The chain of blocks (blockchain) is a digital record of all cryptocurrency transactions. It constantly grows as “completed” blocks with a new set of records are added to it. Each block contains a cryptographic hash of the previous block, a timestamp, and the transaction data. In this article we will talk about networks blockchain most used.
Bitcoin
Bitcoin It has become a household name today; however, it actually dates back to 2008. In October of that year, Satoshi Nakamoto published an article outlining the concept of Bitcoin and the details of how this virtual currency and its advantageous properties could be generated.
Within a year of that article, the world saw the rise of customer development. Bitcoin open source, starting with a program and thus marking the start of digital currency in public markets. Although Nakamoto is widely credited with this revolutionary creation, his true identity remains a mystery to this day.
Bitcoin It is one of the most powerful blockchain networks, and its decentralized nature allows for secure peer-to-peer transactions without the need for any third party to process or control personal data. Incredibly, Bitcoin it has an estimated market value of $2,2 trillion, making it the most valuable cryptocurrency, with more than 40% of the entire cryptocurrency market.
This popularity brings a great deal of resources and public attention to the blockchain. Bitcoin, which continues to drive transactions from large investors to ordinary people. Its success as a digital currency is unparalleled, making it one of the most revolutionary blockchain networks in recent years.
Ethereum
Ethereum, created in 2015 by programmer Vitalik Buterin, offers a revolutionary platform for collaborative and decentralized applications. Ether (ETH), its native digital currency, facilitates convenient and secure financial transactions through the platform without government intervention or oversight. Since its creation, ether has been one of the most successful cryptocurrencies on the market, with its value increasing significantly in a relatively short period of time, just like bitcoin.
Ether is the digital currency that allows anyone in the world to access Ethereum, a unique platform made up of nodes connected to each other through the blockchain. This distributed ledger technology stores a history of all transactions made on the network and executes computer code with its blockchain-based smart contract functionality.
Unlike traditional banking systems, this revolutionary technology works like an online bank powered by millions of computers that process requests from a node faster than any other network, and only confirm requests once all nodes in the system are connected. ok.
The Ether tokens are then held in wallets for users to update their balances on the decentralized public ledger whenever they perform actions on the blockchain, such as sending money or tracking activities and exchanges within the system. All these processes put Ethereum far ahead in terms of security, reliability, efficiency and performance compared to other more conventional platforms, making Ethereum one of the most secure blokchain networks on the market.
Solana
Solana, launched in March 2020 with an initial value of less than a dollar, has not stopped advancing the market since then. At the end of March 2021, it was already valued at $19,81 before rapidly revaluing in April to a much higher price of $55,91.
Since then, the value of Solana has continued to rise steadily and impressively. As the coin matures and further establishes its project, it is set to become even more attractive and this being one of the blockchain networks with great potential to revolutionize the cryptocurrency space.
Solana It is one of the fastest and most scalable blockchain networks that allows users to program smart contracts like Ethereum but with enhanced features. The Proof of Stake consensus mechanism used by Solana eliminates the need for traditional mining, making it more energy efficient compared to other blockchains. This improves your network's ability to handle the large amount of data required for many applications such as decentralized finance, social media, and gaming applications.
Solana has adopted its native SOL currency as the primary mode of transactions on its blockchain, allowing these real-world applications to benefit from a reliable financial infrastructure. All these features make Solana one of the most advanced blockchain networks available today.
Binance smartchain
Since its launch in 2020, BNB Chain (formerly Binance Smart Chain) has made impressive strides in the DeFi, NFT, play2earn and metaverse markets. By launching innovative applications and protocols on your blockchain, BNB Chain has assumed a pioneering role as one of the most dynamic enterprise-level innovators in the industry.
Praised for its collaboration capabilities with Ethereum and its cross-chain interoperability, it is becoming increasingly popular with projects looking to jump-start their decentralized finance ideas or further explore the realms of blockchain gaming. BNB Chain it will stay at the forefront of advancements in 2021 as companies continue to leverage its emerging use cases to shape their product roadmaps.
Binance SmartChain (BSC) has become a considerable force in the world of blockchain networks thanks to its fast and cheap transactions and its ability to run smart contract-based applications compatible with the Ethereum Virtual Machine. To ensure secure participation in the network and confirmation of transactions, the BSC protocol works with the PoSA consensus mechanism.
This hybrid of Proof of Stake and Proof of Authority allows selected verifiers from the network to create new blocks and verify transactions in a toggling cycle leveraging PoA. Overall, BSC has proven to be a reliable and cost-effective option for companies looking to run smart contract projects.
Polygon
Beginning its journey in 2018, the history of Polygon (formerly known as Matic) started when Jaynti Kanani, Sandeep Nailwal and Anurag Arjun detected a gap in Ethereum's scalability and usability. To fill this gap, they proposed creating a novel second-layer sidechain network that would take on the excess transaction load from Ethereum.
To achieve this, their ambitious solution combined the power of Plasma with a proof-of-stake (PoS) sidechain network overseen by a handful of nodes. This would allow developers to port all their DApps to the Matic sidechain while transferring their effects on Ethereum in the form of blocks via Plasma. In this way, they could end scalability and usability issues while driving innovations in the broader blockchain ecosystem.
But to make this project possible, Matic had an incredibly successful period of fundraising activity on April 26, 2019. An initial round of seed investment saw 209 million MATIC tokens sold worth $161k, followed by the of early adopters that sold 171 million tokens for $444,600. The most impressive part of the fundraising was the IEO round that offered 1.900 billion MATIC tokens with total sales of over $4 million. This highly successful investment day demonstrated the attractiveness and potential of Matic in the market.
The focus of Polygon to create a distributed network of nodes is based on the underlying blockchain principles of using the Proof of Stake (PoS) consensus protocol and is further enhanced by its compatibility with Ethereum through the use of Plasma. Together, these technologies allow Polygon and connected Ethereum DApps interact seamlessly, regardless of which network the user is sending value or data from. This two-way communication bridge between Ethereum and Polygon opens up a whole range of new possibilities for the development of DApps and services on both networks.
Conclusion
The networks blockchain They have come a long way and have captured the attention of many around the world. Different blockchains have been created to meet different needs, and some have been more successful than others. Binance Smart Chain (BSC) has become a major player in the world of smart contracts due to its low-cost and fast transactions and its ability to run smart contract-based applications compatible with the Ethereum virtual machine.
Polygon is another project that is rapidly gaining traction, thanks to its combination of Plasma and Proof-of-Stake technologies. These two projects are just a few examples of the exciting developments taking place in the world of blockchain. As these technologies continue to evolve, we can only imagine what new innovations will be born from them. What are you waiting for to join the blockchain community?
