40 Blockchain Networks to Note for the Next Bull Run

Introduction

Blockchain networks are decentralized clusters of nodes that record digital transactions. These nodes work in consensus to record and verify the transactions and do not need any central authority to achieve that. As we read in this blog post on the blockchain, it is a distributed ledger system that is transparent, immutable, secure, and trustless. 

At the core of it is a link of interconnected blocks that contain the transactions sent by the users. The blocks are connected chronologically, one after the other, by their cryptographic hash values. Each block carries a timestamp when it is created and also the previous block’s hash; this binds them together in a secure way.

When you send a transaction over a decentralized platform, this is what happens: nodes come into action, and depending on the consensus mechanisms that the network is built upon, these nodes start competing with each other on which of them would be creating/mining the new block.

The winner node (that solves a cryptographic puzzle first or which stakes the highest amount of crypto first) creates a new block and the incoming transaction is added to the ledger.   

It is these blockchain networks that power cryptocurrencies like Bitcoin and Ethereum. However, their role is not limited to sending and receiving crypto assets. Many of them have evolved to support the creation of decentralized identities (dapps), the creation of smart contracts, DeFi services, and multiple use cases across different domains.

In this article, we shall have a look over the 40 most widely used blockchain networks that have become well-known. While a whole lot of them are based on Layer 1, others have been developed as L2 to bring scalability and higher throughput than the L1s. Some of them are privacy-focused while others support interoperability and specialized functions. Let’s have a look over them one by one.

Top Layer 1 Blockchains (Base Layer Networks)

Bitcoin: The Pioneer of Blockchain Networks

Bitcoin is the pioneer of all the blockchain networks. BTC is the first cryptocurrency that was ever used for value storage. Years after Satoshi Nakamoto laid down the foundation of Bitcoin with his whitepaper, this network has found mainstream adoption on a massive scale. Bitcoin is an immutable and transparent peer-to-peer network that is used to transfer crypto assets.

Its robust interface and trustlessness make it one of the most popular web3 systems in the world. BTC powers its network and it uses the Proof of Work consensus mechanism to create a new block. The miners participate and compete for block creation in the Bitcoin network. As Bitcoin does not have smart contracts for automation, its layer 2 solution has come up in the form of the Bitcoin Lightning Network.

Ethereum: Empowering the Future of Web3

Ethereum is a distributed ledger system that supports smart contracts and the development of decentralized applications or dapps. It was launched in 2015 by Vitalik Buterin. It is composed of an Ethereum Virtual Machine (EVM) and the smart contracts on it are written in the Solidity language.

In the beginning, this network was based on Proof of Work consensus but later, it switched to Proof of Stake in its famous Eth 2.0 merge upgrade. This not only reduced the high energy consumption typical of PoW systems but also made the transactions far more scalable than Bitcoin.

Today, it is one of the most popular platforms for dapps, DeFi, NFTs, and DAOs. ETH is its native token and is used to pay gas fees for carrying out transactions and also for staking. The gas fees are usually high on Ethereum, still, it has not lost enthusiasm among users and developers. 

BNB Network: Faster and Lower Cost   

BNB Network is one of the high-performance blockchain networks that was created by Binance, which is the world’s leading cryptocurrency exchange. It is the combination of 2 networks: Binance Smart Chain (BSC) and BNB Beacon Chain. While BSC is used for providing fast and low-cost transactions to the users, the BNB chain is used for governance and voting.

BNB scales transactions to a good extent. It, just like Ethereum, supports dapps, DeFi products, Gamefi projects, and NFTs. It is also compatible with EVM; this is the reason why it is easy for devs to migrate from Ethereum and also to develop new projects. It is a key player in the world of the web3 ecosystem.

Solana: One of the High-Speed Blockchain Networks

Solana is a decentralized system that has gained recognition in recent years due to its high transaction speeds (65,000 transactions per second or TPS) and low fees as compared to other blockchains. Solana uses a combination of 2 consensus mechanisms: Proof of History and Proof of Stake.

