Blockchain

Top 10 Blockchain Platforms To Look Out For In 2022

With the creation of Bitcoin, blockchain technology has taken on a life of its own, reviving a slew of cryptocurrencies and blockchain platforms.

The bullish froth surrounding Bitcoin, which is built on an earlier blockchain that has concerns with energy consumption and speed, gave rise to blockchain platforms that addressed these issues.

With these blockchain platforms, the technology that was limited to crypto space became the mainstream idea. Supply chain, logistics, healthcare, finance, and many other sectors utilized the technology to facilitate more efficient and transparent business processes.

Moreover, as the blockchain platforms evolved, they became capable of executing all of their transactions more efficiently which sparked a lot of interest in the crypto community.

Consequently, supply chain tracking, trade finance, digital assets, and identity management are among the blockchain applications that have progressed beyond the prototype stage by leveraging the blockchain.

If you are still wondering what these blockchain platforms are, why they are gaining a lot of attraction and how to select the right development platform to dip your toes in the crypto world, here is the answer.

With various blockchains delivering something distinct from the others, whether it’s transaction speed or gas fee, it’s difficult to identify the top blockchain that’s best for you. Here we have compiled the list that includes the Top 10 blockchain platforms available that offer better security, scalability, and efficiency.

1. Ethereum

When we talk about Ethereum, we’re not just talking about a blockchain; we’re talking about a protocol that runs numerous DApps as well as independent blockchains.

Introduced in 2013, Ethereum is the first decentralized blockchain platform to use the smart contracts functionality to ensure smooth and steady operations. Its token Ether (ETH) currently holds the largest market cap that works on the Proof-of-work (PoW) mechanism and the second largest market cap among cryptocurrencies.

Apart from that it also has multiple other token standards, like ERC-20 for DeFi applications, ERC-721 and ERC-1155 for NFT projects, and ERC-777 for improved functionality.

Currently, it hosts more than 460,000 token contracts that are predicated on its ERC-20 token standard. Some of the leading crypto projects include Basic Attention Token (BAT), Tether (USDT), USD Coin (USDC), Chainlink (LINK), and Dai (DAI).

Among all other blockchains, Ethereum gives NFTs maximum exposure to a huge and potential crypto market. Undoubtedly, it’s the first preference for many developers as Ethereum is one of the established and most mature leading blockchain platforms. However, its main weakness is that it processes transactions slowly and has decently high transaction fees.

To counter this issue, Ethereum is working on a game-changing update called Ethereum 2.0 that will improve the Ethereum network’s speed, efficiency, and scalability. Ethereum then would be able to handle more transactions, ease bottlenecks, and ultimately would become the fastest-growing Proof-of-Stake mechanism.

2. Solana

Unlike the famous Ethereum blockchain platform, Solana is not so known by outsiders other than people inside the crypto industry. While SOL only started trading in notable exchanges in April 2020, the blockchain was actually created way back in 2017.

It is known to be one of the fastest blockchains in the world. Solana has the largest market cap for blockchain with Proof-of-Stake (PoS) mechanism, and is in an ongoing tussle with Cardano for the same.

We can see a case like this where the Bitcoin blockchain handles about 7 transactions per second, Ethereum (ETH) handles 30, whereas Solana handles around 65,000 per second, which makes it a top choice for developers.

Solana is not only ultra-fast and economical; it is censorship-resistant. This means that the network will remain open for applications to run freely and transactions will never stop.

In addition to that, even the transaction fees are really less, which costs less than $0.01 for both developers and users.

3. Binance Smart Chain (BNB)

Binance Smart Chain (BSC) is a blockchain platform for smart contracts that was launched in late August 2020. BSC was built as a complement to Binance Chain, which went live in April 2020 to support decentralized trade.

Binance chain is the first blockchain from Binance. It is an independent blockchain working on a PoS consensus mechanism. Though optimized for fast decentralized trading BSC lacks smart contracts and strong programmability.

Hence, Binance Smart Chain (BSC) was created which runs parallel to the original Binance Chain. BSC thereby has smart contract functionality and is also compatible with the Ethereum Virtual machine (EVM). Its transaction time is around 3 seconds. The native token of both Binance Chain and Binance Smart Chain is BNB.

Validators stake BNB and can receive transaction fees. Its very low transaction fees, the high processing speed of transactions, and interoperability, has set it apart from other blockchains.

As Binance Smart Chain offers cross-chain compatibility features, there is a high hope that it will soon become the go-to blockchain for developers in the near future.

4. Tezos

Both Tezos and Ethereum are decentralized ledgers and smart contract platforms implemented on top of a blockchain. Despite having these similarities, they still differ in many ways.

