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Top 5 Blockchain Development Platforms In 2022

Blockchain technology is the talk of the town. This is due to the fascinating features it offers as well as the timely answers it provides to a variety of organizations, both offline and online. Blockchain technology is a huge part of the digital world, and it's just getting bigger every day as new features are introduced. In fact, reports suggest that the Blockchain market is expected to reach a value of 20Bn USD by 2024. With the rise of Blockchain technology, there’s been a massive growth in Blockchain development platforms that allow you to reap the benefits of this technology.

With so many Blockchain development platforms in the market, it’s becoming difficult for businesses as well as developers to choose the right platform according to their needs. After all, each platform has its own pros, cons, and value offerings that resonate with different types of individuals and businesses. In this article, we are going to share the top 5 Blockchain development platforms that you can use in 2022, along with their Pros and Cons to help you choose the best one according to your needs. So, without further ado, let's dive into it!

The Best Blockchain Development Platforms In 2022

As we mentioned above, there are a lot of Blockchain development platforms out there right now, and every platform has its own pros and cons. It goes without saying that the platform you would choose will have a significant impact on the success of your project. Therefore, you cannot go wrong with this decision. Let’s take a look at some of the best Blockchains that you can use for your project.

1- Ethereum

Ethereum has been one of the most rapidly growing Blockchain networks for quite some time now. It's incredibly popular, and it’s completely open-source. The Ethereum network operates on a consensus algorithm called proof-of-work. Blockchain developers who are part of the Ethereum network gain access to a plethora of tools that can be used to build and maintain Blockchain solutions. All of this is backed up by the Ethereum Virtual Machine environment.

Ethereum hosts the second-largest cryptocurrency (ETH) in terms of market capital. Many people believe that Ethereum is capable of overthrowing Bitcoin as the dominant coin in the market. Ethereum has been undergoing an overhaul known as Ethereum 2.0. This update will replace Ethereum’s proof-of-work consensus methodology with proof-of-stake, making the platform more secure on top of improving its efficiency.

Pros:

  • Very high uptime

  • Versatile

  • Backed up by a massive community

  • Popular for NFT and Defi

  • Highly secure

Cons:

  • Processing times are bad

  • Higher transaction cost

  • Doesn’t scale well

2- Hyperledger Fabric

Some organizations operating on Blockchain technology require extreme confidentiality. These kinds of organizations prefer to operate on private networks such as Hyperledger Fabric. It may not be as big as Ethereum, but Hyperledger Fabric is a cross-industry network that offers a plug-and-play approach to building Blockchain solutions.

The entire network has a modular design and is entirely permissioned. This means that only people who have authorization can gain access to data that is stored on it. Hyperledger Fabric has been growing at a healthy pace. The platform has been receiving regular updates, and it offers superb confidentiality.

Pros:

  • Scalable and offers good performance

  • Enhanced security

  • Ideal for organizations that are working on projects not related to crypto

Cons:

  • Lacks transparency

  • Doesn’t have a wide range of use cases since most of the market focuses on public Blockchains.

3- Solana

Solana is known as the biggest Defi due to its high number of blocked funds. The Solana network consists entirely of a first-level Blockchain. This means it does not have any para-chains or side-chains. It also makes use of a fairly new cryptic mechanism known as proof-of-history (PoH). Solana is known for being incredibly fast and highly scalable. In fact, the Solana Foundation claims that it can process 60,000 transactions per second. The NFT boom of 2021 has made Solana incredibly popular. As compared to Ethereum, minting NFTs is a lot faster and affordable on the Solana network.

Pros:

  • Highly scalable

  • Offers good inter-project compatibility

  • Great user experience

  • Fast and offers more affordable transactions

Cons:

  • Most of its functions operate in test mode

  • Some people don’t like the fact that it’s not decentralized enough

4- Polkadot

Polkadot was created by one of Ethereum’s co-founders: Gavin Wood. The platform is comparatively new, but it is showing consistent growth and making a name for itself in the market. The primary goal of Polkadot is to provide a solution for interoperability and scalability problems in Blockchain. It does so by creating a network consisting of multiple Blockchains. This entire network has a completely decentralized information exchange.

The Polkadot network consists of “para-chains” that take permissioned data from private Blockchain networks and utilize it in public Blockchains. Another great thing about Polkadot is that it allows Blockchain developers to develop new chains and integrate them with existing networks.

Pros:

  • Highly scalable

  • Makes Blockchain development easier

  • Performs really well

  • Allows for secure and fast data interactions between private and public Blockchains

Cons:

  • Being a new platform, Polkadot has yet to prove itself

  • Lacks decentralization

5- Cardano

The Cardano Blockchain is open source and works on a proof-of-stake system. It’s incredibly decentralized and offers great smart contract functionality. In 2021, Cardano was able to reach 100% decentralization, and right now, it has a network that consists of more than 1500 validator pools.

Cardano is often referred to as an “Academic Blockchain” due to its research-based approach to development. Right now, a number of DEXs, stablecoins, NFT marketplaces, and lending protocols are being developed with the help of Cardano. The network already has a clear roadmap for its development, and it’s expected to become even better in the near future. Cardano is one of the most promising entries on our list. It's expected to become even more versatile as a development platform in the coming future.

Pros:

  • It’s very scalable

  • Focuses a lot on security

  • Compared to Ethereum, it offers faster and more affordable transactions

  • Highly stable thanks to its decentralized nature

Cons:

  • The platform’s development is slow

Final Thoughts:

The Blockchain industry is advancing at a very fast pace. There are a lot of people making contributions to its development, and we're getting to see new and exciting use cases popping up here and there quite frequently. In the near future, we can expect to see more Blockchain development platforms, and the ones that we mentioned in this article are expected to become better and better. Right now, Ethereum is the top dog when it comes to Blockchain development platforms. However, there’s a lot of healthy competition in the market that is going to force Ethereum to become even better.

If you want to dive into the decentralized world and reap the benefits of Blockchain, get in touch with us. Here at IIInigence, we stand proud as the best Blockchain development agency offering a wide range of services, including Blockchain consultancy as well as cryptocurrency, smart contract, dApp, Decentralized Marketplace, and Metaverse development. Whether you need to use Ethereum, Solana, Cardano, or any other Blockchain, we can cater to all your needs with an assurance of maximum efficiency. So, what are you waiting for? Get in touch with us and schedule a call with one of our experts to see how we can help you fulfill your goals.

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