Sol is the native token for the network and is used for paying gas fees during a transaction and for staking as well as governance activities. Solana provides a developer-friendly environment; this has attracted devs to create dapps on it rather than on other networks. Despite being decentralized, Solana is criticized for high hardware requirements, which limits the number of participants.

Ripple: Revolutionizing Cross-Border Payments

Ripple is designed for faster, economical cross-border payments. Unlike most blockchain networks that we see today, Ripple uses its own consensus mechanism. XRP is the native token of Ripple.

The most prominent feature of Ripple is that XRP transactions settle merely in seconds; this makes it a favorite among financial institutions. It has found several real-world use cases. Ripple has partnerships with some global payment providers.

In the last few years, it has faced several regulatory scrutiny and legal battles.  Despite this, it managed to foray into regions like Europe and Asia.

Avalanche: A Top Blockchain for Fast Transactions

It is an on-chain technology that is known for its high performance and is preferred by users who are on the lookout for high transaction speeds and low fees.

Avalanche blockchain is made up of a three-chain architecture: the X-chain is used for creating crypto assets, the C-chain for smart contracts, and the P-chain is used for synchronizing validators. The AVAX token, being native, is used for transacting, staking, and governance.

Having the ability to create dapps, Avalanche is a natural competitor of Ethereum. It supports cross-chain capabilities, making it an interesting choice for developers. Network congestion is the main issue observed with this network.

Cardano:  A Scalable and Secure PoS Platform

Like Ethereum, Cardano is a Proof of Stake chain that is developed for interoperability, high throughput, and sustainability. Chares Hoskinson, its founder, is also a co-founder of Ethereum. Cardano’s main focus is on academic research and development reviewed by peers.

Blockchain development has been done in phases and each phase is named after an important historical figure. For example, the foundation phase is named Byron, who was a famous British poet and father of Ada Lovelace, after whose name Cardano’s native currency is named.

Each phase introduced a new set of features including smart contracts. You can use ADA for paying gas or for staking. In Cardano, the settlement layer is separate from the computational layer.

Polkadot: Connecting Multiple Blockchain Networks

Polkadot, powered by the DOT token, is one of those blockchain networks that support multi-chains, i.e. it connects different blockchains so that they can communicate and share security features via a relay chain.

Polkadot came into being through the efforts of Ethereum co-founder Gavin Wood. A prominent feature is its ability for blockchain customization and the chains so customized are called parachains, which can run independently of Polkadot while still deriving their security from it.

Apart from staking, DOT tokens can be used for bonding parachains to the relay chain. The system also supports diverse applications like DeFi and gaming.

Hedera: Fast and Eco-Friendly Blockchain

It is a distributed ledger system that uses Hashgraph technology; this has helped this chain offer really fast transactions that come at the cost of no extra fee. Instead of being dependent on a traditional blockchain structure, Hedera uses DAG (Directed Acyclic Graph) for carrying out its agreement protocol. HBAR is its currency.

Enterprise solutions see potential in Hedera due to its high speed and energy efficiency. It has found several use cases in supply chain management as well as in decentralized apps. Its unique architecture and backing from corporates give it an edge over other networks.

Fantom: One of the Best Crypto Protocols for DeFi

Based on Asynchronous Byzantine Fault Tolerance, Fantom is one of the Layer 1 blockchain networks that are known for high speed and high throughput rates. Fantom is compatible with the Ethereum Virtual Network and is a popular choice for DeFi-based projects.

The set of validators in consensus in Fantom is, however, smaller than other blockchains; this raises the concern of centralization. Still, its ecosystem is growing at a faster pace. Its FTM token is used for paying network fees and for carrying out governance-related activities.  