For instance, Tezos has the potential to evolve faster as compared to Ethereum 2.0 as it already works on the PoS mechanism. Secondly, the network can be upgraded without a hard fork.

Also, as per the recent “Delphi” upgrade, the gas cost for Tezos may be reduced by 75%. Whereas in the case of Ethereum, the gas fees may cost somewhere around $50 to $100 and sometimes even more than that. Given that, developers are tempted to shift to Tezos, making it quite popular in the crypto market.

Also Read: How to Buy NFT on Tezos Blockchain

5. Cardano

Since Cardano was created by the co-founder of Ethereum Charles Hoskinson, Cardano and Ethereum share many similar features.

The major advantage that Cardano has over Ethereum is that it already runs on a PoS network. On the other hand, Ethereum is yet to transform from the PoW network to PoS network. This makes Cardano faster and much more eco-friendly blockchain platform than Ethereum.

Also, the recent upgrade of the Alonzo hard fork would help anyone to design and deploy their own smart contract.

Cardano is focused on facilitating transactions in its native crypto (named ADA) and providing a convenient environment for developers to create scalable and reliable Cardano-powered applications.

After Alonzo Hard Fork, Cardano is now able to run smart contracts, thereby opening a gate for developers to create decentralized applications (DApps).

6. TRON

TRON is known as the future of blockchain technology. TRON is developed with a few basics from the Ethereum blockchain. Additionally, the transaction fees are comparatively much lower. TRC is the native token for TRON.

Similar to Ethereum it has token standards of TRC-20 for fungible coins and TRC-721 for NFTs on the TRON blockchain platform.

What makes it different from Ethereum is its transaction speed as it can handle roughly 2000 transactions every second. TRON is built on a three-layer architecture with storage, core, and application layers. The TRON protocol uses Google protocol buffers, which allows multi-language extensions.

7. Polkadot

Polkadot is known for having unique capabilities that no other blockchain platform, such as Bitcoin or Ethereum, can match. Polkadot is a decentralized protocol that connects unrelated blockchains and allows value and data to be sent between them without the use of an intermediary.

It’s also built to be scalable and fast, thanks to a technology that employs multiple parallel blockchains known as parachains. It shifts a significant amount of processing load away from the main blockchain via parachains.

As a result, the Polkadot network is capable of processing over 1,000 transactions per second. Polkadot should become increasingly quicker as the network grows and more parachains are added, with speeds potentially reaching a million transactions per second.

Developers are drawn to this innovative blockchain platform as it provides ever-increasing speed proportional to its expansion in the future.

Polkadot is not only a decentralized protocol but also a token. The Polkadot token (DOT) serves two main functions within the Polkadot network; as a governance token and as a staking tool. Polkadot uses a proof-of-stake mechanism to secure the network, verify transactions, and create and distribute new DOT.

8. Ripple

Ripple is a digital payment network and system based on the blockchain, with its native token, XRP. Ripple transactions consume less energy, are confirmed in seconds, and are inexpensive, whereas bitcoin transactions consume more energy, take longer to process, and have higher transaction costs.

It allows seamless transfer of money in any form, whether it’s dollars, euros, yen, or cryptocurrencies like litecoin or bitcoin. XRP serves to facilitate quick conversion between different currencies.

9. Terra (LUNA)

Terra is a public blockchain platform that utilizes algorithmic decentralized stablecoin protocol to provide foundational building blocks, bringing DeFi to the masses. It uses the oracle system, and smart contract and promises mass-user adoption which appeals to developers to opt for Terra blockchain.

Terra operates on the Proof-of-Stake model which allows validators to verify transactions based on the number of coins they own. It uses stablecoin protocol to support a thriving DeFi system. Stablecoins are cryptocurrencies linked to fiat assets such as the US dollar and these are widely used in DeFi applications for lending and borrowing.

Considering this, Terra created its native tokens Luna (LUNA) and TerraUSD (UST) and it uses LUNA to keep stablecoin prices stable. To decrease and increase stablecoin, Terra incentives arbitrage trading between LUNA and stablecoins.

10. Avalanche (AVAX)

Avalanche is a blockchain platform that offers a fusion of scaling capabilities and quick confirmation times through its Avalanche Consensus Protocol. Its PoS mechanism helps it to process 4,500 transactions per second (TPS) which is way higher than Ethereum which stands at 14 TPS.

The native token AVAX is a utility token that secures the network. AVAX also serves as the Avalanche DeFi ecosystem’s medium of exchange. Simply put, the token is used as currency within the network, typically for fee collection in transactions, incentives, and many other use cases.

Avalanche was built to address many of the issues most blockchain networks face. Due to the tremendously powerful processing speed and low gas fee, it becomes a perfect choice for developers looking for an Ethereum alternative.

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