Talk to an Expert

Tag: blockchain smart contract

Top 25 Smart Contract Companies To Look For in 2024

Posted on by Shipra

A smart contract happens to be a self-executing contract with the specified agreement terms between the buyer and the seller that are directly written into lines of code. The agreements and the code contained in the same exist across a distributed, decentralized blockchain network. The code plays a significant role in controlling the execution, and the transactions happen to be trackable as well as irreversible in nature. These benefits offered by smart contracts on blockchain have resulted in their increased adoption among various industries.

The increasing rate of adoption of smart contracts has readily elevated the demand for top smart contract development company. Different companies belonging to different industries are looking forward to hiring the services of professional, smart contract development services to leverage their potential into businesses for benefit. To make an informed decision regarding the same, it will be ideal for watching out for the top smart contact companies in 2024.

1.  ORS GROUP

1

ORS GROUP companies offer cross-industry solutions for optimizing and automating business processes using proprietary A.I., Machine Learning, and Big Data Analytics algorithms. ORS GROUP is connecting A.I. and smart contract blockchain through their new product, the Hypersmart Contracts (“HSC”), to provide access to more than 1,000 proprietary algorithms and hundreds of software solutions to the crypto community and to established businesses. They envision a planetary network of entrepreneurs and independent companies empowered by the new digital alphabet: ABC – Artificial Intelligence, blockchain, cryptocurrency.

2.  NEAR Protocol

2

NEAR Protocol is a scalable blockchain designed to provide the performance and user experience necessary to bridge the gap to mainstream adoption of decentralized applications. Unlike other next-generation blockchains, this network has been built from the ground up to be the easiest in the world for both developers and their end users while still providing the scalability necessary to serve those users.

3.  Raze

3

Raze Network is a substrate-based, cross-chain privacy protocol built for the growing DeFi and Web 3.0 ecosystem. Applying zkSNARKS to the Zether framework, Raze is an EVM-compatible layer-2 middleware that will enable end-to-end anonymity for decentralized applications running on the Ethereum, Polkadot, and Binance Smart Chain networks. More chain integrations are planned in the near future.

4.  Celer Network

4

Celer Network is a leading layer-2 blockchain scaling platform that enables fast, secure, and private off-chain transactions for crypto payments and smart contract executions. It allows everyone to easily build and use highly scalable, interactive, and low-cost blockchain applications.

5.  Ontology

5

Ontology Systems uses graph data and semantic searches to build real-time views of network services and related network elements. Network functions virtualization (NFV) and software-defined networking (SDN) technologies render communications infrastructures highly agile to deploy new services on the fly.

6.  Trust Machines

6

Trust Machines will build the applications and underlying technology necessary to unleash the true potential of Bitcoin as a final settlement layer. Trust Machines will build upon the success of Stacks, a programming layer for Bitcoin.

7.  CUDOS

7

Cudos is powering the metaverse bringing together DeFi, NFTs, and gaming experiences to realize the vision of a decentralized Web 3.0, enabling all users to benefit from the growth of the network. They are an interoperable, open platform launchpad that will provide the infrastructure required to meet the 1000x higher computing needs for the creation of fully immersive, gamified digital realities. Cudos is a Layer 1 blockchain and Layer 2 community-governed compute network, designed to ensure decentralized, permissionless access to high-performance computing at scale. Their native utility token CUDOS is the lifeblood of our network and offers an attractive annual yield and liquidity for stakes and holders.

8.  Offchain Labs

8

Offchain Labs is a New York-based company that is building a suite of scaling solutions for Ethereum. This includes Arbitrum Rollup, the only EVM-compatible rollup that is currently live on an open, public, and full-featured testnet. Arbitrum Rollup instantly scales Dapps, drastically reducing costs and increasing capacity, without sacrificing security. Porting contracts to Arbitrum requires no code changes or downloads, as Arbitrum is fully compatible with all existing Ethereum developer tooling.

9.  Tezos

9

Tezos is an open-source blockchain protocol for assets and applications backed by a global community of validators, researchers, and builders. The Tezos protocol is secure, upgradeable, and built to last. Tezos was built to facilitate formal verification, a technique that boosts the security of the most sensitive or financially weighted smart contracts by mathematically proving the correctness of the code governing transactions. Also, an innovative consensus protocol, based on Liquid Proof of Stake, empowers all the users to contribute, to secure, and to be reworded.

10.  ANTEX

10

AntEx provides an ever-growing suite of decentralized services. The objective is to bring value to the DeFi space as a whole by delivering disruptive, flexible, and audit technology. Strengthen your project and reward your communities using our services.

