Blockchain technology has flourished since the invention of Bitcoin, bringing back numerous cryptocurrencies and blockchain platforms. Since Bitcoin is based on an older blockchain with speed and energy consumption issues, blockchain solutions for these problems have emerged.
The Rapid Development & Growth Of Blockchain Technology
It appears that blockchain technology is progressing swiftly. Since its debut in 2009, bitcoin technology has grown in popularity. Blockchain applications are designed to improve the efficiency and transparency of company operations. The use of blockchain technology is widespread across various industries, including supply chain management, law, healthcare, and logistics.
The need for blockchain platforms is growing as businesses start to investigate blockchain possibilities by creating blockchain apps. One of the polls predicts that the global blockchain market will increase from USD 3.0 billion in 2020 to USD 39.7 billion in 2025, with a CAGR of 67.3 percent. Let’s explore the top blockchain platforms of 2022 in this blog.
The Most Important Blockchain Platforms To Examine In 2022
Blockchain systems have significantly interested in streamlining supply chains and increasing financial transactions, trade, and traceability. In addition to overcoming these restrictions, modern blockchain platforms offer valuable benefits for additional commercial applications and purposes.
The following are some of the top blockchain platforms to look out for in 2022:
Tezos is a decentralized, open-source blockchain network that enables peer-to-peer transactions and innovative contract development. Its network’s modular architecture and standard upgrading mechanism allow it to support formal verification.
Arthur and Kathleen Breitman founded Tezos to provide the security and code accuracy needed for high-value use cases and digital assets. It is an independent, decentralized blockchain network.
Some of the key features of the Tezos platform include:
- The self-amendment process
- Delegated On-chain governance Mechanism for Stake Consensus Proof
Ethereum is more than simply a blockchain; it’s a platform that powers various decentralized applications (DApps) and standalone blockchains.
Ethereum, a decentralized blockchain platform introduced in 2013, is the first to introduce smart contracts to guarantee dependable operations. Its token Ether (ETH) now has the second-biggest market cap among cryptocurrencies and the largest market cap among Proof-of-Work (PoW) cryptocurrencies.
Since Ethereum is one of the most well-known and advanced leading blockchain systems, it is undoubtedly the top choice for many developers. Ethereum offers NFTs the most significant exposure to the enormous and promising crypto market compared to other blockchains. However, its fundamental flaws are delayed transaction processing and comparatively expensive transaction fees.
In contrast to the well-known Ethereum blockchain, only those working in cryptocurrency are familiar with Solana. Despite launching the blockchain in 2017, SOL began trading on reputable platforms only in April 2020.
One of the quickest blockchains in the world, according to available statistics. As the blockchain with the most significant market cap using the Proof-of-Stake (PoS) technique, Solana is engaged in a battle with Cardano for the title.
Solana is not only speedy and affordable, but it is also censorship-resistant. This implies that the network will always be accessible to apps and that transactions will never halt. Additionally, transaction fees are meager, costing developers and consumers less than $0.01.
No other blockchain platform, like Bitcoin or Ethereum, can compare to Polkadot’s unique abilities. The decentralized Polkadot allows unrelated blockchains to exchange data and value directly.
Thanks to a mechanism known as parachains that uses numerous parallel blockchains, it is also designed to be scalable and quick. Through parachains, it diverts a sizable portion of the processing load off the primary blockchain.
This cutting-edge blockchain platform appeals to developers since it offers rising speed in line with future expansion. The Polkadot network can therefore process more than 1,000 transactions per second. As the network expands and more parachains are added, Polkadot should get faster, possibly reaching a million transactions per second.
With its native token, XRP, Ripple is a blockchain technology-based digital payment network and system. Compared to bitcoin transactions, which use more energy, take longer to process, and cost more, ripple transactions use less energy, are confirmed quickly, and are inexpensive.
Money can be sent without any issues, whether in the form of dollars, euros, yen, or cryptocurrencies like litecoin or bitcoin. Quick currency conversions between different currencies are made possible by XRP.
The blockchain platform Avalanche combines scaling characteristics and quick confirmation times with its Avalanche Consensus Protocol. Its Proof-of-Stake (PoS) algorithm enables it to perform 4,500 transactions per second (TPS), significantly more than Ethereum’s 14 TPS.
The Avalanche DeFi ecosystem’s medium of trade is AVAX. A utility coin that protects the network, AVAX is the native token. As explained, the token serves as cash within the network and is often utilized for transaction fees, rewards, and other purposes.
With Avalanche, most blockchain networks can deal with many of their problems. It has become the ideal option for developers looking for an Ethereum alternative because of the breakneck processing speed and low gas fee.
The Terra public blockchain platform makes DeFi accessible to the general public by using the algorithmic decentralized stablecoin protocol to supply fundamental building blocks. It uses the oracle system and smart contracts and ensures widespread adoption, all enticing developers to choose Terra blockchain.
The stablecoin protocol supports a thriving DeFi system. Stablecoins are digital currencies backed by fiat currencies like the US dollar and are frequently utilized in DeFi lending and borrowing apps. With the Proof-of-Stake mechanism, which Terra uses, validators can validate transactions based on how many coins they own.
Terra developed TerraUSD (UST) and Luna (LUNA), its native tokens, and uses LUNA to maintain stablecoin pricing. Terra encourages trade between LUNA and stablecoins as an arbitrage strategy to decrease and raise stablecoin.
It would help if you considered your company’s needs to choose the right blockchain platform for your business.
You ought to consider the following factors before making a choice:
- whether the blockchain platform has permissions,
- the media supported programming languages,
- the security levels of the forum and
- if a specific forum accepts smart contracts.
These elements will aid you in selecting the best blockchain platform for your company.