Top 10 Blockchain Platforms To Explore: Blockchain technology seems to be picking up speed nowadays. The technology that emerged in 2009 as Bitcoin has now become a mainstream technology. Blockchain has applications in various industries, including healthcare, supply chain, logistics, legal and more. Blockchain applications are designed and developed to make business processes more efficient and transparent.
We have prepared a list of top blockchain platforms to explore in [year] with our hands-on experience on these platforms. Our blockchain development team has worked on all of the below platforms. We have built projects and created PoC on different platforms and identified them based on their efficiency, scalability, and security.
What are Blockchain Platforms?
Top 10 Blockchain Platforms To Explore: Blockchain platform technology is a decentralized solution for tracking, documenting, and facilitating transactions. These tools create a public ledger relying on globally distributed historical transactions to prevent tampering and fraud. Each interaction is documented in a database that relies on each previous, time-stamped transaction to verify and execute an exchange.
Blockchain technology was first utilized for financial transactions but can be applied to a variety of industries such as e-commerce, supply chain management, and data integration. This self-sustaining database can be used by businesses for documenting exchanges and eliminating fraudulent transactions. These software solutions provide the framework to create applications that rely on any kind of transaction.
To qualify for inclusion in the blockchain category, a product must:
- Create a live, distributed transactional database
- Create user identification labels for active parties
- Verify each transaction on the active ledger for approval
- Freeze any transaction that cannot be verified
Key features of a Blockchain Platform
Every blockchain platform has these characteristics:
Consensus mechanism
Key features of a Blockchain Platform: All participants agree on the validity of a transaction to make it valid.
Provenance
Key features of a Blockchain Platform: All participants can track the origin and ownership of the asset.
Immutability
Key features of a Blockchain Platform: No one can interfere with a transaction after it gets into the ledger.
Finality
Key features of a Blockchain Platform: There’s only one shared ledger as a source of truth for asset ownership or transaction completion.
Here is a list of the top blockchain platforms to explore in 2023
- Tezos
- Hyperledger Fabric
- Hyperledger Sawtooth
- Stellar
- EOS
- Corda
- Klaytn
- Tron
- Hedera Hashpraph
- Ethereum
- XDC Network
List of the top blockchain platforms to explore in 2023 in Details
Tezos
Top 10 Blockchain Platforms To Explore: Tezos is an open-source and decentralized blockchain network that can perform peer-to-peer transactions and deploy smart contracts. It has a modular architecture and formal upgrade mechanism that allows its network to facilitate formal verification.
Key features of a Blockchain Platform: Founded by Arthur Breitman and Kathleen Breitman, Tezos is designed to offer the safety and code correctness needed for digital assets and high-value use cases. It is a decentralized blockchain platform that is self-governing.
Tezos is a smart contract and dApp platform, just like Ethereum, Waves, and Neo, but its self-amending cryptographic mechanism makes it different from other platforms.
Following are some of the Key features of the Tezos platform that distinguish it from other platforms:
- Self-amendment Protocol
- Delegated Proof of Stake Consensus Mechanism
- On-Chain Governance
- Smart Contracts and Formal Verification
Hyperledger Fabric
Top 10 Blockchain Platforms To Explore: Hyperledger Fabric is proposed as a foundation for building apps or solutions with a modular architecture. It allows components, including membership services and consensus, to be plug-and-play. It has a wide range of modular and versatile design that meets various industrial use cases.
Key features of a Blockchain Platform: One of the significant features of Hyperledger Fabric is the enablement of a network of networks. Members of the Fabric network work together, but because businesses want to keep some of their data to remain private, they usually maintain separate relationships within their networks.
Key features:
- Enterprise-grade solution for private transactions
- Used by the biggest tech giants (IBM, AWS, Google, Oracle, etc.)
- Doesn’t rely on cryptocurrency
- Hyperledger BESU provides an Ethereum client
For example, a buyer may interact with different sellers, selling the same product. The transactional relationship between buyers and sellers should be private and not visible to all sellers. It can be made possible via the “channels” feature in Hyperledger Fabric.
Key features of a Blockchain Platform: Instead of an open and permissionless system, Fabric provides a secure and scalable platform that supports confidential contracts and private transactions.
Here are some of the features of Hyperledger Fabric that make it different from other platforms:
- Highly modular
- Low latency of finality
- Support for Solidity and EVM
- Multi-language smart contract support
- Pluggable Consensus
- Queryable Data
- Multi-language smart contract support
Hyperledger Sawtooth
Top 10 Blockchain Platforms To Explore: Hyperledger Sawtooth provides a modular and flexible architecture that separates the core system from the application domain. Therefore, smart contracts can imply the business rules for applications without understanding the underlying design of the core system. It supports different consensus algorithms, including Proof of Elapsed Time (PoET) and Practical Byzantine Fault Tolerance (PBFT).
