by Sayantani Sanyal
January 18, 2022
These smart contract cryptocurrencies are taking the crypto industry by storm.
Blockchain technology has become even more popular with the advent of smart contracts. It has skyrocketed the demand for utilizing the blockchain and left a huge impact on such cryptocurrencies that offer smart contract facilities. Technically speaking, smart contracts are programmable agreements or protocols that can self-execute and be enforced without the need for any middlemen. The increased use of distributed ledger technology has led to a dramatic rise in the mainstream development and adoption of smart contracts. Several cryptocurrencies lead the battle of smart contracts, but only the best can knock out additional complexities and technical flaws to keep the operations going. In this article, we have listed the top cryptocurrencies that are providing smart contract capabilities in 2022.
- Ethereum: Ethereum is known for being one of the best cryptocurrencies that launched smart contracts on its network. But the crypto is victim to some of its own shortcomings that will be met with a more renewed and efficient version of it, namely ETH 2.0. But until it is launched, it provides a big window for all its other competitors to start developing more advanced versions of smart contracts and launching them to attract more customers.
- Solana: Currently, Solana is the fastest cryptocurrency on the block, with a capacity of 50,000 transactions per second. Besides this, investors are attracted to SOL due to several other reasons. It uses the proof-of-history consensus algorithm that can process transactions even more quickly. Since projects form a big part of the investors’ trust in the cryptocurrencies, SOL has quickly gained several projects and currently entails more than 400 projects on its network.
- Polkadot: Polkadot not only stands out for its speed but also for its interoperability. It uses parachains that run parallel to the main blockchain to allow it to process transactions faster. But it is to be noted that when it comes to DOT, smart contracts run on parachains, and not on the main blockchain.
- Cardano: Cardano is extremely new in this smart contract race. The crypto has a tendency for a slow and steady approach to development, preferring the latest technological advancements and peer-reviewed processes. This means that most of its process takes a long time to be introduced several members of the community decide on launching it after years of examination.
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- Avalanche: Currently, Avalanche is being considered as one of the rising stars of the crypto market. It is the fastest smart contracts platform in the blockchain industry, as measured according to time-to-finality. It is extremely agile, has low transaction fees, and is also environmentally sustainable. The AVAX token is hard-capped and can be used as a model for conducting payments.
- Cosmos: Cosmos focuses on the interoperability that ensures different blockchains can talk to each other. It promotes itself as a project that solves some of the hardest problems that the blockchain industry is currently facing. Some of its other goals include making blockchain technology less complex and easier for developers to build frameworks of decentralized apps on it.
- Algorand: Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide variety of applications on its network. It is also one of the new smart contract platforms that promise low costs, scalability, and speed, without compromising security.
- Elrond: Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using the sharding process. It describes itself as the technology ecosystem for the new internet which includes fintech, decentralized finance, and IoT. It can process 15,000 transactions per second, which is not as fast as Solana but is a way faster option than Ether.
- Ergo: The Ergo platform aims to provide an efficient, secure, and easy way to implement financial contracts that will be helpful and survivable in the long run. The platform does not charge any gas fees, which sets it apart from the rest of the cryptocurrencies in the market.
- Tron: Tron is a blockchain-based operating system that aims to provide secure means to blockchain technology. It is best described as a decentralized platform focused on content sharing and entertainment and is one of the most popular options for building decentralized applications.
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