The advent of blockchains and smart contracts as a means of online transactions has brought about the development of various networks. While some networks offer additional functions and features for users, others do not offer them, and this is the basic reason some Blockchain networks are commonly preferred over others. Sometimes this is influenced by the game or power of the developer, but most times, the ability and reliability of the blockchain determines how popular it can become.
The difference in quality and value is also the major reason why it is important to understand the concept of cryptocurrency for beginners. Many popular blockchain networks dominate the internet even though others are also in the industry unable to cause public awareness. Blockchain networks are complex systems of interconnected networks all in relationship with the decentralized system. Parameters such as language, activity, pricing, network type, etc can also determine a good blockchain and boost its popularity.
Here is a list of the most popular blockchain networks.
After the great buzz created by the cryptocurrency king, Bitcoin, Ethereum is the next in line to take the rein. The network was founded years ago in 2014, and since then it has gained quite a lot of attention and popularity among traders. After Bitcoin, Ethereum remains the second most valuable blockchain network after Bitcoin, and its popularity is also owing to its high effectiveness and open-source characteristics.
Many developers can easily use the network to build others and any type of user can use the network as their blockchain network. It also works on a proof-to-work-based system. The blockchain network is one of the most highly active in the world and has multiple language compatibility including for applications like C++ and python. Its mechanism is based on the Ethereum Virtual Machine and this is why it has a run-time environment for Smart Contracts that have Ethereum as their units.
Also one of the most popular networks for blockchain users and an impressive design that is distinctive to the network. The network is designed to build blockchain units in a modular method. Like Ethereum it is also an open-source network therefore easily available for all types of users. Being a product of Linux and created in 2016, it is interesting how this network has gained much prominence in such a short amount of time.
The network has a basic objective of boosting Blockchain technology usage in various types of industries. One of the significant features of this network is its ability to allow networks on networks. This means that users of Hyperledger can work together without linking sensitive or business information over the network.
This is another open-source blockchain network that allows the user to secure their funds and also move them around whenever they like. The platform is suitable for making changes, trading, and sending digital funds to other users on the network. Stellar stands as one of the most scalable blockchain networks that ensure users can build a fast and efficient fintech application with zero worries concerning fluctuations, bugs, or glitches.
Creating tokens, transforming currency, and digital assets on this network is also quite feasible. It can handle a lot of money daily as well as millions of transactions possible daily. It works in similarity with other blockchain networks when maintaining the sync of the networks.
This is a popular blockchain network that was designed by the members of Blockchain R&D Company. The network is quite useful when the need is to build a blockchain application that uses a decentralized mechanism for its operation. This network works faster and more efficiently than many other networks because of its Byzantine Fault Tolerance mechanism. Users can make transactions and payments with the network using the native cryptocurrency NEO, thereby allowing the users to run their apps on NEO.
It has an in-built Oracle function that allows users to easily access any off-chain data. There is also a distributed data storage solution that was made for the scalability and privacy of users. NEO also has a feature that allows many types of operations to be carried out on the network with different cross-chain networks like Ethereum, Binance, Tron, and others.
The EOS blockchain network is a complex scalable platform designed for digital transactions for users. The network ensures that dApps’ hosting is possible and other functions such as smart contracts capability, and decentralized storage features are included in its system. These additional features are forms of the solution to solving the scalability problem that is faced by other popular networks like Ethereum and Bitcoin.
When users get their needs done with this network, there are no fees or charges deducted from their funds. It also ensures a level of consensus by using a delegated proof-of-stake and multithreading algorithms. Users of the network can also communicate and discuss via the EOS forum dedicated to members of the community.
When using Corda, businesses can make transactions without sharing information with smart contracts. These transactions are direct and strictly in privacy with the smart contracts using the networks. There is also ease in handling things on the network as it reduces the need for keeping records or wasting extra costs, which is possible due to the method of streamlining used by its business processes.
CordApps, which are the applications that were built using the Corda network is designed with consideration for various sectors and services. It can work with healthcare insurance, agriculture, finance, etc. It is also quite flexible and scalable depending on the needs of the business and user.