11.  WOWO

11

Wowoo is a token economy-based ecosystem designed to breathe new value into inspiring projects using blockchain technology. We are the only community in the world, which is truly committed to spreading blockchain technology to create financial value for good deeds of people which is difficult to be credited in our current financial system. We believe with the use of blockchain technology, the world will be a better place as various projects can be promoted in a reasonable way.

12.  OpenZeppelin

12

OpenZeppelin builds developer tools and performs security audits for distributed systems that power multimillion-dollar economies. Founded in 2015, OpenZeppelin has set industry standards for building secure distributed systems. Their services help you reduce barriers to entry by securely implementing blockchain-based technologies, using standard developer tools and platforms. Offerings include the most widely used Solidity smart contracts library, a command-line tool for managing.

13.  Symbiont

13

Symbiont is a leading technology company focused on solving complex global finance problems using a novel enterprise blockchain solution. An early pioneer of smart contracts and distributed ledger technologies, Symbiont’s Assembly™ blockchain is the first enterprise platform developed to remove operational friction from the life cycle of financial instruments while enabling real-time data sharing with optimal security and privacy. Founded in New York with a global footprint, Symbiont is composed of a team of capital markets experts and engineers located all over the world with the common goal of creating market efficiencies to power the next generation of financial market innovation.

14.  ArcBlock

14

ArcBlock is transforming the way blockchain-enabled dApps and services are developed, managed, and deployed by reimagining how these services are going to be created in the years ahead. ArcBlock is the easiest way to build, run and use dApps and is comprised of a team of industry experts, developers, technologists, and leaders who are focused on creating successful outcomes by enabling teams and businesses. ArcBlock has created a powerful, but easy, to use development platform utilizing the power of blockchain in combination with cloud computing allowing developers and businesses to achieve their goals successfully. 

15.  Ferrum Network

15

Ferrum Network is a pioneer in ushering in the era of Interoperability 2.0. Powered by the Quantum Portal, Ferrum Network’s mainnet nodes and related infrastructure will bring value, data, and functional interoperability to every chain in the industry. Ferrum builds white-label blockchain solutions that power Startups and established organizations, enabling them to get their product to market faster.

16.  Avalanche

16

Avalanche is the fastest smart contracts platform in the smart contract blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche.

17.  Optimism Lab

17

The Optimism Foundation is a nonprofit organization dedicated to growing the Optimism Collective. Not only are they writing software that scales Ethereum technology, but they are also scaling Ethereum values by creating the rails for highly impactful projects that don’t have a business model to succeed.

18.  Phala Network

18

Phala Network is a Substrate-based interoperable cross-chain confidential smart contract platform, aiming to provide privacy computing and data confidentiality services for all users and companies. Empowered by the computing powers of TEEs.

Phala Network will be a para chain on Polkadot and the infrastructure of next-generation privacy protection.

19.  Peaq

19

Peaq is the Web3 network powering the Economy of Things (EoT). Peaq enables people to build decentralized applications (dApps) for vehicles, robots, and devices while empowering dApp builders and dApp users to govern and earn from machines providing goods and services to people and other machines. 

The peaq network leverages Machine DeFi and Machine NFTs to align the incentives of all stakeholders in the Economy of Things. peaq is designed to solve some of the most pressing societal and economic challenges of our time, ensuring that people earn more as machine-associated job automation increases. 

20.  Clover Finance (CLV)

20

CLV (Clover) is a Substrate-based, EVM-compatible blockchain infrastructure platform, that focuses on multi- and cross-chain compatibility for DeFi applications and interoperability between different blockchains

21.  DeXe Network

21

DeXe Network is an online, decentralized and autonomous cryptocurrency assets portfolio environment that operates via autonomous smart contracts, that includes tools for virtual currency allocation, and automatic rebalancing and eliminates the risks of transferring digital wallet details such as private keys and API or any virtual currency data to a third party, as well as fixing the absence of decentralized interconnection between users and successful traders within the framework of DeFi.

22.  Tenderly

22

Tenderly provides an end-to-end developer platform for teams and companies looking to build innovative blockchain products. We strive to set the standard of quality and versatility in the Web3 developer tooling space. By providing a full-fledged platform with a comprehensive dashboard and a multifaceted API, we want to enable developers to focus on their projects whether they are just starting out with Smart Contracts or building a complex DeFi platform.

