Blockchain-based applications enable trustless transfers of value which happen according to terms specified in smart contracts. This has important implications in payments, finance, supply chain management, and numerous other sectors. In this article, we’re highlighting the best blockchain platforms to build on in 2024.
The top blockchain platforms in 2024
We analyzed the biggest blockchain technology platforms in use today based on their features, scalability, flexibility and ecosystem strength. Here are the top blockchain platforms in 2024 if you’re looking to use or develop decentralized applications.
- Ethereum – The leading blockchain smart contracts
- Solana – A smart contracts platform with very strong scalability
- Hyperledger Fabric – Enterprise-grade blockchain framework with private transaction support
- Polygon – A suite of Ethereum scaling platforms
- XRP Ledger – Fast and cost-effective distributed ledger
- Avalanche – Blockchain platform with support for customizable subnets
- Sei – Blockchain platform specialized for trading
1. Ethereum
Ethereum is a blockchain with smart contract capabilities that initially launched in 2015. Smart contracts in Ethereum are written in Solidity, a programming language influenced by C++, Python and JavaScript.
The Ethereum platform now runs on an environmentally-friendly Proof-of-Stake consensus mechanism, having completed a transition from its previous Proof-of-Work system in September 2022.
The platform is notable for pioneering general-purpose smart contracts in the cryptocurrency and blockchain space. This flexibility allows Ethereum to support a wide variety of decentralized applications such as cryptocurrency exchanges, lending protocols, NFT marketplaces, derivatives trading platforms, synthetic assets and much more.
Ethereum is the dominant blockchain for smart contracts. To put this in context, we can point out that the market capitalization of Ethereum is larger than the combined market cap of all other smart contract blockchains in the cryptocurrency top 100.
Ethereum has by far the largest community of developers and the strongest suite of tools for smart contract development.
The smart contracts framework established by Ethereum is so ubiquitous that many new blockchain platforms are positioning compatibility with the EVM (Ethereum Virtual Machine) as one of their key strengths. If a blockchain supports the EVM, developers can easily port existing Ethereum-based decentralized applications to it or use tools like Truffle and Remix to build new smart contracts.
2. Solana
Although Ethereum is still sitting very comfortably on the smart contracts throne, Solana has quickly emerged as its most credible competitor. Solana’s biggest strength is its scalability, as it is able to handle a very large number of transactions while simultaneously being relatively inexpensive to use.
Solana utilizes a Proof-of-Stake consensus, and also implements a system called Proof-of-History to speed up the process of node synchronization and transaction validation. Smart contracts for Solana are written in the Rust, C and C++ programming languages.
The scalability of Solana is poised to improve even further with the upcoming release of Firedancer, a high-performance Solana client being developed by a team from high-frequency trading firm Jump Trading. In testing environments, Firedancer has demonstrated the capability to process more than 1 million transactions per second.
Although Solana has recently seen a lot of attention as the platform of choice for new meme coin launches, the Solana blockchain can also certainly handle much more useful applications.
For example, the Helium project uses the Solana blockchain for the token incentive system that backs its decentralized wireless networks such as the Helium 5G network. Solana is also used by Access Protocol, a protocol that provides online publications a way to offer premium content to its users.
3. Hyperledger Fabric
Hyperledger Fabric is an enterprise-grade permissioned blockchain framework. Blockchains built using Hyperledger Fabric are fundamentally different from blockchains such as Ethereum and Bitcoin, where anyone is allowed to operate a node on the network. In permissioned blockchain framework such as Hyperledger Fabric, on the other hand, only whitelisted entities can participate in the network’s consensus.
The Hyperledger Fabric framework supports private transactions and confidential contracts, which are crucial for enterprise use because they make it possible for enterprises to conduct transactions on the ledger without disclosing sensitive information that could negatively impact their competitive edge.
Hyperledger Fabric is an open source blockchain framework, and is one of the many specialized blockchain frameworks under the Hyperledger umbrella. Besides Fabrics, other Hyperledger frameworks include Besu, Iroha and Indy. The Hyperledger project is headed by the Linux Foundation.
