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Top Blockchain Platforms

 

Top Blockchain Platforms

 

One of several surveys conducted of cryptocurrency blockchains market size has revealed that the blockchain market held a value of 3 billion US Dollars in 2020 and this is expected to grow to more than 39.7 billion in 2025, showing a compound annual growth rate of 67.3% over five years.

 

 

Choose your quick section of our top Cryptocurrency blockchains below.

 

Our 10 Best Handpicked Cryptocurrency Blockchains of 2022:

 

For this reason, it is crucial to view the list consisting of the top blockchain platforms of 2022 to help organizations choose the right technology to take their business forward in this digital age. It also helps numerous organisations join a more transparent and efficient business ecosystem globally.

 

 

 

 

Bitcoin

Bitcoin is the first cryptocurrency which was ever launched and subsequently, its blockchain is the first of many to be developed. Blockchain is the internet of value as information can be published by any individual with others being granted access to this information.

Blockchain establishes trust and identity as blocks cannot be edited without the correct keys being in order. Blockchain works to record transactions, establishes identity, and it establishes contracts.

The Bitcoin blockchain makes use of a Proof-of-Work consensus method where miners are responsible to validate transactions. Miners work to find the unique has of a new block so that it can be added to the blockchain and the miners are subsequently rewarded.

 

Pros and Cons

✔️Pros ❌Cons
Blockchain is irreversible The consistent threat of attack
Large storage Ineffective as result of proof-of-work
There are no technical failures Requirement for public keys
There are no third parties There is no modification

 

Ethereum

Ethereum was established in 2013 and it is an open-source blockchain that is based on distributed computing platform which was proposed by Vitalk Buterin. Ethereum is widely known for its ability to run smart contracts on its custom blockchain.

 

The Ethereum Virtual Machine (EVM) supplies the run-time environment to smart contracts and every node in the network must therefore run on EVM implementation.

 

Even though there has been widespread adoption of Ethereum, it is essential to realize that it is a public blockchain platform and therefore permissionless, built for restricted access as opposed to mass consumption.

 

It is also a Proof-of-Work-based platform that is slower where speed is concerned. However, this can change drastically as there is a change to a Proof of Stake consensus algorithm. Ethereum features a large online support community that updates everyone on the network with product enhancements as well as updates.

 

Pros and Cons

✔️Pros ❌Cons
Clear views on regulation First-mover disadvantages
Achieves consensus and proven security Numerous market hoaxes
ERC 20 has become the standard for fundraising in the world of ICO PoS (Proof of Stake) update
Ethereum blockchain leverages blockchain Sluggish transaction speeds
Ethereum has a dedicated team and community
Geographically more diverse
Proven track record in reliability
Significant traffic on the network
True decentralization

 

Cardano

Cardano is the home of the Ada cryptocurrency that is used to send and receive digital funds. Cardano is like Ethereum in the sense that it is a smart contract platform. However, Cardano offers scalability as well as security through a complex, layered architecture.

 

The approach that Cardano has is unique and it is built on scientific philosophy as well as peer-reviewed academic research. Cardano was first conceptualized by Charles Hoskinson, one of the co-founders of Ethereum.

 

Cardano is considered the third generation of blockchain, with Bitcoin and Money transfer being the first and Ethereum and Smart Contracts being the second. Enter Cardano, which takes the positive elements of the previous two generations with some added elements of its own.

 

The engineering involved in Cardano has the main goal of becoming a “High Assurance Code”. This is achieved by ensuring that there is a significantly higher belief in the quality of the code which is used.

 

Pros and Cons

✔️Pros ❌Cons
Secure and reliable Well designed to decentralize well but with some flaws
The strong development team and rapid development

 

Polkadot

Founded by Dr. Gavin Wood, Robert Habermeier, and Peter Czaban under the Web3 Foundation, which is a Swiss foundation that is dedicated to facilitating a fully functional as well as user-friendly decentralized web.

 

The duty or purpose of the Polkadot platform is that it connects various individual blockchains into one network. It aims to do to blockchain what the internet has done for numerous solitary computers around the world.

 

Polkadot was first proposed on November 14, 2016, and it aims to solve a lot of pressing issues involved with various blockchains.

 

Polkadot is unique in its ability to process multiple transactions on more than one blockchain in parallel by making use of its proprietary “Parachain” feature. Polkadot is dubbed a sharded multichain network and it can help other blockchains such as Ethereum with its scalability.

Polkadot also allows for users to add customized blockchains to the network with little to no friction.

 

Pros and Cons

✔️Pros ❌Cons
Communication between multiple platforms Extended waiting time
Flexible Prominent level of competition
Prominent level of transparency Large network of teams
High technical prowess No winning strategies as a result of factors regarding unknown parameters
Powerful advisors The team is not open to dialog on the community

 

Tezos

Kathleen Breitman and Arthur Breitman, Co-founders of Tezos, started building the platform in 2014 and along with its team of core developers, conducted an ICO in July 2017, raising $232 million within two weeks.

