The blockchain market continues to expand at a dizzying speed. With the growing interest in blockchain technology, the number of blockchain development platforms is expanding, and it may be difficult to identify the right framework to meet all of your business needs.
We’ll offer you a quick review of the best blockchain development platforms in 2022, as well as some advice on what to look for when hiring a blockchain development company, in this post.
Ethereum is an open-source public platform based on the Proof of Work concept. It provides a set of tools for developers to use with the Ethereum Virtual Machine to create blockchain-based applications. Ethereum has its own programming language, Solidity, as well as its own cryptocurrency, Ether, which is utilized on the Ethereum network to conduct transactions and run programs. According to the Ethereum Price, the market value of one ETH was $2,236 at the end of May 2021, making Ether the second most valuable cryptocurrency on the market behind Bitcoin.
The introduction of DeFi in 2020 and NFT in 2021, both strongly linked to Ethereum, has raised the demand for the network. There are a staggering number of Ethereum-based projects accessible. Apart from banking, the platform is also used to create voting systems, secure medical data storage, games, and social networks. The number of useful Ethereum use cases is expanding, and thanks to ongoing development, Ethereum will be one of the most promising blockchain development platforms in the future year.
The following are the primary characteristics: Polkadot is a technology that lets you build a multi-blockchain network with entirely decentralized data exchange. In this ecosystem, developers can create new blockchains and connect existing ones. Polkadot’s unique architecture, which enables para chains, allows you to use permission data from a private blockchain on a public blockchain. Because it addresses the concerns of blockchain scalability and interoperability, it has a high chance of becoming one of the leading blockchain development platforms in the coming years.
Polkadot focuses solely on crypto initiatives like DeFi and NFTs. In 2020, it partnered with the Chainlinkeffort to attract DeFi app developers. The platform may be used to build transaction chains, IoT chains, oracle chains, identification chains, data distribution chains, and other types of chains. The platform’s popularity is growing, and we’re hopeful that further intriguing Polkadot ecosystem activities are on the way.
Solana is distinct from other platforms in several ways. This first-level blockchain has no side chains or para chains. The platform is open-source and decentralized. It even has its own cryptocurrency, called SOL. The Solana blockchain pays nodes for processing SOL transactions, and unlike many other blockchains, there is no minimum amount of money required to start a node. Proof of History is a new cryptic approach used by Solana (PoH). It allows for more scalability and faster transaction processing. According to members from the Solana Foundation, Solana’s current throughput is 60,000 transactions per second.
Despite the fact that Solana has been on the market for a while, increased interest in NFTs led to a considerable increase in 2021. Many users and projects interested in non-fungible tokens have picked Solana for further development because mining non-fungible tokens on it is cheaper and faster than on Ethereum. Many DeFi initiatives, like wallets, DEXs, and stable coins, are based on Solana. Solana’s ecosystem now has around 200 businesses, according to various sources.
Cardano is an open-source proof-of-stake blockchain platform. It has its own coin, ADA, and a multi-layered architecture. The Proof-of-Stake principle, which evaluates the amount of bitcoin in circulation, underpins Cardano. On the platform, smart contract capability is provided. Cardano’s decentralized nature is its most enticing feature. In 2021, the platform became completely decentralized, and the network today has over 1500 validator pools.