Blockchain-based applications enable trustless transfers of value that occur according to conditions specified in smart contracts. This has important implications for payments, finance, supply chain management, and many other areas. This article focuses on the best blockchain platforms to build on in 2024.
Top Blockchain Platforms of 2024
We analyzed the largest blockchain technology platforms in use today based on their functionality, scalability, flexibility, and ecosystem strength. If you’re looking to use or develop decentralized applications, here are the top blockchain platforms for 2024.
- Ethereum – Major blockchain smart contracts
- Solana – A highly scalable smart contract platform
- hyperledger fabric – Enterprise-grade blockchain framework with private transaction support
- polygon – Suite of Ethereum scaling platforms
- XRP Ledger – Fast and cost-effective distributed ledger
- avalanche – Blockchain platform that supports customizable subnets
- Surname – Blockchain platform specializing in transactions
1. Ethereum
Ethereum is a blockchain with smart contract capabilities that was first launched in 2015. Ethereum smart contracts are written in Solidity, a programming language influenced by C++, Python, and JavaScript.
The Ethereum platform currently runs on an environmentally friendly proof-of-stake consensus mechanism, completing the transition from the previous proof-of-work system in September 2022.
The platform is known as a pioneer of general-purpose smart contracts in the field of cryptocurrencies and blockchain. This flexibility allows Ethereum to support a variety of decentralized applications, including crypto exchanges, lending protocols, NFT marketplaces, derivatives trading platforms, and synthetic assets.
Ethereum is the leading blockchain for smart contracts. To put this into context, we can point out that Ethereum’s market capitalization is greater than the combined market capitalization of all other smart contract blockchains in the top 100 cryptocurrencies.
Ethereum has the largest developer community ever and the most powerful suite of tools for smart contract development.
The smart contract framework established by Ethereum has become so popular that many new blockchain platforms are positioning compatibility with EVM (Ethereum Virtual Machine) as one of their key strengths. If the blockchain supports his EVM, developers can easily port existing Ethereum-based decentralized applications to the blockchain or build new smart contracts using tools like Truffle and Remix. You can do that.
2. Solana
While Ethereum still sits very comfortably on the smart contract throne, Solana has quickly emerged as the most reliable contender. Solana’s biggest strength is its scalability, allowing it to handle large numbers of transactions while being relatively inexpensive to use.
Solana utilizes Proof-of-Stake consensus and also implements a system called Proof-of-History to speed up the process of node synchronization and transaction validation. Solana’s smart contracts are written in Rust, C, and C++ programming languages.
Solana’s scalability will be further improved with the upcoming release of Firedancer, a high-performance Solana client developed by the team at high-frequency trading firm Jump Trading. In a test environment, Firedancer demonstrated his ability to process over 1 million transactions per second.
While Solana has recently received a lot of attention as the perfect platform for launching new meme coins, the Solana blockchain can certainly handle more useful applications as well.
For example, the Helium project uses the Solana blockchain for its token incentive system that powers decentralized wireless networks such as the Helium 5G network. Solana is also used in the Access Protocol, a protocol that provides a way for online publications to provide premium content to users.
3. Hyperledger Fabric
Hyperledger Fabric is an enterprise-grade permissioned blockchain framework. Blockchains built using Hyperledger Fabric are fundamentally different from blockchains such as Ethereum and Bitcoin, where anyone can operate a node on the network. Permissioned blockchain frameworks, such as Hyperledger Fabric, on the other hand, allow only whitelisted entities to participate in network consensus.
The Hyperledger Fabric framework supports private transactions and confidential contracts. This is very important for enterprise use because it allows businesses to perform transactions on the ledger without disclosing sensitive information that could negatively impact competitiveness.
Hyperledger Fabric is an open source blockchain framework and one of many specialized blockchain frameworks under the Hyperledger umbrella. Besides Fabric, his other Hyperledger frameworks include Besu, Iroha, and Indy. The Hyperledger project is led by the Linux Foundation.
