Blockchain Smart Contract: The Backbone of Web3 Applications

The smart contracts market size is expected to see exponential growth in the next few years. It will grow to $7.45 billion in 2029 at a compound annual growth rate (CAGR) of 23.4%. 

Solana is really fast, reaching speeds of up to 65,000 TPS. Moreover, Polkadot has more than 100 parachains implemented for cross-chain communication, which are important for DeFi and NFT. Blockchain smart contracts are simply codes that run on a blockchain platform and automatically execute when certain predefined conditions are met, thus eliminating middlemen.

In fact, Web3 applications generally run on blockchain smart contract platforms. Some of the Web3 applications making use of them include DApp, NFT marketplace, and decentralized exchange. Without smart contracts, pure automation and trustless systems would cease to exist.

Additionally, they help promote interaction between users, thereby returning the control of their data and assets to the users. Hence, smart contracts are the foundation for the formation of Web3’s future. Find out about the top blockchains that support all these features.

Read More: What are Web3 Contracts? Exploring Smart Contracts

Ethereum: The Pioneer of Blockchain Smart Contract Technology

Ethereum has gained popularity and is the first platform to implement smart contracts pragmatically through the Ethereum Virtual Machine (EVM). This enables blockchain development over a global set of nodes.

Ethereum supports several innovations, including crypto wallets, NFT marketplaces, and Defi Staking Platforms. Due to this, it remains the most popular smart contract platform on the blockchain.

Other major advantages include a considerable Ethereum developer community. Many developers use Solidity, Ethereum’s primary language, to develop decentralized applications. These applications are safe, and not everybody can modify them.

Ethereum has some issues with its speed and cost. Gas fees can be through the roof at times. This means small little transactions would end up costing an arm and a leg. To counter this, Ethereum is now in transition toward Ethereum 2.0.

What Ethereum 2.0 does is switch it from a proof of work to a proof of stake consensus algorithm, thereby improving scalability and pulling down energy costs. This, in turn, will open up the environment for much faster protocol development and much cheaper operations.

Read More: Beginner’s Guide to Blockchain Development

Solana vs Avalanche: Reliable Blockchain Smart Contract Contenders

Ethereum started it all; Solana and Avalanche are raising the bar with speed, scalability, and flexibility.

Solana: Speed and Scale with Proof of History

The network basically leverages PoH to enable thousands of transactions per second at a relatively low cost. It is best suited for Crypto banks, Stablecoins, and rapid DeFi applications.

The low transaction fees coupled with the high scalability are attractive for developers to build Web3 games and applications. With another active ecosystem and strong infrastructure in place, Solana holds its predominance in the smart contract field.

Read More: What Is Web3 Gaming?

Avalanche: Instant Finality and Custom Subnets

As a result, using the Avalanche consensus protocol, transactions are finally expected to be within less than one second. So it is fast and efficient and great for real-time apps.”

Its flexible subnet architecture allows support for both public and enterprise DApp development. Avalanche fits well for Smart contract and DEX platforms that still require high performance and high levels of customization.

Read More: The Complete DApp Development Process Explained

Beyond Ethereum: The Future of Smart Contracts

The approaches for faster, more scalable solutions are beyond those offered by Solana and Avalanche. They thus power the next breed of Web3 applications and services. 

From a DeFi perspective to DApps or enterprise usage, these platforms are the future, offering developers enough speed and innovation to build on today.

Read More: How Does Decentralized Finance Work?

Polkadot and Cosmos: Building Interoperable Web3 Networks

These protocols interoperate and emphasize the cooperation between blockchain smart contracts, so to speak. 

When it comes to Polkadot, it has a main chain, called the relay chain, and smaller chains called parachains. Each parachain might be customized for a particular use, whether it be protocol development or digital asset tokenization platforms. 

But these chains work independently; yet, the relay chain provides the security. So cross-chain smart contracts also exist in Polkadot. This facilitates very good opportunities for advanced-level Web3 applications.

Similarly, Cosmos follows a model quite similar to what Polkadot uses for communication between blockchains, but it has a different concept called hubs and zones. The Cosmos SDK allows developers to build custom-purpose blockchains. Moreover, its Inter-Blockchain Communication (IBC) protocol enables these blockchains to communicate to exchange data and assets freely. 

Cosmos is suitable for NFT and Stablecoin development. Developers favor it because it exhibits flexibility and speed. It grants freedom to every zone while also bringing shared security. The real advantage brought by Polkadot and Cosmos is that developers are no longer tied down to one blockchain. Now, they can create applications that go across chains. 

Read More: How to Create your own Stablecoin

Emerging Platforms: Cardano, Near, and Algorand

Blockchain smart contract platforms are evolving fast, with Cardano, Near, and Algorand leading the way with new ideas, elevated performance, and developer-friendly features.

Cardano: Science-Driven and Secure

Based on academic research, Cardano uses Ouroboros, a secure yet energy-efficient proof-of-stake system. Good for crypto wallets and identity systems, this steady, research-first roadmap. This will definitely attract enterprises looking for long-term, reliable smart contract development.

Read More: How To Develop a Crypto Wallet Like Trust Wallet

Near Protocol: User-Friendly and Scalable

This blockchain is all about having easy onboarding plus human-readable account names. Nightshade sharding is the way it increases performance while trying to maintain security. Developers patronize Near for their projects, such as NFT and DeFi apps. It also knows how to win in user adoption due to instant transactions coupled with super low fees.

Read More: How to Build Your Own Blockchain Marketplace

Algorand: Fast, Green, and Enterprise – Ready

Algorand uses pure proof of stake to finalize transactions in mere seconds. Moreover, it’s also carbon negative, which should attract brands and developers with concerns about sustainability. Algorand is the best choice for digital asset tokenization platforms and crypto banks. In addition, its use in government projects involving digital currencies is further proof of its application in real-world scenarios.

Read More: What are Smart Contracts in Blockchain

What Makes a Great Blockchain Smart Contract?

Developers weigh quite a few parameters when selecting a blockchain smart contract. Here are a few of them:

• Speed: Can the platform accommodate a lot of simultaneous users?
• Cost: Are the transaction fees low enough to enable the smallest use cases?
• Security: Regarding security, is the smart contract system safe from bugs and hacks?
• Developer Tools: Are the provided SDKs and languages easy to work with?
• Ecosystem: Are there enough DApps and projects using the platform?
• Interoperability: Can that particular blockchain interface with others?

Different projects require different attributes. For example, a DeFi staking platform might require faster finality, whereas an NFT marketplace might lean toward the low cost. Hence, your use case should guide your choice.

Tokenization is a major future driver: McKinsey suggests tokenized assets could reach between $ 2-$4 trillion by 2030, with some experts projecting as high as $30 trillion, and smart contracts will underpin this transition

Read More: DApps vs. Smart Contracts – All You Need to Know

Custom Blockchain Development with Near Protocol

“Near Protocol allows us to build blockchain apps that feel as intuitive and responsive as traditional web apps, without compromising decentralization.”

– Cubix CEO, Salman Lakhani 

Cubix provides custom blockchain solutions that are fast, scalable, and easy to use by harnessing the power of Near Protocol. In addition, Nightshade sharding optimizes performance, while human-readable wallet addresses make for easy onboarding. Even for the most untechnical individuals in the general market. 

This makes it perfect for real-world usability and DApp networks. Cubix ensures smooth integration with the highest performance optimization. The whole set-up is low on fees, with transactions going through almost immediately. Thus, Near is a definite enabler for Cubix to develop those weighty yet accessible blockchain apps.