4. Polygon
Polygon is an ecosystem of layer 2 blockchain platforms designed to enhance the scalability of Ethereum. Currently, the most used platform in the Polygon ecosystem is the Polygon Proof of Stake (PoS) platform, which is an Ethereum-compatible blockchain that offers substantially lower transaction fees.
The Polygon PoS platform has attracted significant attention from leading mainstream companies venturing into the web3 space.
Notably, Nike has introduced its web3 initiative, .Swoosh, on the Polygon blockchain, and Reddit has chosen Polygon to power its Collectible Avatars NFTs, showcasing the platform’s appeal and utility across diverse industry giants looking to innovate within the digital and decentralized landscape.
Beyond the PoS platform, the Polygon is actively developing a suite of Ethereum-centric solutions, such as the zero-knowledge technology based Polygon zkEVM and Polygon Miden solutions, as well as the Polygon ID identity system.
5. XRP Ledger
The XRP Ledger is a distributed platform that’s notable for its capability to settle transactions in a fast and cost-effective manner. XRP transactions cost less than a tenth of a cent, and are typically completed within three to five seconds.
The XRP Ledger platform can support a wide variety of applications that require distributed ledger technology. For example, the Xahau sidechain for the XRP Ledger enables developers to craft smart contracts that can directly interact with ledger elements such as objects, balances, and transactions.
This capability is enabled through a feature known as Hooks, which developers can program in multiple languages before compiling them into WebAssembly, enhancing the ledger’s flexibility and functionality.
In addition the XRP Ledger incorporates an automated market maker (AMM) feature, permitting users to exchange various digital assets issued on the XRP Ledger seamlessly. This AMM functionality is similar to decentralized exchanges like Uniswap, offering a decentralized mechanism for asset trading and liquidity provision within the XRP Ledger ecosystem.
6. Avalanche
Avalanche is a Proof-of-Stake blockchain that offers strong scalability and support for smart contracts.
The Avalanche platform is notably for its Subnets feature, which allows developers to launch highly specialized blockchains that rely on the security provided by validators participating in Avalanche’s Proof-of-Stake consensus algorithm. Subnets can consist of one blockchain, but they can also connect several blockchains.
The centerpiece of the Avalanche ecosystem is the Primary Network, which is itself a special type of subnet. The Primary Network consists of three blockchains, with each being specialized for specific use cases:
- Platform Chain (P-Chain): Staking and validation
- Contract Chain (C-Chain): EVM-compatible smart contracts and decentralized applications
- Exchange Chain (X-Chain): Sending and receiving funds
The Avalanche blockchain platform can process over 4,500 transactions per second, and transactions need 0.79 seconds on average to reach finality.
7. Sei
Sei is a blockchain network that boasts an impressive capacity of 20,000 transactions per second, with transaction finality typically being achieved in under half a second. Specifically optimized for asset trading, the Sei blockchain incorporates several features aimed at minimizing latency and maximizing throughput.
A standout feature of Sei is its Twin-Turbo consensus mechanism, which greatly enhances the efficiency of the blockchain’s validation process, leading to quicker transaction validations.
The Sei development team is continuously striving for improvement, with the Sei community eagerly anticipating the launch of Sei v2. This upcoming upgrade is designed to bring the advantages of the Sei blockchain to Ethereum developers more seamlessly.
According to the Sei team, the Sei v2 upgrade will merge the best aspects of Solana and Ethereum, providing an optimized execution layer that remains compatible with Ethereum developer tools.
The public testnet for Sei v2 is slated for release in the first quarter of the year, with a plan to roll out the upgrade on the Sei mainnet in the first half of the year.
The bottom line
The blockchain market is extremely saturated, with dozens, if not hundreds of different platforms vying for users and developers. However, not all blockchains are created equal – before choosing a blockchain platform to use or develop on, it’s important to consider if it offers something truly unique. Our advice would be to start looking into the largest platforms and only choose other platforms if they provide something that Ethereum or Solana can’t.
Meanwhile, if you’re also trying to learn about the cryptocurrency and blockchain space as an investment, make sure to take a look at our list of the best cryptocurrencies to buy.