4. Polygon
Polygon is an ecosystem of layer 2 blockchain platforms designed to enhance Ethereum’s scalability. Currently, the most used platform in the Polygon ecosystem is the Polygon Proof of Stake (PoS) platform. It is an Ethereum-compatible blockchain that offers significantly lower transaction fees.
The Polygon PoS platform has attracted significant attention from large mainstream companies entering the Web3 space.
In particular, Nike brings its Web3 initiative, the Swoosh to the Polygon blockchain, Reddit chooses Polygon to power its collectible avatar NFTs, and various industries aim to innovate in the digital and decentralized space. shows the appeal and usefulness of the platform across the giants.
Beyond the PoS platform, Polygon is actively developing a series of Ethereum-centric solutions, including the zero-knowledge technology-based Polygon zkEVM solution, the Polygon Miden solution, and the Polygon ID identity system.
5. XRP Ledger
The XRP Ledger is a decentralized platform notable for its ability to settle transactions in a fast and cost-effective manner. XRP transactions cost less than a tenth of a cent and typically complete within 3 to 5 seconds.
The XRP Ledger platform can support a variety of applications that require distributed ledger technology. For example, the XRP Ledger’s Xahau sidechain allows developers to create smart contracts that can directly interact with ledger elements such as objects, balances, and transactions.
This feature is enabled through a feature called hooks, which allows developers to program in multiple languages before compiling to WebAssembly, increasing the ledger’s flexibility and functionality.
Additionally, the XRP Ledger incorporates Automated Market Maker (AMM) functionality that allows users to seamlessly exchange various digital assets issued on the XRP Ledger. This AMM functionality is similar to decentralized exchanges like Uniswap and provides a decentralized mechanism for asset trading and liquidity provision within the XRP Ledger ecosystem.
6. Avalanche
Avalanche is a Proof-of-Stake blockchain that offers strong scalability and smart contract support.
The Avalanche platform is notable for its subnet capabilities that allow developers to launch highly specialized blockchains that rely on the security provided by validators participating in Avalanche’s Proof-of-Stake consensus algorithm. worth it. A subnet consists of one blockchain, but can also connect multiple blockchains.
At the heart of the Avalanche ecosystem is the primary network, which is itself a special type of subnet. The primary network consists of three blockchains, each specialized for a specific use case.
- Platform Chain (P Chain): Staking and Verification
- Contract Chain (C-Chain): EVM-compatible smart contracts and decentralized applications
- Exchange Chain (X Chain): Sending and receiving funds
The Avalanche blockchain platform can process over 4,500 transactions per second, and it takes an average of 0.79 seconds for a transaction to reach finality.
7. Say
Sei is a blockchain network with an impressive processing power of 20,000 transactions per second, with transaction finality typically achieved in less than half a second. Specifically optimized for asset trading, the Sei blockchain incorporates several features aimed at minimizing latency and maximizing throughput.
Sei’s distinguishing feature is its twin-turbo consensus mechanism, which significantly increases the efficiency of the blockchain validation process and leads to faster transaction validation.
The Sei development team strives for continuous improvement, and the Sei community is looking forward to the release of Sei v2. This upcoming upgrade is designed to more seamlessly bring the benefits of the SEI blockchain to Ethereum developers.
According to the Sei team, the sei v2 upgrade brings together the best of Solana and Ethereum and provides an optimized execution layer that remains compatible with Ethereum developer tools.
The Sei v2 public testnet is expected to be released in the first quarter of this year, and we plan to roll out upgrades on the Sei mainnet in the first half of this year.
conclusion
The blockchain market is extremely saturated, with dozens, if not hundreds, of different platforms competing for users and developers. However, not all blockchains are created equal. Before choosing a blockchain platform to use or develop, it is important to consider whether it truly offers something unique. Our advice is to start considering the largest platforms and only choose other platforms if they offer something that Ethereum or Solana cannot.
On the other hand, if you are looking to learn about cryptocurrencies and the blockchain space as an investment, be sure to check out our list of the best cryptocurrencies to buy.
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