 

Tezos is a decentralized blockchain platform that is self-governing. The Tezos platform also establishes a true digital commonwealth and is linked to a digital token called “Tezzie” or TEZ. However, it should be noted that the Tezos platform is not based on the mining of TEZ, rather, holders of TEZ are rewarded for participation in the POS consensus mechanism.

 

Tezos, like Ethereum, Neo, Waves, and QTUM, is a platform based on smart contracts and DApp, however, its cryptographic mechanism makes it unique for other platforms.

 

Pros and Cons

✔️Pros ❌Cons
Governance is done by the community Delays in issuance
Successful ICO Internal conflicts between the foundation and the official Breitman company
Supportive community Tezos has faced lawsuits and an investigation led by Reuters
There is formal verification

 

Solana

Solana was established in 2017 by Swiss-based Solana Labs to face one of the largest challenges that blockchain technology struggles with, the scaling of blockchain for global adoption.

 

Solana is supported by the fundraising of more than $25 million from investors such as Multicoin Capital, NGC Capital, Rockaway Ventures, and several others.

 

Solana is an open-source project that makes use of a high-performance, permissionless blockchain. It is a fourth-generation blockchain that works to provide an open infrastructure which is required so that there is more widespread adoption.

 

Solana introduces several efficient technologies that work together to enable the blockchain to facilitate increased transaction speeds while maintaining a secure platform. It makes use of a Delegated Proof of Stake (DPoS) consensus algorithm, which is swifter than PoS methods.

 

The Tower BFT, or Byzantine Fault Tolerance system, used by the Solana ecosystem is an upgraded version of the Practical Byzantine Fault Tolerance (PBFT) system. Solana serves to improve network responsiveness by allowing Solana Validators to vote on the ledger’s state.

 

The Solana ecosystem also uses the Proof of History (POH) consensus method that applies timestamps to each transaction approval. These allow the network nodes to find the correct sequence of events, playing a crucial part in the cryptographic clock on the blockchain.

 

The Gulf Stream Mechanism also further increases the speed of the Solana blockchain by ridding it of the mempool. On a regular blockchain, the mempool is the place where transactions gather before they are selected by a node to be validated and inserted in a new block.

 

With Gulf Stream, the network sends new transactions to validators before all transactions on the current block are approved. Solana also makes use of a Sea-level system to develop smart contracts which can run parallel, and which can use the same protocols. Through this, thousands of smart contracts can run simultaneously without slowing the Solana blockchain down.

 

Solana also uses Pipelining which minimizes block validation times, Turbine, which is a broadcasting protocol that breaks data into smaller parts that are sent to nodes using less bandwidth.

 

Archivers are store mechanisms that provide validators with quick access to transaction history on the network and lastly, Cloudbreak which is an account database which enables the system to read as well as record information simultaneously.

 

Pros and Cons

✔️Pros ❌Cons
Increased speeds Centralization is still a problem with less than 200 validators
Integration of several technologies seamlessly into one blockchain Unattractive distribution
Significant potential Unattractive emissions schedule

 

Casper

Casper is a Proof of Stake (PoS) blockchain platform that focuses on the needs of numerous enterprises. It is an open-source blockchain that works to help businesses create an ideal network for their various needs.

 

The development team behind this platform is CasperLabs and they made the blockchain suitable for developer adoption, with numerous tools and features to create and distribute DApps.

 

Casper’s unique characteristics make it the perfect solution without any compromises and unlike other blockchain platforms, it is a sustainable solution despite the needs of users, from large, medium, and small enterprises to developers and consumers.

 

Casper is not the result of a fork from an existing blockchain, and it is based on the original Casper CBC specification. The structure is developer-friendly, and it allows for developers to start building immediately.

 

Casper supports WebAssebly which is one of the most widely used and popular programming languages used by DApp developers. Another main feature of Casper is that it is permissionless and flexible, allowing businesses to develop private applications as well as permission ones with the benefits that come from the security of a public, transparent blockchain.

 

Pros and Cons

✔️Pros ❌Cons
Developer friendly Cannot finalize blocks if the validating system of Ethereum becomes corrupted
Easier to design mechanisms to lower risks of double-spending attacks Unproven efficiency and security
PoS does not rely heavily on computational power

 

Stellar

Stellar is a distributed blockchain-based ledger that is used to facilitate cross-asset transfers of value. Stellar is like Ripple, and it also deals with exchanges between cryptocurrencies and currencies that are fiat-based. It is even possible to build banking tools on the Stellar blockchain platform along with smart devices, and mobile wallets.