Key features of a Blockchain Platform: It is an enterprise blockchain platform used for developing distributed ledger networks and applications. It aims at keeping ledgers distributed and smart contracts secure, specifically for enterprises. It streamlines blockchain app development as developers can specify business rules for their apps using their chosen language.
Following are some of the features that distinguish it from other blockchain platforms:
- Private networks with sawtooth permissions feature
- Parallel transaction execution
- Ethereum contract compatibility with Seth
- Pluggable consensus algorithms
- The separation between the core system and application level
Stellar
Top 10 Blockchain Platforms To Explore: Stellar is an open blockchain network that allows the storing and moving of money. It facilitates you to create, trade, and send digital representations of all forms of money, for example, dollars, bitcoin, pesos, and a lot more.
Key features of a Blockchain Platform: Over 69% of banks are currently experimenting with blockchain technology to make their services transparent, seamless, and secure. Stellar is one of the most scalable and significant blockchain platforms that can help build secure and fast fintech applications, tokens, and digital assets representing financial assets.
Top 10 Blockchain Platforms To Explore: It is an open-source network for payments and currencies. It has no owner; if it has anything, it is owned by the public. It can handle millions of transactions every day. Like Ethereum and Bitcoin, Stellar depends on the blockchain to keep the network synced. A stellar blockchain platform can be used to issue your own assets, trade peer-to-peer tokens, and transform currency while sending.
Below are the significant features of the Stellar Blockchain Network:
- It has a decentralized and open database.
- It enables thousands of transactions in a second.
- It takes a confirmation time of only 3-5 seconds.
- The network allows multi-signatures and smart contracts.
- It has a 1% fixed annual inflation.
EOS
Top 10 Blockchain Platforms To Explore: EOS is a blockchain platform designed to develop scalable and secure dApps. It provides dApps’ hosting, smart contracts capability, and decentralized storage of enterprise solutions to solve the scalability issues faced by Ethereum and Bitcoin.
Top 10 Blockchain Platforms To Explore: The EOS platform eliminates all users’ fees and accomplishes consensus by leveraging multithreading and delegated proof-of-stake algorithms. They have a dedicated community named “EOS forum,” where developers and investors can discuss the platform.
Following are some of the features of the EOS blockchain that make it one of the most reliable platforms:
- Usability
- Governance
- Multiprocessing
- Flexibility
- Measurability
- Upgradability
- Permission Schema
Corda
Top 10 Blockchain Platforms To Explore: Corda is an open-source blockchain platform that allows businesses to transact directly and in strict privacy with smart contracts. It reduces record-keeping and transaction costs by streamlining business processes.
Key features:
- Founded by R3
- Focus on digital finance
- Private use
It is a flexible and agile platform that can scale to meet business requirements. Applications built on Corda, CorDapps are designed and developed to transform businesses across a wide array of sectors, including healthcare, energy, insurance, finance, and more.
Features of the Corda blockchain platform that make it one of the ideal platforms:
- Privacy
- Open design
- Interoperability
- Agile and Flexible
- Open Development
Klaytn
Top 10 Blockchain Platforms To Explore: Klaytn is a worldwide public blockchain platform created by Ground X, the South Korean social media company Kakao’s blockchain subsidiary. Klaytn, a blockchain developed by Kakao, was built with modular network architecture, making it an interesting business blockchain option. Its modular network architecture makes it easy for enterprises to create and run service-oriented blockchains based on the Klaytn architecture.
Top 10 Blockchain Platforms To Explore: Service Chains are autonomously run sub-networks that form the backbone of Klaytn’s enterprise-friendly environment. Because of the flexibility and customizability of these Service Chains, any online service may be built on Klaytn. However, initiatives based on gambling or financial speculation are not permitted.
Klaytn is a BFT-based public blockchain with excellent performance and enterprise-grade dependability. Klaytn’s proposed notion of digital property will help create a world where distribution is fairly based on contribution, which is a solution to the current society’s major distribution problem. Because Klaytn is a platform, the blockchain services that are implemented on it are the primary characters.
The following are important design objectives:
- Immediate completion.
- TPS is high enough to fulfill real-world use cases.
- Reduce the cost of developing and running Blockchain applications.
- Reduce the entrance barriers for end consumers.
- Facilitate the industry’s acceptance of new technologies.
Klaytn released its mainnet, Cypress, with the following characteristics:
- Block generation and confirmation take one second.
- Four thousand transactions per second are possible.
- Gas is approximately a tenth of the price of Ethereum.
- Supports the execution of Solidity contracts by running an Ethereum Virtual Machine.
- Klaytn Governance Council was founded by 19 respected businesses from around the world to run consensus nodes. The Klaytnscope displays the current number of consensus nodes.
