10 Blockchain Protocols to Know in 2023
Blockchain technology has come a long way since its inception in 2008 as the underlying technology for the first cryptocurrency, Bitcoin. Today, the use cases are for blockchain technology goes far beyond just cryptocurrencies, and the number of blockchain protocols has exploded in recent years, and records are available in CryptoManiacs.
But with so many options available, it can be challenging to know which protocols to consider. This crypto guide will examine the top ten blockchain protocols worth knowing about in 2023.
10 Blockchain Protocols to Know in 2023
For simplicity and comfort, our experts have researched the top ten blockchain protocols you need to know in 2023. Below is a list of the blockchain protocols we have collected from the best crypto educational resources worldwide.
1. Smart contract and Ethereum
Ethereum is the second largest cryptocurrency by world market capitalization, and we often refer to it as the “world computer.” The Ethereum network is designed as a decentralized platform for building and running applications, with a focus on smart contracts.
ONE smart contract is a self-executing system that helps settle agreements between buyer and seller available in lines of code. This stage means that the contract can be executed automatically when the platform meets certain conditions without an intermediary.
Ethereum has several features that make it an attractive platform for developers. For example, it has a built-in programming language called Solidity, which makes it easy for developers to write smart contracts. Additionally, the designs of the Ethereum network are scalable. It can handle many transactions per second, making it ideal for decentralized applications that require large amounts of data.
2. Proof-of-work Consensus Mechanism & Bitcoin
Bitcoin is the largest crypto available by market capitalization and is often considered the “gold standard” of cryptocurrencies. The Bitcoin network is a decentralized digital currency and peer-to-peer payment system that allows users to send and receive payments without intermediaries.
One of the critical features of the Bitcoin network is its decentralized nature, meaning that no single entity controls it. This offer provides a high level of security and makes it difficult for authorities or other organizations to interfere with transactions. In addition, the Bitcoin network uses a proof of work consensus mechanism, which requires participants to contribute computational power to validate transactions and secure the network.
3. Proof-of-stake consensus mechanism in Binance Smart Chain
Binance Smart Chain (BSC) is a high-performance blockchain network launched by Binance, one of the largest cryptocurrency exchanges in the world. Binance Smart Chain is designed for decentralized applications and enables fast and affordable transactions.
One of the critical features of the Binance Smart Chain is its scalability, which allows it to handle a large number of transactions in a short period of time. This system makes it an ideal platform for decentralized applications that require a large volume of data. In addition, Binance Smart Chain uses a proof-of-stake consensus mechanism. However, this system makes the network more energy efficient than the usual proof-of-work mechanism used by Bitcoin.
4. Ouroboros and Cardano (ADA)
Cardano is a blockchain platform for secure and sustainable decentralized applications and smart contracts. It uses a proof-of-stake consensus mechanism (Ouroboros), which means participants validate transactions by holding and depositing tokens.
One of the critical features of Cardano is its focus on sustainability, meaning it is designed to be energy efficient and have a low carbon footprint. In addition, Cardano uses a modular architecture that allows it to be upgraded and improved over time, making it a future-proof platform for decentralized applications.
5. Polkadot (DOT) and para chains
Polkadot is a multi-chain network that enables interoperability between different blockchain systems. This network means developers can build decentralized applications to communicate and transfer data between other blockchains, making it possible to create more complex and interconnected applications. In addition, Polkadot enables the transfer of assets and information between different blockchains and provides a shared security model for all connected chains.
6. Proof of effort and Solana
Solana is a fast and scalable blockchain protocol designed for decentralized finance applications. Solana uses a unique consensus algorithm, Solana Proof of Stake (PoS), which allows it to process thousands of transactions per second. Solana focuses heavily on developer adoption and offers several tools and resources to help developers build on the platform.
7. Chainlink (LINK) and Oracle Network
Chainlink is a Bitcoin-like oracle network capable of delivering real-world data to smart contracts. Chainlink enables smart contracts to access data from external sources, such as stock prices, weather data, etc. This link allows the creation of decentralized applications that can interact with the real world, enabling the creation of a wide range of new decentralized applications.
8. Cosmos (ATOM) & DeFi
Cosmos is a decentralized network of independent blockchains that enables the transfer of assets and information between different blockchains. Cosmos offers a shared security model for all connected chains and offers fast and secure transactions. Cosmos focuses heavily on scalability and interoperability, making it a popular choice for decentralized exchanges and DeFi projects.
9. Smart Contracts and TRON (TRX)
TRON is a decentralized platform that makes it possible to create smart contracts and decentralized applications. TRON has its cryptocurrency, TRONix (TRX), used to pay transaction fees and computational services within the network.
TRON’s strong focus on the entertainment industry provides a platform for content creators to publish, store and monetize their digital content. TRON also has a large and active community, and it has partnerships with several well-known companies in the entertainment industry.
10. Proof of effort & HIV (HIV)
Hive is a blockchain protocol with a design similar to decentralized social media applications. Hive provides fast and secure transactions and has a large and active community of content creators and curators. Hive is known for its social focus and a strong culture of collaboration and commitment.
Finally, these top ten recommended blockchain protocols represent a diverse range of use cases and technologies, impacting the world of decentralized systems. Each protocol has unique strengths and weaknesses, and it is up to developers and users to decide which protocols best suit their needs. Therefore, it is important to stay informed and up-to-date on the latest developments in the world of blockchain as this technology continues to develop and mature.
