A blockchain platform is a server that can execute programmable functions on blockchain. It is an environment that allows developers to create applications on the blockchain, using pre-defined smart contracts that are not custom developed for each project.
The best blockchain platforms include;
It is the best solution in terms of the blockchain platform. It is very friendly for developers to develop robust applications with almost no restrictions in their imagination.
The code practically executes independently without supervision by humans due to the DPOS system where block producers are voted democratically by the community.
- Cardano (EOS competitor)
A secure and advanced blockchain platform. It is a decentralized platform that runs the ADA cryptocurrency. It is an open-source project to help developers create financial applications on the blockchain.
- NEO (Ethereum competitor)
It was created as a digital token for executing contracts on its blockchain network according to certain pre-defined conditions.
- Bitshares (EOS competitor)
It is mainly a decentralized peer-to-peer financial platform that supports multiple organizations as “delegates.” All transactions on this platform are done using the BTS tokens. It is an ad-free blockchain network that uses DPOS to secure its network.
- Waves (NEO and Ethereum competitor)
This blockchain platform was created to enable developers to create their tokens and run smart contracts on its decentralized ledger. It has a unique feature allowing new token creation in an easy and fast way, making it a competitor to NEO and Ethereum.
- Hyperledger (Ethereum competitor)
Banking institutions mainly use it. An enterprise-based blockchain solution allows businesses to use a private and permissioned blockchain with open source code for building applications.
- Stellar (Ripple competitor)
It is a scalable, secure, and fast decentralized blockchain platform. It uses the lumen currency to quickly process large transactions per second across international borders with little to no fees.
- IOTA (NEO and Ethereum competitor)
It is a new distributed ledger protocol with individual coins for micro-transactions. It has no limitations on transactions per second, thus allowing instantaneous micro-transactions from the Internet of Things devices.
Benefits of the blockchain technology
- It eliminates the need for third parties to store data
- Data is stored on a decentralized network which means there is no single point of failure.
- All transactions are transparent and public. It increases public trust in managing funds, unlike traditional systems where not everyone sees information about your transactions unless you give that person access to your account or data.
- It is highly secure, making it impossible to hack the data since the network stores information across many nodes, continuously updating information regarding transactions on the ledger.
- Transactions are instant thanks to consensus algorithms; this saves time instead of waiting for days or weeks before an international transaction is completed due to third-party governance.
- It is more cost-efficient; there are no third parties involved in transactions on the distributed ledger, which means intermediaries are eliminated, which means you don’t have to pay fees for their services.
There are many blockchain platforms to look forward to in the future. There are only a few popular ones; Bitcoin, Ethereum, NEO, and Ripple. Many applications are built on the blockchain platform, which means it is here to stay.