The growth of the cryptocurrency industry to a trillion-dollar industry, together with the ongoing dominance of Bitcoin and Ethereum, has made it possible the launch additional blockchain platforms. Bitcoin, the largest global virtual currency, represents more than 70 percent of the total market value. Due to the rising demand in the blockchain industry, we will discuss several key platforms that you need to be aware of right now. Before investing in bitcoin, you can read about the qualities of a bitcoin exchange platform.
Leading New Blockchains
Solana (SOL)
Fast transactions are prioritized under a revolutionary trustlesss approach called Proof of History on the blockchain network of Solana. Proof of History builds a lengthy, uninterrupted chain of hashed transactions without the need for a traditional timestamp, in contrast to blockchain validation processes like Proof of Work and Proof of Stake, which establish consensus among other nodes in the blockchain system. The Solana blockchain can now execute transactions up to 50,000 times per second due to this procedure.
The project’s partnership with Chainlink at the beginning of 2021 and the transfer of Kin tokens from the chat app Kik to Solana are notable connections with the platform. In order to pay for transactions including the usage of smart contracts, the Solana (SOL) token functions as utility token for blockchain.
Cardano (ADA)
Cardano, one of the first blockchains on the list, was developed in 2015 as a third-generation, all-purpose blockchain that places a strong emphasis on environmentally friendly and scalability Proof-of-Stake mechanism. Cardano was created using peer-reviewed academic research and is primarily developed by the technology firm Input Output Hong Kong (IOHK), which was established by Charles Hoskinson, an early Ethereum employee. Cardano just finished a hard fork update that opens the door for the inclusion of smart contracts on the blockchain.
Cardano’s ascension to the Top list in cryptocurrency rankings is attributed to its perception as one of Ethereum’s primary competitor blockchains. Blockchain activity on Cardano has increased over time, driven by retail investors and corporate alliances like its most recent one with Swiss blockchain startup Lykke Corp. However, Cardano’s supporters have a plan that goes all the way to 2025 and are taking a long perspective of the project’s evolution.
Polygon Matic (MATIC)
The project Polygon, formerly known as Matic on Binance Launchpad, provides a protocol for building blockchain networks that are interoperable with Ethereum. With higher speeds and extremely cheap prices, the Polygon Network functions as an Ethereum sidechain, or parallel chain connected to Ethereum. Prior to being the native token of BNB Chain, BNB was originally an ERC-20 token developed in 2017 in conjunction with the prominent exchange Binance.
BNB Chain
A relatively new smart contract blockchain, BNB Smart Chain was unveiled in late August 2020. In order to support decentralized trade, BSC was developed as a complementary blockchain to BNB Beacon Chain, which became live in April 2020. Prior to being the native token of BNB Chain, BNB was originally an ERC-20 token developed in 2017 in conjunction with the prominent exchange Binance. BSC offers fast throughput on the blockchain, 3-second block intervals, and support for smart contracts and the Ethereum Virtual Machine (EVM). This implies that Ethereum-native apps may easily move to BSC and benefit from its quicker rates and cheaper costs.
BSC’s advantages have made it an appealing choice for blockchain applications to quickly move over, especially in light of recent network issues with Ethereum. At its best, BSC handled 11.8 million transactions in a day, which is many times more than Ethereum can handle.
Conclusion
This blog has outlined some of the most essential blockchain systems that might meet any of your requirements. I expect you may profit from the little information provided here regarding four different blockchain networks.
