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The development of blockchain technology after the inception of Bitcoin has led to the emergence of numerous new blockchain platforms that comprise various unique features. Consequently, it has become tedious to evaluate them and select which is best for blockchain app development. It requires conducting numerous studies, analyses, and comparisons before narrowing and choosing a suitable blockchain protocol for dApp or any other decentralized solution development. The examination of the diversity of functions that each blockchain app development platform offers requires a thorough comparison of the available platforms.
There are now various blockchain platforms with distinct characteristics for blockchain solutions. Thanks to evolution and updates that include fast transactions, tokens, microtransactions, smart contracts, DAOs, dApps, scalability, governance, tokenization efficiency, interoperability, and more.
In this article, get insights into various blockchain platforms and their features and functionality, along with a parallel evaluation of all the capabilities they offer.
Top Blockchain Platforms for Blockchain App Development
Binance Smart Chain
Key Insights
- Permissioned type of ledger
- Provision for smart contracts
- Concentrated on creating a smart economy
- Tendermint Byzantine fault tolerance consensus algorithm (BFT)
- Administration by Binance Holdings Ltd.
With the community-driven decentralized Binance Smart Chain (BSC) blockchain network, you can develop and launch highly-efficient dApps using smart contracts. For those planning to develop DeFi yield farming applications, DeFi staking projects, and synthetic asset development, Binance Smart Chain can be the best choice. Though Binance began as a cryptocurrency exchange, it later decided to establish its Blockchain protocol to get involved in the growing field of blockchain technology. The idea for Binance came from Changpeng Zhao, and the Binance Smart Chain was introduced as an alternative to the Ethereum Blockchain while retaining its unique features.
Binance Smart Chain allows the deployment of smart contracts because they are compatible with the Ethereum Virtual Machine (EVM) and can operate flawlessly. Any blockchain-based system that contains native tokens is valuable, and Binance has its native token called Binance Coin (BNB). Users can use these BNB tokens for staking, asset transfers, and transaction fees on the Binance Chain and Binance DEX platforms.
Characteristics that set Binance apart from other Blockchain platforms include compatibility with the Ethereum Virtual Machine (EVM), excellent Speed and Scalability, and features for the DeFi and NFT marketplace development.
Also, Read | Why Develop DeFi dApps and Protocols with Binance Smart Chain
Ethereum
Key Insights
- Public and permissioned type of ledger
- Provision for smart contracts
- Cross-industry focused
- Proof-of-Work algorithm for consensus
- Administration managed by Ethereum developers
Ethereum is a free and open-source operating system and distributed computing platform powered by smart contracts. Unlike other Blockchain frameworks, Ethereum allows for programming, and developers can utilize it to create a wide variety of new applications.
The first Blockchain framework with a programming language was Ethereum, a global, open-source Blockchain framework for decentralized applications.
Ether, the cryptocurrency used by Ethereum, is quite similar to Bitcoin in terms of functionality and enables the sending and receiving of value across wallets. All electronic business transactions are now completely secure, transparent, and permanent on dApps built on the Ethereum platform. If you want your dApp-based business to be scalable, Ethereum enables you to take advantage of several benefits from Ethereum blockchain development to help you exponentially expand your reach.
There are already more than 250 members in the Enterprise Ethereum Alliance, including well-known companies like J.P. Morgan Chase, Microsoft, and Intel. Additionally, it continuously links academics, start-ups, Fortune 500 companies, and numerous technology vendors.
Also, Read | An Introductory Guide to Ethereum 2.0 | A Major Upgrade
Quorum
Key Insights
- Permissioned type of ledger
- Provision for Smart Contracts
- Cross-Industry focused
- Consensus algorithm based on the majority of voting
- Governance managed by JP Morgan Chase and Ethereum developers
J.P. Morgan launched Quorum, a top Blockchain framework for businesses based on Ethereum. It is a Blockchain framework that is open-source and always free to use. It is designed to be permissioned and processes hundreds of transactions per second using various vote-based algorithms. If you need to develop applications that need quick private transaction processing and high throughput processing, Quorum can be a preferable choice.
Quorum solved the problem of record confidentiality, which Ethereum and other Blockchain frameworks cannot manage, by introducing private and public on-chain.
Quorum has characteristics that set it apart from other Blockchain platforms, such as blazing-fast transactions, high scalability, security, and a variety of NFT marketplace development functionality.
Also, Read | A Compact Guide to Permissioned Blockchain App Development
Ripple
Key Insights
- Permissioned type of ledger
- Provision for Smart Contracts
- Focused on improving the financial services industry
- Probabilistic voting using the consensus algorithm
- Administration by Ripple Labs
In 2012, Ripple, a non-profit organization, was established to connect banks, corporations, exchanges of digital assets, and payment providers over the RippleNet Blockchain network. With an internal ledger that ensures transactions based on consensus, validating servers protect Ripple.
Currently, Ripple has over 100 customers and nearly 75 clients, all of whom are in various stages of commercial deployment. These include services for cross-border payments, minimizing liquidity costs (xRapid), and sending payments across multiple networks (xVia).
Also, Read | Examining Cross-border Payment Solutions Powered with Ripple Blockchain
Conclusion
Finding one of the suitable blockchain platforms, which works for you and your unique needs, might be challenging. It is because there are so many of them on the market. You may have found this article to be a good place to start. But you should carefully consider your alternatives before making a choice. Think carefully about your needs and the functionality you want from the mentioned enterprise blockchain platforms. Consider as well how much you are willing to invest in taking advantage of these features.
Get in touch with our blockchain developers if you require advice or have any doubts or inquiries about blockchain platforms for your app development.
