Smart Contract platforms make development and deployment of applications on the blockchain possible and easier.
There are a few platforms that allow users to code and create their own smart contracts, while there are other platforms that provide a client which parties can use to create contracts without the requirement/need to write any single line of code.
Smart Contract Platforms
In this post we will look at some of the leading platforms that make development of smart contracts possible, both with and without code.
Ethereum – Most Popular Smart Contract Platform
When you talk of smart contracts, the first word that comes to mind is Ethereum. Ethereum has been growing in popularity and its price has surged in 2017.
Isn’t that obvious when more and more startups and existing kings of the corporate world are trying to implement smart contracts and implement blockchain technology.
Developed by the Ethereum Foundation, it is a decentralized platform that can be used to create applications that can run on the blockchain.
The platform uses the currency “Ether” (ETH).
Etherparty is one of the several smart contract platforms that allows blockchain developers to create applications on the Ethereum and Bitcoins.
At the time of writing this post, their ICO is live with a 56% completion of their fund raising.
The platform boasts of removing the complexity of creating smart contracts on the blockchain. Managing and executing smart contracts on the blockchain is made easier using the platform.
It contains customizable templates that are completely tested to ensure they are safe and secure for deployment.
Also if you are one of those users that are looking to create a smart contract but do not know the nitty gritty of programming one, Etherparty comes to your rescue.
So what all can you do with Etherparty?
Firstly you can use their app to create a smart contract and deploy it on to the Ethereum Test Network.
Secondly, the types of contracts that you can create includes peer to peer escrow contracts creation, token creation, crowdfunding and sports funding, supply chain management, real estate agreements.
According to the website –
Etherparty removes the typically difficult to navigate functions and properties that are inherent in smart contracts. Coding a smart contract requires thinking about potential loopholes which can be easily missed. Furthermore, transaction fees and monitoring tools are severely lacking which amplifies the need for pre-programmed smart contract templates that anyone with basic computer skills could use.
Codius – Open Source Smart Contract Hosting Platform
Another platform that makes the job of creating smart programs easier. Additionally, smart programs can hold assets of their own on cryptography-based ledgers such as Bitcoin and Ripple.
Codius fits into the middle tier of the standard three-tier architecture
Codius has two distinguished roles:
- Provide hosting solutions where individuals or companies host other’s applications on their servers and earn money.
- Developers can create smart contract applications and host them on top of Codius.
NXT – The Blockchain Application Platform
Nxt is a digital finance and decentralized application platform.
This smart contract platform enables user to create any type of application on the blockchain. Some of these are:
- Asset Exchange
- Monetary System
- Data Cloud
- Voting System
- Account Control
For developers, Nxt provides an API along with a set of carefully chosen features which can be used either individually or in combination.
The cryptocurrency used in the platform is called by the same name (Nxt).
This is a smart contract client that has implemented the “double deposit two-party escrow”. The term means that two parties entering into a contract would need to make a deposit on the platform.
This deposit ensures that either party would not break the contract since an advanced deposit is already made to insure the deal.
The platform allows for decentralized exchanges, derivatives, guarantors, bartering, backing of Bitcoin cash, good faith employment contracts, elimination of malleability and basically any agreement imaginable.
The client has several safeguards in place to ensure that dishonest parties can not profit from a supposed scam or fraud.
Counterparty – Smart Contract Platform that Makes Bitcoin Look Better
The bitcoin blockchain has limitations and that is where counterparty comes in.
It allows users to create their own digital agreements or smart contracts and execute them on the bitcoin blockchain.
Counterparty currently has four different types of wallets: a desktop wallet, a web wallet, a mobile wallet, and a Chrome extension wallet.
The features include the following:
- Tokens – Custom tokens can be used for a wide range of purposes like crowdfunding, dApp monetizing, or authentication
- Asset exchange
- Payment channels
- Multisignature addresses
These are some of the best examples I could come up with. Of course there are others and more are in their ICO or funding stage, some are in their development stage, many in their beta phase.
As we move ahead into 2018, expect more and more smart contract platforms to emerge that will solve more complex issues without the need of a third party or middle-man.