There are so many different blockchains to choose from when it comes to deploying smart contracts.
Some have faster transaction speed, some have a low gas fee and some of them have more built-in infrastructure that can help the developing process.
Below are five blockchains that could be suited for your smart contract.
Deploying your first smart contract is the first step towards a fruitful career in the blockchain space. With the advancement in the field, there are so many Layer 1, 2, and 3 solutions that provide different services with each having its own pros and cons.
But it is to be noted that while all the blockchains are not equal, some networks are better suited for deploying tokens than others. Every smart contract has different needs, some needs faster transactions while some need other features like low gas fees.
In this article, we will discuss some of the top blockchains for deploying your smart contract and how to select the best networks for you.
There are two main factors to consider before choosing the blockchain for your token deployment. These are ease of use and the features the blockchain offers.
Choose the blockchain that is easy to use: Before choosing the blockchain, check if it is easy to use or not. For example, deploying a smart contract on Ethereum can be difficult for a beginner who does not know Solidity. In contrast, deploying a token on Stellar is easy even for a beginner.
Choose the blockchain that offers the best features: Apart from ease of use, you should check the features the blockchain offers. For example, if you need a blockchain that can handle a large number of transactions, you should go with Ethereum or Binance chain. If you want to make payments directly from one person to another without any intermediary, Stellar is suitable for you.
Here are some factors to consider:
scalability – the network should be able to handle a high volume of transactions
speed – the network should be able to process transactions quickly
flexibility – the network should be able to accommodate a variety of applications
security – the network should be secure and reliable
Ethereum is the most popular blockchain for deploying tokens. It is easy to use and provides almost all the features needed for a token to survive in the real world. The Ethereum Virtual Machine (EVM) is the core technology behind the Ethereum blockchain. This enables developers to build decentralized applications (dApps) and smart contracts.
As Ethereum is the most popular platform for deploying tokens, it also has the largest user base. This means you will be able to find more developers, service providers, and potential users of your token.
Ethereum is one of the few blockchains that supports all three layers of the blockchain technology stack – the application layer, the middleware layer, and the protocol layer. This makes it suitable for deploying a wide range of token types.
Binance Chain is the first Layer 2 blockchain built for commercial use. It enables easy creation and deployment of your token. Binance chain makes it easier to build a decentralized exchange (DEX) which is the fastest-growing blockchain application today. DEXs are more secure and provide more control over the user’s funds compared to centralized exchanges.
Binance chain is a suitable blockchain for fast-growing token projects. It provides all the features required to grow a token in the real world. The Binance chain is the easiest blockchain to develop. It also has many features that make it easy to grow a token and do business.
The Binance chain has low latency, high throughput, and a low barrier to entry when it comes to costs. It also has the lowest transaction fees among all the blockchain protocols. Binance chain uses a delegated proof of stake (DPoS) consensus mechanism which is an efficient system for securing a blockchain. Binance chain is a suitable blockchain for fast-growing token projects.
Stellar is a Layer 2 blockchain with a core focus on ease of use for enterprises and individuals. It is simple to use and provides all the features for the tokens to grow in the real world.
Like the Binance chain, it also provides a decentralized exchange where the users can trade their tokens directly from one person to another without any intermediary. Stellar can be used for different types of tokens. You can deploy a token for fundraising, transferring money, making payments, or for a wide range of other use cases.
The Stellar network also has low latency and high throughput, making it suitable for high-volume applications. Stellar is a suitable blockchain for fast-growing token projects. It also has low transaction fees and makes it easy to create tokens and create a decentralized exchange.
EOS is the fastest blockchain network. It is suitable for applications that need to process thousands of transactions per second. EOS is designed for large-scale decentralized applications. It can process millions of transactions per day and can scale horizontally in any number of servers.
The EOS blockchain uses delegated proof of stake (DPoS) as its consensus mechanism. EOS is a suitable blockchain for fast-growing token projects. It also has low transaction fees and can process millions of transactions per day. EOS also has a low barrier to entry when it comes to costs.
But the EOS blockchain has some limitations. For example, it is not suitable for token projects that need to process low volumes of transactions per day.
Hyperledger Fabric is an enterprise-grade blockchain platform from the Linux Foundation. It is used by many large enterprises to build and deploy their blockchain applications. The Fabric blockchain can process thousands of transactions per second and can scale horizontally in any number of servers.
The Fabric blockchain uses a consortium blockchain model where a pre-defined set of members are allowed to participate in the consensus process. Fabric can be used for many different kinds of blockchain applications.
It can be used for supply chain management, financial services, healthcare, and many other industries. It is a suitable blockchain for fast-growing token projects. The fabric also has low transaction fees and can process thousands of transactions per second.
As blockchain technology evolves, new networks come up with different features making it difficult for businesses to choose the suitable network for their business. For businesses, it is important to select the blockchain network with a focus on the core business requirements. Before choosing the blockchain for your token deployment, check if it is suitable for your business. It should be easy to use, offer good features, and should have a large user base.