Anything you invest in should have utility. The cryptocurrency space has
many options – from the “most popular of the lot” Bitcoin to the regular newsmaker Dogecoin.
A token of any blockchain-based platform can be used to perform various tasks like the creation
and validation of smart contracts. Let’s find out the best crypto smart contract platforms of 2021.
But before we do that, let’s know what smart contracts are.
Smart contracts
A contract stored digitally on a decentralized platform is a smart contract. In such contracts,
execution by parties is supervised by codes. Smart contracts are claimed to be immutable.
Another feature is the absence of any centralized authority. This aspect may
sometimes raise concerns about a lack of enforcement mechanisms.
Let’s check the most promising smart contract enablers.
Ethereum (Ether)
If Bitcoin is the undisputed king of the crypto world,
Ethereum wields the same authority in the smart contracts space.
Ethereum’s blockchain is used not only for building smart contracts but also
for hosting crypto tokens. ERC-20 tokens like LINK have emerged as
successful tokens in their own respect. Ethereum’s own token is Ether or ETH.
Ether commands a market cap of over US$418 billion.
Bitcoin has a market cap of nearly US$900 billion, and it can be said that Ether is fast catching up.
One ETH can be bought for nearly US$3,500.
Cardano (ADA)
If Ethereum is a Bitcoin-challenger,
ADA is Ether’s formidable rival. A proof-of-stake protocol, Cardano allows the building of DApps
and smart contracts. It was founded by Ethereum co-founder, Charles Hoskinson.
Cardano boasts less consumption of energy to run its platform.
It also claims to be more stable than other smart contract platforms.
It is the third-largest cryptocurrency by market cap.
Polkadot (DOT)
Polkadot allows interoperability over multiple blockchains. It can
process a wide variety of transactions in what it calls ‘Parachains’.
The Polkadot community has control over its governance,
which can be customized according to needs. It is claimed that the network can upgrade without
any fork. Ethereum on the other hand needs a fork.
Algorand (ALGO)
Founded by a professor at the Massachusetts Institute of Technology,
Algorand is another decentralized network. It claims to have better transaction speed
and elevated efficiency as compared with its competitors.
It also boasts lower costs for transactions and no mining. Algorand is a proof-of-stake protocol.
TRON (TRX)
TRON’s leading feature is that it can handle more transactions per second
as compared with Bitcoin and Ethereum. The platform can be used to issue personal tokens.
It is being predominantly used for content sharing.
DApps are supported on TRON’s blockchain. The protocol targets the entertainment industry
by putting more power in the hands of content creators.
Bottom line
Smart contracts have utility. Blockchains that provide smart contract services are sought by
developers. The linked token performs according to the efficiency and promises of the respective
blockchain. The above five are popular smart contract platforms with very high market cap.