The rise of blockchain has made it easier than ever to create your own digital currency, and as more businesses embrace the benefits of this technology, the number of different coins will continue to increase.
At the same time, the number of open-source blockchain platforms that allow developers to build their own apps and services on them will also grow exponentially in the next few years, reaching unprecedented levels in 2022.
These are our picks for the top 10 open-source blockchain platforms you should watch in 2022.
Top 10 Open-Source Blockchain Platforms You Should Keep an Eye on in 2022 and Beyond
1 – Hyperledger Fabric
Hyperledger Fabric is a blockchain framework implementation and one of the Hyperledger projects hosted by The Linux Foundation.
It was originally contributed by Digital Asset and IBM, who are both working to develop distributed ledger technology (DLT) solutions for business enterprises.
Aside from being open source, Hyperledger Fabric is also modular, which means that one can extend it to fit specific use cases like smart contracts and permissioned networks.
Its core features include peer identities, ordering services, chaincode (smart contract), transactions, consensus management module, membership services, and configuration policies.
2 – Ethereum (ETH)
Ethereum, launched by Vitalik Buterin and his team, is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference.
These apps run on a custom-built blockchain, an enormously powerful shared global infrastructure that can move value around and represent property ownership.
This enables developers to build organizations around their code so that – for example – Decentralized Autonomous Organizations won’t need to build infrastructure like banks.
They could simply use Ethereum to create markets, store registries of debts or promises, move funds under instructions given long in the past (like a will or a futures contract), and many other things that have not been invented yet, all without a middle man or counterparty risk. The project uses these technologies to power everything from identity systems to financial exchanges.
3 – TRON (TRX)
TRON is a blockchain platform that provides a foundation for sharing digital content. It focuses on enabling users to publish, store and own data freely, and in turn, developers can create decentralized applications (DApps) within their ecosystem.
It allows users to publish, store and own data that one can control and use entirely, unlike many other platforms where content creators don’t get any rewards for their efforts.
Their DPoS system allows for scalability and high levels of concurrency across numerous chains. TRON offers a highly scalable, decentralized smart contract platform with fast transaction times at low costs via its innovative main net protocol, TVM, optimized for high throughput performance by adopting a Delegated Proof of Stake consensus mechanism.
4 – NEO (NEO)
NEO is a China-based open-source blockchain platform that offers digital assets and smart contract functionality. Considered a next-generation smart economy platform, NEO aims to incorporate digital identities, assets, and contracts into a blockchain ecosystem and build a distributed network for the innovative economy.
This makes it one of only a few platforms with extensive language support. The main advantage of having multiple languages is it lowers the entry barrier for new programmers.
Instead of learning a new coding language like Solidity, which Ethereum uses, developers can choose their preferred language and start building on top of Neo. Most dApp development currently uses NEO’s proprietary smart contract code called NeoContract.
5 – Stellar (XLM)
Stellar (XLM) is a platform for distributed payments with low fees and speed. As of January 2020, it has 25 million registered users that have made $3 billion worth of transactions.
It also has over 100 organizations and institutions that have partnered with it to test its use cases. Stellar facilitates cross-asset transactions such as remittances, micropayments, supply chain finance, asset trading, and more across diverse network types, including public, private, and decentralized networks.
It’s built using Scala programming language by a non-profit organization called Stellar Development Foundation (SDF). SDF also maintains an open-source software development kit (SDK) which allows developers to build applications based on Stellar technology.
These applications include Stellarterm, a multi-currency wallet; Stellardex, a decentralized exchange; and Tempo, a time-based cryptocurrency.
6 – Chain Core
Developed by Bitcoin core developer Jeff Garzik, Chain Core is a blockchain platform that aims to streamline financial services. The San Francisco startup has already attracted high-profile partners, including Nasdaq and Citigroup.
As cryptocurrencies become more and more popular, we can expect to see banks looking for ways to incorporate them into their systems. Chances are they’ll use blockchain platforms like Chain Core to do so.
It won’t be surprising if chain core’s popularity increases dramatically over the next five years as demand for cryptocurrencies increases among consumers and institutions alike.
It wouldn’t be much of a stretch to imagine some big-name banks eventually building private blockchains using Chain Core’s technology to give them complete control over their cryptocurrency transactions.
7 – Qtum (QTUM)
Qtum is developed as a hybrid of Bitcoin Core and Ethereum Virtual Machine (EVM). It was founded by Patrick Dai, Neil Mahi, Jordan Earls, and Piotr Stankiewicz. Qtum employs a decentralized governance protocol allowing anyone to propose changes to the network.
One of the top open-source blockchain platforms, Qtum combines Bitcoin Core infrastructure with Ethereum Virtual Machine support. Created by a Singapore-based coin technology firm, Qtum’s value proposition is vital and should keep it among industry leaders for some time to come.
Created from code derived from Bitcoin Core, Litecoin, and Ethereum, Qtum supports bitcoin’s UTXO transaction model and Ethereum’s smart contract functionality.
In addition to its cryptocurrency, QTUM has also developed tools. One of them is Qtum Explorer, a hybrid node that bridges data between existing nodes and blockchain tech companies looking to create scalable solutions.
8 – Corda
Corda was developed by a global open-source blockchain development company in India called R3.
They define Corda as a blockchain platform for applications, suggesting that its main aim is to allow enterprise applications to develop and run on a blockchain network.
Corda allows businesses to build interoperable blockchain networks that can communicate. This makes it an excellent choice for large enterprises looking to implement distributed ledger technology (DLT) into their existing systems.
It’s also worth noting that Corda is extremely useful for financial services, so if you want to integrate DLT into your banking or financial operations, it’s worth considering.
9 – Lisk (LSK)
Lisk is a relatively new blockchain platform that helps you build decentralized applications. Many consider Lisk to be one of the most user-friendly dApp platforms.
There’s no reason someone without experience in blockchain shouldn’t find Lisk appealing, especially when developing your dApps and launching ICOs (Initial Coin Offerings).
10 – ARK Ecosystem
Named after Noah’s Ark, ARK aims to solve some of blockchain technology’s most pressing problems, particularly scalability. One of its main goals is to improve transaction speeds and reduce transaction fees.
ARK uses Delegated Proof of Stake (DPoS) as a consensus mechanism, allowing quicker processing times and cost reduction. The platform also provides tools for businesses looking to implement blockchain technology.
The project is entirely open-source, making it easy for developers worldwide to jump in and contribute code, whether they are working with C++ or Python.
Additionally, ARK has one of the largest active development communities today. It boasts over 300 contributors who have committed over 90,000 lines of code to date. In fact, there are currently more than 60 projects building on top of ARK.
There are over 100 blockchain projects that have been developed and released to date.
These platforms have been built using different programming languages, have different combinations of scalability/security/decentralization tradeoffs, and as a result, each project serves a unique purpose.
Some of these will fail to gain traction, while others will flourish. Regardless of what you believe will happen, it’s essential to be aware of some of the top open-source blockchain platforms to prepare for your business needs properly.
It would be best to thoroughly research which platform best suits your business needs and future growth plans before committing too much time or money. Also, don’t forget to hire blockchain developers in India or around the globe if you need help with your upcoming blockchain project.