Review of 8 of the best blockchain platforms in 2023
The popularity of blockchain networks is due to their use in facilitating all kinds of transactions (especially digital currencies), traceability and revolution in financial transactions. Of course, this popularity started due to the growth of the value of BTC, which began with the Bitcoin blockchain, and is now known as one of the most expensive and slow platforms. In this article, we are going to introduce you to 8 of the best blockchain platforms. Join us in this article from the Wallex blog.
What are the opinions of blockchain activists?
Alex Powell Menders (Alex Paul Manders), Business Partner and Director of ISG BlockchainNow in the Information Services Group believes:
“Blockchain networks have increased awareness of decentralized financial markets (DeFi). Due to this, new business models have been formed that are no longer on the path of traditional businesses.
Blockchain platforms, in addition to the digital currency market, are considered the best option for facilitating transactions in financial institutions and large banks. According to Manders’ prediction, blockchain networks have the potential to bring about a major revolution in the old supply chains and payment ecosystem technology. For example, the United States government uses blockchain technology to track products, materials, and various types of drugs to make the process of data exchange and sales more efficient and transparent.
According to Sasil Menon, there are currently 3 powerful blockchain platforms in the world of trading and transactions, which are preferably Hyperledger, R3 Corda and Ethereum (Ethereum). Of course, the unprecedented growth and bright future of platforms such as EOSIO and ConsenSys Quorum should not be neglected. In the following, we mention 8 of the top blockchain platforms.
What are the top blockchain platforms?
Blockchain platforms work by relying on the power of programming languages and a set of web3 functions, including the NFT market and digital currencies. Blockchain networks provide users with the ability to create smart contracts, execute fast transactions, and reduce fees. Blockchains are not necessarily public and are sometimes supported by private and non-profit foundations; Ethereum, Tron, Ripple, Stellar, Solana and Polkadot are such platforms.
Before introducing the best blockchain platforms, it is not bad to familiarize yourself with several specialized terms related to these platforms. These specialized terms in the blockchain world are:
|Standard definition (according to builtin.com site information)||Idioms|
|Programming interface between blockchain and application||API|
|Third-party service for managing cloud networks of companies active in the blockchain field||BaaS|
|A decentralized self-governing organization that is run by a transparent computer program||DAO|
|Decentralized application or distributed ledger system||dApp|
|Distributed ledger technology||DLT|
|Know your transaction||KYT|
|Number of transactions per second||TPS|
|The world of web, blockchain and related technologies; including digital currencies, NFT markets and decentralized social networks||Web3|
Ethereum was introduced to the cryptocurrency world in 2013. This network is one of The oldest and most famous Blockchain platforms are considered. The space of this platform is completely decentralized and structurally it can be compared with the Bitcoin blockchain network. According to Mandares, the strong point of this platform is support for Smart contracts And Decentralization Is. One of its weaknesses is the long time it takes to complete transactions and high fees. Ethereum, in addition to containing applications, also has a dedicated digital currency called Ether (ETH).
Ethereum, usually with Decentralized applications Also known as dApps, it is also used to transact non-fungible tokens or NFTs. Smart contracts, in Ethereum using programming language solidity (Solidity) They are written and run on a space called Ethereum Virtual Machine (EVM). However, alternative platforms have much lower fees and faster speeds than Ethereum, and cannot currently be considered the most efficient platform in the world of blockchains.
Ethereum also has an active community of technology developers, which is formed by the Enterprise Ethereum Alliance and has more than 20 members, including central bank JPMorgan, Intel and Microsoft. Ethereum changed its working basis from the Proof of Work (PoW) consensus algorithm to the Proof of Stake (PoS) consensus, thereby reducing its energy consumption. According to predictions, Ethereum is expected to increase the data storage capacity and scalability in the network in 2023 and 2024.
IBM private blockchain
According to many experts and analysts, the IBM network is among the top private and decentralized blockchain platforms that have less risk for users. IBM-like developer tools are designed to be flexible and reconfigurable. The IBM network has a simple user interface and allows quick and immediate testing of smart contracts. The IBM network is one of the few blockchain platforms that are used in fields other than digital currency (such as banking). For example, the blockchain program IBM Food Trusthas supported more than 18 million transactions so far.
Among the private and successful blockchain platforms in the field of banking, we can Blockchain Community Initiative also pointed out This private platform is used in Thailand and handles payment obligations and institutional auctions of more than 22 Thai banks.