23.  Superblocks

23

Swedish startup Superblocks automates the smart contract development company process of blockchain applications and makes them more efficient. The startup provides complex applications that have customizable scripts and procedures required to successfully develop and launch dApps. The automation results in the reduction of skill-based errors that are otherwise a hindrance at almost every stage of development.

24.  Aurora Labs

24

Aurora is a Bridge + EVM Scaling Solution for Ethereum built on top of NEAR Protocol as a smart contract. A decentralized network for creating blockchain-enabled products. It provides tools for developing explorers, NFTs, and data indexes. Oracle, and more. It features AuroraDAO, a decentralized autonomous organization for governing the Aurora protocol.

25.  Moonbeam Network

25

Moonbeam is a smart contract platform for building connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot, and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal smart contract development company environment for building connected applications.

Conclusion 

When you have the list of the top-performing smart contract companies with you, it becomes quite easier and more convenient to make the correct decision of choosing the most suitable company. All these companies mentioned in the post have made significant contributions in the field by making the best use of blockchain technology and are expected to do more in the time to come.

 

Underlying Problems of Smart Contracts And How To Deal With Them

Posted on by Shipra

It has been observed that the smart contract technology has got a lot of benefits to offer to its users. Be it elimination of the middlemen for exchange of the money or some other thing that is of certain value, blockchain based smart contracts are beneficial. Though blockchain has brought a great revolution in the industries, it certainly got some factors which are causing negative impact as well.

As we crunch the numbers Ethereum 3% smart contract failure might be considered as only a minor loss but when its causing harm to currency worth billions of dollars it is certainly a cringeworthy moment. A fresh example of this is the ICON June 2018 bug which allowed any of is user to enable as well as disable the transactions and having that authority to holdup million of dollars of transactions would definitely affect most of the people but in the previous years there were more incidents reported.

Botch incident

One of the major botches was of the Distributed Autonomous Organisation (DAO) that occur in the year 2016 where through blockchain smart contract hacks, a whopping 3.6 million Ether were drained; due to which, the founders of the Ethereum were forced to take some measures and to create some policies so as to recover the lost funds.

Certainly, time is required so as to eliminate faults in a technology that has been recently introduced and same goes in the case of smart contract development services. But one cannot deny that the flaws which are related to issue such as funds, important information such as the data and other security things makes the technology simply riskier to use than its worth. There are a lot of projects which have faced one problem or the other and restoring their faith again in the technology is quite difficult.

Security issues

Security issues have always surfaced for many of the companies that offers the blockchain smart contracts but even a slightest mistake can cause heavy losses when it comes to smart contracts. Features such as verification of the smart contracts and the auditing are being introduced. Currently these options are being preferred for the security purposes and are at the frontier position at the market with cost around in thousands of dollars.

These can be effective for a mere number of cases but when it comes to global level where the need to blockchain is increasing day by day these solutions are certainly not going to be good enough and an alternative solution is definitely required to fulfil the needs and demand.

                                       

Quantstamp has taken a step forward in this field as it has introduced a security auditing protocol for the smart contracts.  The salient feature of this is that with the help of the verification software along with the bug finders the smart contract of the clients will be examined.

Companies do try to solve these smart contract development problems, but the main issue is the scalability which is a major problem due to which they are not able to address certain issues. Another solution that has come up for this problem is the engineered solution which is developed by CertiK. Talking about this engineered solution it is a platform for the verification for the several components of the blockchain system which includes smart contracts as well.

                                        

CertiK is expected to bring that revolution as it does not require the presence of bugs for the verification. Whether the item is hacker-resistant or not will be proved mathematically by it. CertiK works on the principle of the layer-based system therefore what happen according to this is a certain task is divided into several smaller fragments so that with is the task can be easily solved and that too in decentralised fashion.

CertiK has already made a mark with its previous achievements such as development of one of the worlds first hacker-resistant operating system. The reason behind this success is the strong team of CertiK . The team is a combination of academic and corporate members consisting of professors from prestigious universities like Yale and Columbia university and have some of the skilled and prominent software engineers from the topmost companies such as Facebook, Google etc.

Fate of Technology

So overall when we see blockchain certainly there are some issues when it comes to trust and being corruptible which may raise eyebrows of many but if these bugs are eliminated from the technology then it is quite beneficial to use the technology and as a matter of fact there is no denial in the fact that blockchain is the future. Blockchain can be considered as a prominent safe for storing billions of dollars if these faults are eliminated and we come up with the proper solution for them. The solutions such as the verification one needs to be strong enough to restore the faith of people who have lost it due to the previous incidents and should attract new users too.