In tandem with technological advancements and increased awareness, an increasing number of businesses are considering entering the blockchain sector. However, a number of available options may make it difficult to choose the blockchain development platform that is best for your organisation.
In this article, we have compiled expertise from our four years of experience in the development of decentralised projects to assist you in defining the type of project required and the most important criteria for picking a blockchain platform for it. In addition, we will study and assess the top blockchain networks for dApp creation.
ESTABLISH PROJECT SCOPE
Currently, the blockchain sector is teeming with a tremendous number of new and innovative concepts. However, only a few of them have demonstrated their usability and received a positive ROI following their introduction.
This is due to the fact that a market as competitive as blockchain or DeFi requires not only innovative and creative solutions, but also a well-considered business plan that may deliver actual profits to users and give a more cost-effective market solution.
Due to a comprehensive analysis conducted during the discovery phase, our specialists are able to design the optimal tokenomics strategy and transform your idea into a viable business case!
ESTABLISH THE TYPE OF YOUR DECENTRALIZED PROJECT
Before answering queries such as how to choose the best blockchain network for your decentralised application, we must consider a number of critical factors. A well-executed business analysis of the customer case assists in defining the future project scope and, in particular, the client’s project type.
Describe the following more blockchain-based projects:
1.Creating a comprehensive blockchain ecosystem from the ground up
The first sort of blockchain-based solutions is predicated on the fact that your business processes are fully decentralised. In this instance, you will have to create a decentralised solution from scratch. In our last post on how to identify a reputable blockchain company, we focused on this type of innovation.
2.Create a bridge or a 2-layer solution
This sort of project is appropriate when the blockchain has already been selected and a 2-layer solution is required (like Ethereum Plasma). In this instance, your business case must also rest wholly on the blockchain.
The other method is when a bridge between two or more blockchains or dApps is required. We anticipate a huge demand for this kind of solution alongside Polkadot’s expansion.
The first two types are less frequent, more likely to be built by in-house teams, and do not necessitate consideration of the appropriate blockchain selection challenges.
Therefore, we would like to draw your attention to the next two alternatives, which need an in-depth examination of the blockchain framework’s architecture prior to creation.
3.Empowering your current solution with blockchain
The fourth sort of project development strategy focuses on incorporating a cryptocurrency payment system into your existing product. It refers to either integrating an existing blockchain into a client’s solution or forking a chosen crypto currency and adapting it to the customer’s specifications.
VIEW THE DEVELOPMENT OF SUFFESCOM IN THE REMME USE CASE.
Nevertheless, there are instances in which your issue does not necessitate the establishment of an Ethereum (or other) network but still requires smart contracts. In such a circumstance, it is preferable to develop your own network based on an existing solution (such as a fork of Parity node), but with the necessary functionalities included.
We can identify the problem of correct adaptation and adjustment to the client’s needs as one of the primary obstacles. Because creating a fork is not a problem, but ensuring that subsequent work goes smoothly is.
4.Development of decentralized app
Many recent requests correspond to this category. It is applicable if your business processes require some form of blockchain integration.
Any of the existing dApps (Uniswap, Augur, Polymarket, and Opensea) can serve as an illustration of this methodology. Furthermore, this is the finest choice for any DeFi project.
The most difficult aspect of choosing the best blockchain for a decentralised application is the development of the programme itself. This is mostly due to the fact that future development of smart contracts for this solution must take into account a number of elements. Expanded knowledge of the best blockchain frameworks is required in this situation.
As selecting a blockchain platform for dApp development is one of the most challenging tasks, we recommend to focus on this method in the remaining sections of this article.
WHICH IS THE BEST BLOCKCHAIN PLATFORM FOR DAPP DEVELOPMENT?
As soon as you determine the nature of your project, begin searching for the optimal blockchain solution. How many blockchain platforms are there, exactly? We consider Near, EOS, Solana, Ethereum, and Polkadot to be the most promising blockchain frameworks for dApp development.
Due to their extensive lists of features and one-of-a-kind capabilities, Suffescom specialists deem them to be the greatest blockchain platforms for developing decentralised applications.
LET’S GO THROUGH THEIR MAIN CHARACTERISTICS AND DEFINE PROS AND CONS OF EACH.
Ethereum
Near
EOS
Solana
Polkadot
ETHEREUM NETWORK
This platform is a pioneer on the market, making it a popular option when selecting a blockchain platform for the creation of a project. Moreover, a vast number of decentralised applications (dApps) have already found a home on the Ethereum network.
