With a broad and ever-evolving field of blockchain platforms, selecting the chain upon which you will build your application or product is a challenging but crucial decision. There are a number of factors which influence such a choice: the activity and stability of the chain, the pre-existing infrastructure it maintains (wallets, dApps etc), security and the ability to deter attacks, the features it boasts, and how those features will help to facilitate your application or project.
All of these will impact the function and success of the product you will build, and careful consideration in the early stages of development will pay off when launching and sustaining your project. Listed here is a selection of just five platforms you might consider when building your application on in 2020, with the benefits and characteristics of each laid out.
As a first mover in decentralized applications, smart contracts, decentralized exchange and DeFi, Ethereum has been the foundation for thousands of platforms. Headed by Vitalik Buterin, Ethereum has been an industry leader in development since its launch in 2015, with a large community of developers and a network of independent platforms like Consensys and MakerDAO bringing high levels of activity. It is also one of the most rigorously tested blockchains in the industry, and receives regular updates.
Ethereum development takes place in its native Solidity language, and the platform supports both fungible (ERC20) and non-fungible (ERC-721) token standards. A number of the blockchain industry’s most successful applications have been built upon Ethereum, as seen when CryptoKitties dominated headlines in late 2017/early 2018, and in the recent surge in decentralized finance led by MakerDAO, Compound, Dharma, InstaDApp and others.
Arguably the closest competitor to Ethereum in the development space at present, EOS boasts a considerable infrastructure with a large number of wallets, web browser extensions, decentralized applications and staking applications. A major benefit of building your platform on EOS is the absence of transaction fees or “gas”, reducing costs for anyone who will interact with your project.
With a delegated proof-of-stake consensus algorithm and 21 validating nodes, EOS can claim a high level of scalability. EOS blocks are produced every 500 milliseconds, and there are no hard limits on block size. This allows for an extremely high number of transactions-per-second, and suggests a promising potential for the blockchain to scale under demand.
More information: https://101blockchains.com/top-7-benefits-of-eos-blockchain/
Chainlink is the most prominent and commonly-used oracle network on the market at present. Oracles are decentralized data bridges which take real world information and bring it onto the blockchain, where it can be used in smart contracts and decentralized applications. It provides robust, well developed and documented libraries for convenient use by developers and engineers.
Chainlink has partnered with a number of the world’s biggest tech firms and organizations, including Google, Binance and the Web3 Foundation to create these data bridges for real-world use cases. Chainlink’s use of decentralized oracles make them less susceptible to single points of failure, and limit opportunities for bad actors to provide manipulated or false information.
More information: https://blog.chain.link/tag/development/
Led by Gavin Wood, founder of the Web3 foundation and co-founder of Ethereum, Polkadot is working to build a network of blockchains. It is focused primarily (but not exclusively) on the issue of interoperability: the potential for smart contracts and decentralization on one blockchain platform to interact seamlessly with their counterparts on another, completely separate blockchain.
On launch, Polkadot will include WebAssembly virtual machine support, bringing simple and convenient development, and shared or “pooled” security protecting any connected blockchain (“parachains”, as they are termed in the Polkadot ecosystem). With its mainnet expected in mid-2020, a number of notable projects have already partnered with Polkadot including Polymath, Aragon, Edgware and Robonomics.
In the most ambitious upgrade to the Metaverse ecosystem to date, Dualchain Network Architecture delivers a next-generation blockchain with an array of tools and features designed to empower users and enterprise. DNA addresses scalability with a block time of less than one second, ensuring no bottlenecks or skyrocketing fees when the network sees periods of high volume. Its delegated proof-of-stake consensus algorithm is further benefited by the Metaverse ETP basechain’s hybrid proof-of-work/proof-of-stake consensus, exponentially increasing its security.
Built-in KrawlCat generalized oracles provide real-world data feeds and facilitate interoperability across blockchains. With its mainnet launch in 2020 DNA will allow for on-chain digital identities called Avatars, and decentralized exchange will be made possible shortly thereafter. With these features and more beyond, Metaverse DNA is working to build a future-proof ecosystem for decentralized finance, well-equipped dApps and seamless value exchange.
These are just five platforms upon which great things will be built in 2020. As distributed ledger or blockchain technology enters its second decade, it is likely that world-changing applications and products are currently in their inception phase. If you are building an application that will be truly revolutionary, it is imperative to choose the right foundation. Hopefully this breakdown of some top contenders in the space helps in that pursuit, and brings you one step closer to a game-changing product.