 

Stellar uses the Stellar Consensus Protocol (SCP) which makes it possible to reach consensus without having to rely on a closed system to record financial transactions. SCP optimises safety over licenses by stopping the network’s progress until a consensus can be reached if there are nodes or partitions that misbehave.

 

When compared to other decentralized PoW and PoS algorithms and consensus methods, SCP has modest financial and computing requirements. This ensures that the entry barrier is reduced and that the financial system opens to participants.

 

Pros and Cons

✔️Pros ❌Cons
Easy execution of multi-currency transactions Prominent levels of competition in the field
Fast transaction speeds
Low transaction time and high operational efficacy
Potential for incorporating tech elements

 

Chainlink

Chainlink was born in 2014 with the establishment of SmartContract.com to transfer external data onto the blockchain. Chainlink made it possible for smart contracts to connect to various data feeds from any given source or API. This was a gamechanger for the blockchain industry and opened further development in technologies.

 

The first iteration of SmartContract.com’s oracle solution relied on centralized oracles which initially posed a challenge for the development in decentralised financial spaces. However, this issue was addressed in 2017 when the Chainlink network with decentralized oracles was introduced.

 

In its ICO, the Chainlink main net went live in 2019 and subsequently raised $32 million. The Chainlink project has evolved into a crucial pillar for the oracle space in addition to becoming a must-have for all credible and legitimate Decentralised Finance (DeFi) projects.

 

Chainlink Smart Contracts involves blockchains that are smart contract enabled requesting data using the Chainlink Requesting Contract which is registered by the network and creates a Chainlink Service Level Agreement (SLA), allowing users to access off-chain data and information.

 

Pros and Cons

✔️Pros ❌Cons
Gamechanger for the blockchain industry A narrow segment of modern problems is solved, slowing the development of the project
Oracles are used to ensure the reliability and safety of operations during transactions Transactions are irreversible
The platform functions as smart contracts and blockchain while remaining decentralized
Reliability and authenticity are guaranteed

 

EOS

EOS is open-source software that was launched in June 2018 and is a blockchain platform that was established by the private company Block.one.

 

The aim behind EOS is for the development of DApps and Block.one distributed one billion ERC-20 tokens to ensure that there is widespread distribution of the cryptocurrency, allowing anyone to use the EOS blockchain following its launch.

 

EOS’ goal is to offer decentralized applications with hosting, decentralized storage of enterprise solutions, and the capability of smart contracts, which will solve the scalability issues associated with Ethereum and Bitcoin. In addition, EOS also eliminates the fees for all users.

 

Consensus is accomplished by making use of multi-threading in addition to using DPoS consensus methods. EOS has its own forum which enables developers and investors to engage in discussions regarding the platform.

 

Pros and Cons

✔️Pros ❌Cons
Convenient for developers Centralization concerns
EOS has a fully-featured authentication platform Prominent level of competition in the field
The platform has incredible speed as a result of parallel processing technology
Self-sufficient reward model
The EOS platform is free to use
The EOS platform offers producers a governance system that can be used to vote on in transaction validation
Tokenises governance access

 

IOTA

This is the first distributed ledger that has been designed and built for the Internet of Everything (IoE) which is a network for exchanging value as well as data between humans and machines.

 

IOTA is based on Direct Acyclic Graph (DAG) architecture. This means that it does not consist of a chain of blocks that must fit sequentially one after the other, with only one edge which is available for connection.

 

Instead, IOTA’s unique architecture and design allow for multiple free nodes to be available at any given moment. Every node, two, or more than two other nodes, can be linked. This allows for a unique, diverse, and interesting advantage.

 

Where the number of users increases in blockchain, the has function becomes increasingly complex and the chain becomes slower. However, in IOTA, as a result of the node’s unique ability to connect with at least two other nodes, with an increase in users, the number of available nodes to connect to will subsequently increase as well, allowing the system to become faster with increased scalability.

 

IOTA overcomes a problem that conventional blockchain has with regard to miners and rewards. Where blockchain miners are given a mining fee so that transactions can be verified, blockchain becomes expensive on a large scale.

 

However, with IOTA, each user is required to solve a PoW problem and thus, the chain becomes self-sustainable because if people are conducting transactions, PoW will continuously be solved and there will be more space for new transactions.

 

Pros and Cons

✔️Pros ❌Cons
Micro-payments are possible Smart Contracts have not been introduced onto the platform yet
Quantum-secure
Scalability
The platform is lightweight
There are no transaction fees
There is a data marketplace

 

Kusama

Kusama is the pre-production environment for Polkadot which allows developers to experiment and test new blockchains and/or DApps before they are officially released onto the network.

 

Kusama can be seen as a sandbox for developers where they can test early versions of their Polkadot projects but with real cryptocurrency which is traded on an open market.

 

The official updates for Polkadot are also tested on the Kusama platform before they are released. As a result of its primary function in facilitating testing, Kusama aims to provide developers with flexibility while they finalize the design of their projects.