The distinctive contribution of Ethereum to the development of the EVM and, consequently, the widespread use of smart contracts was the result of this. Ethereum smart contracts necessitate an in-depth understanding of Solidity or Vyper.
PROS OF ETHEREUM
The most widely used and well-known blockchain framework offering a comprehensive set of developer tools, pre-built models, and features.
a big community responsible for network maintenance (recently, the amount of active nodes has beaten the amount of Bitcoin nodes)
cumulative dependability (the more blockchain exists, the more trust it get from users)
CONS OF ETHEREUM
Very slow transaction speed and expensive transaction and deployment expenses
Ethereum continues to rely on PoW consensus, which significantly slows down operational procedures and makes TPS not very scalable — The layer-2 solution (Plasma) has not yet demonstrated its efficacy, and the transition to PoS is in its infancy.
Ethereum is a viable option for constructing a multi-chain environment. It contains a comprehensive collection of tools and a multitude of pre-built solutions that can facilitate the development of your solution. In addition, Ethereum is a globally recognised and trustworthy blockchain, which might aid in gaining customers’ trust when introducing a new product to the market.
It is important to note, however, that the augmented toolset is challenging to maintain and update. In addition, gas price changes on the market frequently generate uncomfortable conditions for active use.
Currently, the Ethereum blockchain is the undisputed leader for developing DeFi dApps. In the Ethereum network, Uniswap, Compound, Synthetix, Maker, Curve, and AAVE, among others, are hosted. Therefore, if the next DeFi giant is to be created, Ethereum should be seen as a prerequisite for future compatibility with other DeFis.
NEAR BLOCKCHAIN
Near network aims to be a far more scalable blockchain than anything that has come before it. This proof-of-stake blockchain represents the next generation and is a significant challenger to Ethereum 2.0.
Near is a highly scalable public blockchain that supports shards. Using its unique TxFlow consensus architecture (another sort of PoS), it creates an environment that is highly secure, trustless, and immune to hacking.
Its ecosystem has recently been frequently compared to Ethereum 2.0. In contrast to other blockchains of the current generation, the state sharding technique of Near enables the establishment of such small nodes that can even be kept on mobile devices. In addition, Near began implementing “shards” from the very beginning without the need for further translations.
Rust is utilised by the majority of blockchains. It is a cutting-edge system programming language that enables the development of complex algorithms in a more secure and efficient manner.
PROS OF NEAR
Due to the TxFlow consensus paradigm, the forkless environment is very scalable and transaction costs are minimal.
A highly adaptable interface that enables rapid dApp development.
CONS OF NEAR
It already has its mainnet, but the blockchain is still in its infancy. Less-experienced blockchain developers may have trouble with the novel sort of PoS. Due to the system’s youth, there is a dearth of developer tutorials that explain some of the system’s unique characteristics.
Near blockchain is a single-layer system that can support any dApp. In addition, the scalability and throughput it promises are highly encouraging, as is the fact that Near seeks to enable blockchain access from mobile devices.
Consequently, if you intend to create a technologically advanced solution, Near protocol flexibility, Rust acceptance, and a current approach to software development are ideal for your project.
Consider Near blockchain as the finest blockchain platform for constructing a decentralised application if you want users to benefit from “progressive UX” and mobile adaptability while ensuring a fork-resistant and hacking-resistant environment.
EOS BLOCKCHAIN
EOS is a significantly quicker blockchain than Ethereum (was and still remains). Due to the dPoS consensus process, it may output approximately 100 transactions per second. As EOS is a well-known blockchain ecosystem, it also offers a comprehensive collection of tutorials and toolkits to facilitate the work of developers.
Both EOS and Ethereum enable the execution of smart contracts. Here, however, smart contracts are written in C++, making it considerably easier to locate a developer with a solid grasp of this language.
PROS OF EOS
rapid transaction rate
zero transaction costs (the one just need to stake a certain amount of EOS tokens to be able to deploy a contract)
Staking and voting methods increase user participation and reduce the likelihood of a hacker attack.
Adoption of C++ permits the development of more complicated algorithms.
a parallel processing system (for ex. parallel smart contract running)
CONS OF EOS
Even for seasoned programmers, staking and validating systems could be tough.
Frequent account creation with a small number of validators may contribute to the centralization of the network.