- On Klaytn, over 50 first service partners have committed to launching Blockchain Applications.
Tron
Top 10 Blockchain Platforms To Explore: Tron is a decentralized blockchain platform that aims to develop a decentralized web. Like Ethereum, Tron allows dApp developers to create and leverage complete protocols via smart contracts on the blockchain.
The Tron platform can handle 2000 transactions per second, which put it on par as compared to major payment processors like Paypal. It has zero transaction fees.
Tron depends on the Delegated-Proof-of-Stake consensus mechanism to secure the blockchain. A DPoS is similar to a proof-of-stake consensus mechanism that allows users to earn passive income whenever they stake their holdings in a network wallet.
Features of Tron Blockchain Network:
- High Scalability
- High Availability
- High Throughput
- Compatibility with EVM
- Multi-language extension
- Eliminating counterfeit chain
Hedera Hashpraph
Top 10 Blockchain Platforms To Explore: Hedera Hashgraph Platform is a lightning-secure, fair, and fast platform that does not require computing a heavy proof of work algorithm. It allows developers to develop new innovative and scalable decentralized applications.
Smart contracts in the Hedera Hashgraph platform can be built dynamically just like any other software component. As the platform provides an optional mechanism that enables “binding arbitration”, the smart contracts deployed with a list of public keys of arbitrators can be edited to fix errors or add new features.
Following are some of the features of the Hedera Hashgraph platform:
- Fast
- Fair
- Secure
- Implementation of public BFT Notary Service for Corda
- Connecting Hyperledger Fabric network to Hedera Consensus Service
Ethereum
Top 10 Blockchain Platforms To Explore: Ethereum is one of the leading blockchain platforms that have a native cryptocurrency called ETH or Ether. Developers use Ethereum to build new applications related to financial apps, decentralized markets, games, cryptocurrency wallets, and more.
Key features:
- Built for decentralized applications
- Most popular blockchain for DeFi
- Developers, for developers
- Public leadership
- Supported by dozens of organizations, including the Ethereum Enterprise Alliance
They have the largest community with core protocol developers, cypherpunks, crypto-economic researchers, and mining organizations. It aims to eliminate internet third parties who save data and track financial instruments.
Below are some of the features of the Ethereum platform:
- Smart Contracts Functionality
- Turing Completeness
- Permissioning
- Privacy
- Rapid Deployment
- Tokenization
Check Also: Blockchain Explorers Guide For Beginners
Frequently Asked Questions (FAQs)
What are the fastest-growing blockchain platforms?
Tron provides high-scalability options and its dependence on the Delegated-Proof-of-Stake consensus mechanism for enhanced blockchain security.
Who is the king of blockchain?
Satoshi Nakamoto (born 5 April 1975) is the name used by the presumed pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin’s original reference implementation.
What are the top 5 Blockchains?
Here are nine of the top blockchain platforms to consider.
Ethereum. Introduced in 2013, Ethereum is one of the oldest and most established blockchain platforms. …
IBM Blockchain, Hyperledger Fabric, Hyperledger Sawtooth, R3 Corda.
Who are the big 4 of blockchain technology?
The Big Four accounting firms, Deloitte, Ernst & Young, PricewaterhouseCoopers, and KPMG are no different.
What blockchain has the most potential?
Ethereum has the second-highest market cap, and it’s the crypto with the highest potential to dethrone Bitcoin from the top spot. It’s a software platform that powers the cryptocurrency ether (ETH) and many decentralized applications. A key benefit of using Ethereum’s network is smart contracts.
What is the fastest blockchain other than Ethereum?
The Algorand blockchain – Algorand is a relatively fast and inexpensive (0.001 Algos per transaction) network with 1,000 transactions per second. Algorand’s smart contracts can support the needs of almost any dApp.
What is the Level 1 Blockchain?
Layer 1 refers to the base infrastructure of a blockchain. Nicknamed “the mainnet,” layer 1 protocols have distinct functionalities such as the ability to process and finalize transactions on their own chain. As the main network within their ecosystem, they define the rules.
Which crypto will make you rich [year]?
Some of the best cryptos to consider include Dash 2 Trade, IMPT, and Calvaria. These three projects are in presale mode right now. Investors might also be interested in more established cryptos that have a large market cap – such as Ethereum, Cardano, and BNB.
Is Cardano Layer 1?
Layer 1: functionality – With this visual schematic in mind, Cardano is layer 1 (the base network), which itself includes three independent layers: Network layer. Consensus layer. Ledger layer.
Is there a layer 4 blockchain?
The first way is to comprehend how blockchain architecture works. Blockchain technology consists of five layers—the hardware layer, the data layer, the network layer, the consensus layer, and the application layer.