 

Pros and Cons

✔️Pros ❌Cons
Both Polkadot and Kusama have strong momentum Adoption is not widespread
Kusama, as Polkadot’s cousin, shows enormous potential No interoperability
Solid development team

 

Terra

Launched in April 2019, Terra is a smart contract-enabled blockchain that has harnessed the utility associated with the Cosmos project technology, Cosmwasm. The Terra blockchain is the backbone of a variety of applications that have been developed and built by Terraform Labs.

 

There are numerous partnerships between Terra and industry leaders spread over a variety of sectors. Terra is also widely known for an innovative solution in creating multi-collateralized stablecoins in a decentralized manner.

 

The Terra blockchain was created by using the Cosmos software development kit, or SDK. It makes use of the Tendermint PoS consensus method and it was designed to allow developers to build and launch interoperable blockchain applications quickly.

 

Terra currently has a maximum of 100 validators across its network, meaning that it is more centralized than other PoS-based blockchains. Transactions on the Terra blockchain take a few seconds to settle and the cost of transaction fees is lower than the gas fees on Ethereum, making Terra attractive to developers who seek smart-contract-enabled blockchains.

 

Pros and Cons

✔️Pros ❌Cons
Backing of various industry leaders Less than 100 validators
Low fees and fast execution of transactions More centralized than other PoS blockchains
Multi-collateralized Stablecoins
Variety of applications

 

Lisk

Lisk was established in 2016 by Max Kordek and Olivier Beddows. Lisk is the product of a fork of Crypti, which is a similar project started by Kordek and Beddows in 2014.

 

In February 2016, there was an ICO held for Lisk’s cryptocurrency LSK and 14,000 BTC ($5.6 million) was raised in a sale that auctioned off 85% of the token supply of LSK. The remaining 15% was distributed between key developers and stakeholders.

 

Lisk is a cryptocurrency that aims to serve as a platform for DApps which are special programs run across a network of computers that run on shared software. The goal of this project is to allow developers to transfer skills associated with the building of DApps more rapidly, allowing them to write various programs through JavaScript and Typescript.

 

Lisk also allows for developers to create custom DApps and cryptocurrencies through “Sidechains” which are unique blockchains that operate in the Lisk network. Sidechains such as these are tied to the blockchain of Lisk, and they are customizable to suit the needs of different Lisk DApps.

 

As a result of their compatibility with Lisk, developers of these blockchains can use resources such as the software development kit (SDK), coding libraries, and the native cryptocurrency, LSK.

 

Lisk makes use of a DPoS to secure its blockchain and to ensure that the distributed network of computers is kept in sync. DPoS makes use of real-time voting systems to determine the computers that may create the next block on the blockchain, allowing anyone who owns LSK to operate on the network.

 

Each LSK token can be staked to represent a vote and all owners who stake their LSK vote for 101 active delegates who are subsequently responsible for the creation of blocks.

 

Pros and Cons

✔️Pros ❌Cons
DPoS is more democratic than other systems Extended block time
Orientated towards App Developers Uncertainty with regards to SDK
User-friendly interface

 

Conclusion

Cryptocurrency blockchains technology has shown rapid development nowadays, with technology that emerged in 2009 with Bitcoin, has become a mainstream technology. Blockchain is spread across a variety of applications in several industries including healthcare, supply chain, logistics, legal, and numerous others.

 

More organizations have started to explore the potential of blockchain through the development of applications and as a result of this, the demand for blockchain platforms is at a record high.

 

FAQ’s

 

What is a blockchain platform?

Blockchain platforms allow the development of various blockchain-based applications. They can either be permissioned or they can be permissionless.

 

What is the most popular blockchain in the world?

Bitcoin is the most popular blockchain in the world with a global volume of 11 million and a traffic rank of 14,497, at the time of writing.

 

What are smart contracts?

Simply defined, smart contracts are contracts that are self-executing with terms of the agreement between buyer and seller being written directly into the lines of code.

 

What is a consensus method?

Consensus methods are fault-tolerant mechanisms that are used in blockchain systems to achieve the required agreement on single data values, or a single state of the network, among a variety of distributed processes or multi-agent systems.

 

What is DeFi?

DeFi stands for “Decentralised Finance” which is an umbrella term that is used for a variety of financial applications in blockchain and crypto.

DeFi consists of a system of open, permissionless, interlocking financial products and it is also an overlapping network of DApps and smart contracts built on the Ethereum blockchain, focussing on financial applications including borrowing, derivatives, trading, and others.

 

What are Stablecoins?

They are cryptocurrencies that aim to peg their market value to some external reference or currencies, such as the US Dollar.

 

Why is it important for platforms to be decentralized?

It allows for users to participate in a system that is not built on trust. It also lowers the risk of system failure significantly and censorship resistance is known to foster an open culture.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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