In terms of the cheap transaction and contract implementation costs, selecting the EOS blockchain architecture is a wise decision. Projects with limited budgets or small to medium-sized solutions may profit tremendously from this.
The transaction must be free if you wish to create a scalable, popular, and publicly accessible setting. Moreover, cheap and predictable transaction costs are advantageous for testing dApps during the pre-launch period.
We advocate adopting EOS if your project requires the simultaneous execution of multiple smart contracts and rapid crypto payments. In addition, you may establish the ideal untrusted environment for managing and operating diverse IoT devices using EOS.
SOLANA BLOCKCHAIN
Solana is a high-performance, lightning-fast blockchain network. It can execute over fifty thousand transactions per second while offering a highly secure environment for its customers due to the utilisation of Gulf Stream.
Solana blockchain has launched the new Proof-of-History consensus model. Before adding transactions to the distributed ledger, PoH verifies the blockchain’s transactional history. It makes the system more decentralised by helping to establish that the transaction actually took place.
Solana is entirely composed with Rust. It provides a large number of unique and extremely useful features, such as conditional compilation and movement semantics, to produce a very developer-friendly environment.
PROS OF SOLANA
Massive TPS scalability (due to the usage of Cloudbreak)
Possibility of authoring smart contracts in any language compiled to WASM for parallel (and hence more efficient) smart contract execution (Sealevel)
CONS OF SOLANA
The network community is still expanding “resource-hungry” nodes using a novel consensus technique that is not well-known.
Transactions on Solana are renowned for their lightning-fast speed. Numerous well-known initiatives (Chainlink, Serum, Tether, etc.) that have partnered with Solana have demonstrated this characteristic.
Such a high TPS and scalability are crucial for developing DeFi initiatives such as decentralised exchanges and staking platforms. Its one-of-a-kind PoH consensus offers a highly secure environment, which is essential when dealing with large sums of money.
Solana is not as well-known as Ethereum and currently has a smaller community and fewer network nodes. Therefore, we propose Solana for small to medium-sized applications with a limited feature set.
IN THIS USE CASE, VIEW HOW SUFFESCOM EXPERTS PLAYED A SMART CONTRACT-BASED GAME WITHIN THE SOLANA ECOSYSTEM.
POLKADOT MULTICHAIN
Polkadot is one of the most significant upcoming initiatives. Polkadot is a hosting environment for a number of other blockchains that may be readily attached to it, hence the term “multichain.” Polkadot is built on Substrate and uses Rust as the prior blockchain development programming language.
To connect or construct one’s own blockchain inside this ecosystem, one must connect to Relay Chain, the mother blockchain of Polkadot. All parachains can have their own tokenomics, consensus, and governance layer, and operate as entirely autonomous actors.
PROS OF POLKADOT
interoperability\sscalability The world has never previously witnessed safe upgradability without a hard fork and simple adoption and construction of new parachains — this is a first. Any language may be used to create a new blockchain as long as it conforms to the standard parachain interface.
CONS OF POLKADOT
Existing and functioning blockchains (such as Ethereum) that are not developed with Substrate must develop a bridge to connect a restricted number of slots for parachains (for now)
a few really competent experts with a thorough understanding of how the system operates
Polkadot is a multichain ecosystem that aims to build a scalable and interoperable blockchain network. Therefore, if your projects require such functionalities, Polkadot is the optimal platform for launching your dApp or blockchain.
In addition to the unreleased initial Polkadot system, there is a Kusama network that serves as the future multichain’s primary provider. Kusama enables extremely democratic transaction and deployment fees, which is crucial for DeFi startups or very early organisations with minimal funds.
Despite being a nascent ecosystem, Polkadot and Kusama have produced extensive documentation and numerous developer tutorials to facilitate the work of programmers.
As one of the challenges of constructing a dApp or bridge using Kusama and Polka, we can claim that there are only a handful of use cases demonstrating this. Therefore, it may be difficult to find knowledgeable blockchain specialists in this field.
CONCLUSION
There are numerous decentralised options, making it challenging to choose a blockchain platform for project development. This is why Suffescom Solutions Inc decided to compile this guide outlining the benefits and downsides of the most popular blockchain platforms on the market.
Which blockchain platform is best? Clearly, the answer will vary greatly based on the project’s objective and the client’s specific needs. Please note that the stated blockchain are not restricted to the examples demonstrating the greatest match for a certain project that we have provided.