Hyper Ledger Fabric (Hyperledger Fabric)
Hyperledger Fabric is actually a set of tools that help create and build blockchain applications. These tools were launched by the Linux Foundation and work using a distributed ledger. Hyper Ledger Fabric is a powerful ecosystem of several other components that are connected to a modular architecture. This platform works well for the formation of closed blockchains and increases the security and speed of networks.
This form of blockchain platform supports various data models such as Unspent Transaction Output (UTXO). In addition, it is possible to improve user privacy, isolate transactions and access private data with Hyperledger Fabric. High-speed transactions, low delay in the finalization of transactions and cost-effectiveness are among the positive features of this platform.
According to Arnaud Le Hors, Technical Officer of Blockchain Technology at IBM, significant improvements have been made in the new structure of Hyperledger Fabric. These improvements speed up transactions and require less storage space. There is also an active community working on this form of blockchain platform, and Hyperledger Fabric is expected to become the beating heart of GDPR-type consensus algorithms and privacy capabilities in the future.
Open source Hyperledger Sawtooth platform is an initiative of the Linux Foundation and the Hyperledger Fabric platform. This platform, from a new mechanism called Consensus of proof of elapsed time (proof of elapsed time) that is combined with hardware-based security technologies. Shawn Amundson, principal consultant of BitWise IO Group, said that the main use of the Sawtooth ledger is to develop supply chain systems and create new consensus algorithms.
The Sawtooth ledger library allows distributed ledger developers to use Sawtooth components in their applications. Also, this platform consists of a set of nodes (nodes) that strengthen and improve transactions and smart contracts.
R3 Corda platform
The R3 Corda platform is one of the top blockchain platforms considered as an alternative to the distributed ledger. The platform uses a new consensus mechanism where transactions are encrypted. The most important feature of this platform is that multiple transactions are not grouped in a single block. If to the platform site R3 CordaTake a look, you will come across an interesting and strange definition. The R3 Corda site refers to this platform as something that is both a blockchain and not a blockchain (both a blockchain and not a blockchain).
One of the prominent advantages of this platform is the instant processing of all transactions, which improves its performance compared to other blockchains. R3 Consortium has many enthusiasts and fans in financial fields; Because it is considered as a practical option for financial transactions and strong and reliable smart contracts. The main supporters of this form of blockchain platforms are tech giants such as HSBC, Bank of America, Intel and Microsoft. In addition, the platform recently unveiled a technical preview called Corda Payments, which provides a process for creating distributed payment capabilities.
According to Manders, R3 Corda is one of the few blockchain platforms that has a good chance of taking the top spot in insurance transaction processing.
The Tezos platform is one of the oldest platforms that has been operating since 2014 in the field of decentralized applications, smart contracts and new financial instruments such as NFT. This network is among the blockchain platforms tied to digital assets and supports scalable protocols and modular software clients.
The development team of the Tezos project has recently made improvements to improve its performance and increase the capabilities of smart contracts. Also, this platform can be mentioned as one of the effective tools in automating the NFT buying and selling process and strengthening the organizational supply chain.
EOSIO open source platform
The EOSIO platform was first launched as an open source project in 2018. This platform is optimized for the development of decentralized applications and smart contracts. According to the fans and users of this platform, this network uses a complex consensus mechanism based on PoS, which has a better performance than other networks such as Ethereum.
Among the outstanding advantages of this platform, we can mention fast transactions and advanced features for launching all kinds of programs and applications. More than 400 applications including identity management and gaming applications have been developed on this platform.
Hybrid platforms (Hybrid Blockchain)
Hybrid blockchains are considered as one of the best forms of blockchain platforms that combine the best features of private and public blockchains. In an ideal world, a hybrid blockchain would allow controlled and open access to all transactions and capabilities. Powerful and successful hybrid blockchains like EOS are not publicly available to everyone, but they have important features of other blockchains such as integrity, transparency and security.
Hybrid blockchain platforms are configurable and its members can decide who participates in network decisions or which transactions are made public. Project XDC, is one of the best hybrid blockchain platforms that uses public and private blockchains. The platform is managed by the Singaporean company XinFin.
Riding on the fast horse of blockchain technology
Blockchain technology has been developing day by day and now it has entered our daily life through devices and appliances. These platforms have different types and usually appear in the form of private, public and hybrid networks. In this article from Wallex blog, we have gone to some of the most important blockchain platforms, some of which you are probably familiar with. Please write your opinion about the platforms mentioned in this article. Are there better platforms out there that we haven’t mentioned?
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