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Top 10 Blockchains To Watch Out in 2022
Explore in detail about top 10 blockchains to consider in the year 2022.
Blockchain technology appears to be gaining traction all the time. Bitcoin technology has now become a popular technology that first appeared in 2009. Blockchain maybe used in a variety of areas such as supply chain management, legal, healthcare, logistics, and so on. The goal of blockchain applications is to increase the efficiency and transparency of business processes.
The demand for blockchain platforms is growing as businesses begin to explore blockchain possibilities by developing blockchain apps. According to one of the polls, the global blockchain industry is anticipated to increase at a CAGR of 67.3 % from USD 3.0 billion in 2020 to USD 39.7 billion in 2025.
Here is the list of the top 10 blockchain platforms to explore in 2022.
Tezos is a decentralized, open-source blockchain network that allows users to conduct peer-to-peer transactions and build smart contracts. Its network can permit formal verification owing to its modular architecture and formal upgrade mechanism.
Tezos was founded by Arthur and Kathleen Breitman to provide the security and code accuracy required for digital assets and high-value use cases. It's a decentralized self-governing blockchain network.
The Tezos platform has several functionalities.
- self-amendment protocol
- On-chain governance
- delegated Proof of stake consensus mechanism
- smart contracts and formal verification
Ethereum, often known as Ether, is a prominent blockchain platform with its own native money. Developers use Ethereum to build new applications related to financial apps, decentralized markets, games, cryptocurrency markets, and more. Its objective is to eliminate third-party websites that can save data and monitor financial instruments over the internet.
Some of the features of the Ethereum platform are,
- Turning completeness
- Smart contract functionality
- Rapid deployment
#3 Hyper-ledger Fabric
Hyperledger fabric is being offered as a function for developing modular apps and solutions. It enables plug-and-play components like membership services and consensus. Its modular and adaptable architecture makes it suitable for a wide range of industrial applications.
One of the fundamental properties of the Hyoerledger fabric is its capacity to establish a network of networks. Members of fabric networks collaborate, but because some data needs to be kept secret, corporations normally retain different relationships within their networks.
Some of the features of the Hyperledger Fabric platform,
- Low latency
- highly modular
- Support for solidity and EVM
- Pluggable consensus
- Multi-Language smart contract support
- Queryable data
Stellar is a decentralized blockchain network that enables the storage and transfer of funds. It allows you to produce, exchange, and send digital representations of any type of currency such as dollars, pesos, bitcoin, and a variety of other currencies. More than 69% of banks are testing blockchain technology to make their services more transparent, seamless, and safe.
Stellar is a scalable and substantial blockchain platform that can assist in the development of safe and quick fintech applications, tokens, and digital assets that reflect financial assets. It is an open-source payment and currency network. It has no owner because it belongs to the public and it possesses millions of transactions.
Some of the features of the Stellar blockchain network
- Decentralized and open database
- thousands of transactions in a second
- allows multi signatures and smart contracts
- contains 1% fixed annual inflation
EOS is a blockchain platform to construct scalable and secure decentralized applications. It offers dApp hosting, smart contract functionality, and decentralized storage of enterprise solutions to address Ethereum and Bitcoin's scaling challenges.
The EOS platform uses multithreading and delegated proof of stake methods to eliminate all user costs and achieve consensus. Developers and investors can debate the platform in the "EOS forum" which is a specialized community.
Some of the features of the EOS blockchain platform are,
- Permission schema
Corda is an open-source blockchain platform that uses smart contracts to allow businesses to deal directly and in-complete secrecy. Optimizing company procedures lower record-keeping and transaction expenses.
It is a nimble and adaptable platform that can scale to suit changing business needs CorDapps are Corda-based applications that are intended and developed to alter business in a variety of industries such as insurance, energy, finance, and more.
Some of the features of the Corda blockchain platform
- Open design
- Open development
- Agile and Flexible
Klaytn is a global public blockchain platform by Ground X, the blockchain unit of South Korean social media corporation Kakao. Klaytn blockchain was designed with a modular network architecture making it a viable enterprise blockchain solution.
Service chains are self-contained sub-networks that make up Klaytn's business-friendly environment. Any online service may be established using Klaytn due to the flexibility and customizability of these service chains. On the other side activities based on gambling or financial speculations are not allowed.
Some of the features of the Klaytn blockchain platform are
- Block generation and confirmation
- Four thousand transactions per second
- Low gas fee
- supports the execution of solidity contracts
Tron is a decentralized blockchain platform to create a decentralized internet. Tron allows dApp developers to construct and use full protocols using blockchain smart contracts like Ethereum. When compared to big payment processors like PayPal, the Tron platform can hand;e 2000 transactions per second.
There are no transaction costs. Tron uses the delegated Proof of stake consensus process to safeguard the blockchain. A DPoS is a consensus method similar to Proof of stake that allows users to generate passive income by staking their assets in a network wallet.
Some of the features of Tron blockchain are,
- High throughput
- High scalability
- High availability
- Multi-language extension
- Removing counterfeit chain
- Compatibility with EVM
#9 Hedera Hashgraph
Hedera Hashgraph is a lightning-fast, secure, and fair platform that does not rely on a complex proof of work algorithm.Developers can use it to build new decentralised applications that are both distinctive and scalable.Smart contracts on the Hedera Hashgraph platform can be written dynamically like any other software component.
Some of the features of the Hedera Hashgraph platform are,
- Fast and secure
- Implementation of public BFT notary service
- integrating Hyperledger fabric network to Hedera consensus service.
#10 XDC network
A ready enterprise-grade hybrid blockchain for finance and global trading, the XDC network combines the features of public and private blockchains via cross-chain smart contracts. The XDC is the native token for the XDC platform. XDC is an EVM compliant allowing developers to deploy ethereum smart contracts on the XDC blockchain with no changes.
The world's quickest and most energy-efficient consensus protocol will be used by XDC. It employs delegated Proof of stake (XDPoS) which makes use of the stakeholder approval voting feature. Approval of stakeholders voting aids in the fair resolution of consensus problems. With legacy ecosystems and other blockchain networks, XDC has a high level of compatibility.
The XDC is a unique digital asset that may be used to stake XDC tokens and power the XDC blockchain network. Guard wallet, Freewallet, Lumiwallet, XcelPay, BitFI wallet, Ellipal wallet, D' CENT wallet, and Trezor wallet are several wallets that support XDC.
Thus, the top 10 blockchain platforms were explained and the rise in demand for more robust blockchain platforms indicates the maturation of blockchain technology
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