Ethereum are similar to "base-layer" blockchains like TRON, Cardano, and Ethereum. The platform serves as a platform for constructing and implementing additional blockchain-based applications. 

Utilizing Nightshade technology, NEAR achieves its enormous throughput capabilities. The scaling solution increases the transaction carrying capacity of the blockchain by allowing multiple sets of validators to process transactions in parallel over numerous sharded chains. A "chunk" is referred to in this context as the "portion" of a block, unlike the sharding mechanism in other blockchains. The NEAR blockchain is used to store and process these transactions, making sure that they are preserved immutably. 

Polygon

Ethereum is a slow and expensive blockchain. This issue is dealt with by Polygon products. 

Through Polygon's software development kit, Ethereum sidechains can be built - blockchains that are linked to Ethereum from two directions. There are several types of sidechains: 

Plasma chains, which batch transactions into blocks and submit them to the Ethereum blockchain, enable this. 

Using zk-Rollups to combine multiple transfers into a single transaction

Smart contracts that operate on Plasma Chains as well (optimistic rollups)

In Polygon, MATIC is the native token used for:

Fees charged by the network for transactions, 

a unit for payments and settlements in the Polygon ecosystem;

fueling the polygon proof-of-stake network. 

Cardano

The Cardano blockchain platform is open to the public. The proof of stake consensus method is used to achieve consensus. With its internal cryptocurrency, ADA,[4] it facilitates peer-to-peer transactions. 

Charles Hoskinson, the co-founder of Ethereum, founded Cardano in 2015. The Cardano Foundation, based in Zug, oversees and supervises the development of the project. Cardano is currently the biggest cryptocurrency to use proof-of-stake blockchains, a greener alternative to proof-of-work protocols. 

Unlike most cryptocurrencies, Cardano has no whitepaper. As a result, it is designed to address important concerns that other cryptocurrencies face, such as scalability, interoperability, and regulatory compliance. 

Unlike Bitcoin and Ethereum, Cardano is built on a proof-of-stake protocol dubbed Ouroboros; this compares to proof-of-work protocols such as Ethereum and Bitcoin. Proof-of-stake blockchains use less energy than proof-of-work chains. In May 2021, Cardano reached a market cap of $77 billion and solidified its position as the biggest proof-of-stake cryptocurrency. According to Hoskinson, Cardano used 6 GWh annually, less than 0.01% of the 110.53 TWh used by the Bitcoin network.

In September 2021, Cardano launched decentralized finance (DeFi) services. Included in these services are access to smart contracts and the capability to build decentralized applications (DApps). This project also features Plutus, a Turing-complete smart contract language in Haskell, and a specialized language for non-programmers, Marlowe. Developers can test their smart contracts within the CDAN interactive development environment, without leaving it or deploying their code.

Neo Protocol

A blockchain smart contract is used in this platform to handle e-assets. In addition, NEO allows for the exchange of currencies & online assets on a peer-to-peer basis without the need for a third-party intermediary: 

  • Neo is a cryptocurrency owned by the Neo blockchain platform. 

  • With help from Neo, you can operate your app by paying transaction fees.

  • Digital assets in Neo are handled in different ways. With it, you can launch your application on Neo without having to worry about security issues due to digital certificates.

 

EOS

A scalable and secure platform of decentralized applications can be built using EOS. In order to solve Ethereum and Bitcoin's scaling concerns, dApp hosting, smart contract functionality, and decentralized storage are among its features. 

For limiting user costs and achieving consensus, EOS uses multi-threading and delegated proof-of-stake. "EOS forum" is a community for developers and investors to discuss the platform. The EOS blockchain platform has the following features: 

  • Flexibility

  • Governance 

  • Measurability 

  • Upgradability

  • Usability

  • Multiprocessing 

  • Permission schema

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