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Which Blockchain Networks Are the Most Popular? - PerfectionGeeks

Which Blockchain Networks Are the Most Popular?

March 9, 2023 4:42 PM

Blockchain Networks

Most investors believe in profitable coins, tokens, and projects, not in the blockchain networks that support them. And that's absolutely all right.

Understanding blockchain technology was crucial in the early days of cryptocurrencies and crypto investing, but today it is good to invest and prosper without giving the matter of blockchains a second thought.

Still, blockchains are engaging, both as the foundation of every current cryptocurrency and in the ways they differ from one another. Here's a whirlwind tour of the crypto enterprise's most widely used blockchains.

  • A Bit of Background
  • Before we get started, let's be confident we're on the same page. If you're unclear on what a blockchain peer-to-peer database is and why it is paramount to cryptocurrencies, take a look at our overview,

    "What Is Blockchain Technology and How Does It Function?"

    In many circumstances, the blockchain and the associated cryptocurrency are so tightly coupled that it doesn't make sense to examine them individually. The Bitcoin blockchain is the basis of Bitcoin. That's what it's for. The response to the question, "What blockchain does Bitcoin utilise?" has an easy, obvious answer.

    By the same token (no pun intended), Ether runs on the Ethereum blockchain. Litecoin, Ripple, TRON, EOS, Chia, Monero, NEO, Stellar, Solana, and Dogecoin are all conducted on their respective blockchain networks.

    But the story is not so easy. Some cryptocurrencies are implemented on existing blockchains. For example, Maker, Axie Infinity, Chainlink, Compound, Aave, Status, SushiSwap, Uniswap, Kyber Network, Basic Attention Token, and Decentraland are all founded on the Ethereum blockchain.

    The differences between these two companies are typically not important. All cryptocurrencies employ blockchain encryption techniques to ensure that data is safe and transactions are validated. Although different blockchains use different consensus tools, they all add blocks through a verification procedure. Nonetheless, there is a distinction between cryptocurrencies that have their own blockchains and those that are hosted on existing blockchain networks

    When a cryptocurrency is the native currency of its blockchain, we guide it to its units of denomination as coins. NEO, Ether, and Dogecoin are all coins.

    When the crypto is hosted on a current blockchain, we treat it as a token. Chainlink, MakerDAO, and BAT all pass because they are hosted on Ethereum rather than having their own blockchains.

  • Identifying the top blockchain networks
  • Bitcoin accounts for about 40% of the whole cryptocurrency world's value, so it is fair to say that the Bitcoin blockchain is the most famous. It is certainly the one that has the most importance locked up in it.

    But it is equally a fact that the Ethereum blockchain is the most famous. How big is the Ethereum blockchain? It relies on how you count it. In 2021, the total number of transactions on Ethereum surpassed the number of Bitcoin transactions for the first time. Because Ethereum is the foundation network for so many cryptocurrencies—and for most NFTs as well—it is likely to be recognised as the world's most famous blockchain network.

  • Most of the other widely used webs exist to overcome hurdles in existing blockchains.
  • For instance, the Solana blockchain is intended to serve as a basis for cryptocurrencies and distributed apps. Like Ethereum, the Solana protocol helps create executable code in the form of smart contracts. Solana's key benefit is that its unique Proof of History consensus mechanism permits the network to process tens of thousands of transactions per second. That's an important concern for a worldwide network. For comparison, Bitcoin subsidises 7 tps, and Ethereum supports about 15 tps. This creative blockchain demands much lower transaction fees than Ethereum, too. It's no surprise that it is rapidly increasing in popularity.

    Dogecoin was made as a joke in 2013, but it has evolved into a serious coin. At least part of that change is due to the fact that the Dogecoin blockchain processes transactions about 10 times quicker than the Bitcoin blockchain.

    The Chia blockchain network utilises a consensus mechanism to reach "Nakamoto." This Proof of Space and Time tool utilises just 0.16% of Bitcoin's annual energy consumption, Chia states, and 0.36% of Ethereum's.

    Ripple's XRP Ledger blockchain was created to help RippleNet, an international network intended to create instant money transfers worldwide, using both crypto and fiat currencies.

    The Monero blockchain was created with a focus on privacy. All blockchains encrypt personally identifiable data, but the Monero protocol includes extra parts to obscure all transaction details.

  • Different Demands, Different Blockchains
  • It takes only a few minutes to see that every blockchain network serves a different purpose. Some are created to help a special industry or project—or even a single app—especially in the world of decentralised finance. Others are created as substitutes for existing blockchains that suffer from technical regulations. Ethereum's programmability drives its functions like an operating system for blockchain-based apps and resources. And the Bitcoin network has all the elements required for its coin to serve as a general-purpose substitute for government-issued currency.

  • FAQs
  • What are the 4 types of blockchains?
  • The most commonly recognized types are public, private, consortium, and hybrid.

    Public blockchains Decentralized, open networks where anyone can participate and access the ledger data.

    Private blockchains: centralised networks with restricted access and enterprise solutions

    Consortium blockchains: The network is governed by several entities.

    Hybrid blockchains: Flexible networks that can be configured

  • How many blockchain platforms are there?
  • There are likely hundreds or even thousands of blockchain platforms out there. However, most of these platforms are not built from scratch. Instead, they are forks of existing platforms such as Bitcoin or Ethereum. If we only consider platforms that are more or less unique and made from scratch, the number will drop to a few dozen.

  • What's the best blockchain to build smart contracts on?
  • The answer depends on your needs and resources. Every blockchain offers smart contract functionality. It boils down to programming language, virtual machine, and use case. Ethereum is considered the most widespread platform for creating smart contracts. Regardless of the choice, it's vital to ensure the security of the application with a professional smart contract audit.

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