In the year 2021, many smart contract platforms tried to be the next Ethereum killer. The terms DeFi, GameFi, and NFT have been all over the media recently, and any of them would not be possible without smart contracts. It becomes difficult for newcomers to choose which platform is right for them as more smart contract platforms are introduced. Our hands-on experience with some of the most popular smart contract platforms will be included in the article.
Ethereum
Token: ETH
TPS: 10
It is the first smart contract platform. Developers use a programming language called solidity to create dAPPS on the EVM. Users can interact with dApps. Since it is the first smart-contract-enabled platform, it has a lot of active developers and has the most total value locked. Despite being the most popular smart contract platform, it has a few drawbacks that make us stay away from it. The slow transaction speed is one of the drawbacks. The fee it charges when the network is busy may be more than the transaction cost.
Binance Smart Chain
Token: BNB
TPS: 60
Developers can use existing tools to write dApps without learning a new language if the EVM is compatible with the BSC. There is an increase in transaction speed. In the latter part of last year, we saw GameFi booms on BSC, as it gained traction earlier last year. The centralization of the Binance chain is a concern that many community members have. BSC has a unique and strategic position.
Avalanche
Token: AVAX
TPS: 4,500
Avalanche is an open-source platform for launching DeFi applications. The first smart contract platform to confirm transactions in less than a second is called Avalanche. It provides a new consensus mechanism with an adapted platform for enterprise adoption and developer needs to solve the challenges of scaling and security. There were significant price swings in the last half of the year due to the AVAX rush incentive plan. The low transaction fees that Avalanche offered were missed. We worry about their failure to keep up with their promises such as burning the foundation’s staking rewards and introducing feeless transactions. It is a smart contract platform that is worth keeping an eye on if it can reduce its fees and improve communication.
Solana
Token: SOL
TPS: 2,000
Solana is a high-performance open-source project. It is a platform for dAPPS and protocols. With its Proof of History (PoH) consensus mechanism, Solana can claim to scale to over 50,000 TPS on an open network, which is said to be possible due to its novel approach. More than 3/4 of the transactions are vote transactions, which is why Solana has around 2,000. The design of the Solana platform might have contributed to the inflated TPS promoted to the public. Solana is facing fundamental questions about its network stability, as well as its ability to maintain itself as a Wall Street darling, even though it was once considered a rising star.
TRON
Token: TRX
TPS: 2,000
The ultimate goal of TRON is to decentralize the internet. The system’s mandate for low costs is attractive to those considering taking their first step into the world of Cryptocurrencies. The amount of tether on TRON has become the No.1 worldwide. Many prefer TRON because of its low fees. The TRON network has attracted many new users. The TRON network has a concept of bandwidth and energy. Users should be encouraged to look into using bandwidth and energy if they want to send transactions or interact with smart contracts for free.
Each of the smart contract platforms has pros and cons, and they competed with each other last year. There is an increasing demand for a good smart contract platform, and every platform will eventually have its place. Users, investors, and developers should take a closer look at each of the blockchains and pick one that matches their needs best.
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