ICP: Popular Decentralized Web3 Option for dApps

Internet Computer Protocol (ICP) is an on-chain technology platform that has been developed to replace traditional cloud services. ICP operates on a set of globally located data centres and helps developers build dapps and websites directly on its blockchain.

It relies on a special technology called ‘Chain Key’ that facilitates faster transactions and that too without any need for centralized servers. ICP operates on complex mechanisms and has faced criticism for that. Its long-term vision is to create a fully decentralized internet. One can use its ICP token to pay for computation and reward network participants.

Cosmos: The Internet of Blockchain Networks

Cosmos is a popular blockchain platform that is designed to address interoperability and scalability issues, the problems commonly associated with crypto networks these days.

Cosmos uses Tendermint protocol and Inter-Blockchain Communication (IBC); both these help in seamless communications among different blockchains. Its Cosmos Hub provides the internet of blockchains, which means several chains are interconnected.

Over Cosmos, developers can build customized chains in no time using its modular architecture. Its native token is ATOM. The adoption of Cosmos is slow if compared to other chains, still, it remains a vital layer for cross-chain connectivity and decentralized app development.

Elrond: A High Throughput Chain

Now known as ‘MultiversX’, Elrond stands tall among highly scalable blockchain networks. For scalability, it uses ‘Adaptive State Sharding’, which is an avant-grade solution to handle an excessively large number of transactions but not compromise on security or decentralization.

Sharding involves breaking down a blockchain network into smaller pieces that are much more manageable. These pieces are called ‘shards’.

Based on the network usage, Elrond can automatically decide the number of shards to be created. Elrond is used for dapps creation and other decentralized services. Its focus is on interoperability. The native token is EGLD.  

Algorand: Good for Speed and Security

A layer 1 distributed ledger system that has high speed, is secure and provides decentralization. It uses Pure PoS (PPoS), a consensus mechanism that was pioneered by Algorand.

In PPoS, anyone who holds tokens is able to participate in the Proof of Stake protocol. Depending on the number of tokens they hold, the system selects a validator randomly but his tokens are not locked. This makes sure that faster finality of blocks and minimal energy consumption are achieved. The finality, in fact, is almost in an instant in Algorand.

Its carbon-neutral approach has made it a sustainable chain. However, its adoption is not as high as other networks like Ethereum or Solana.

Aptos: A New Player in Web3

A Layer 1 created by the engineers of Meta, Aptos is designed for both speed and safety. The number of transactions executed per second is high as this network allows multiple transactions to be processed parallelly.

It is relatively a new platform, but due to its innovative architecture and strong developer community, it has garnered the attention of users. It aims to become the next-gen blockchain for users who want a low-fee, high-throughput chain.

Aptos is designed in the ‘Move’ language, which is a programming language for smart contracts. The language is flexible and is good for developing secure apps.

Near Protocol: Fast and Developer-Friendly

Another L1 blockchain network that uses sharding (specifically Nightside Sharding) to break the chain into pieces is the Near Protocol. This improves throughput as shards can process transactions faster by running simultaneously.

Its ‘Near’ tokens are used for staking and transacting. It is also known for providing developer-friendly tools and a robust Software Development Kit (SDK); this makes dapp creation an easy process.

Ethereum and Solana are the competitors of Near, but its focus is on providing good user experience and high scaling makes it also a strong competitor for other chains.  

Sui: A Next-Gen for dApps

Sui is an on-chain technology, a high throughput, low latency platform that is based on an object-centric model. In this model, crypto assets are treated as objects rather than account balances. In Sui, everyone who is on-chain is an object, whether it is a token, a smart contract, or a user’s asset.

These objects are given unique IDs, an owner (who can be a user, another object, or even the blockchain), and its version. Instead of updating the global ledger, Sui updates objects. This way, the throughput is high and finality is fast.

Sui is preferred for social apps and gaming where speed and responsiveness are highly expected. Sui is relatively a new network and is still building its ecosystem.

Tezos: Secure and Upgradable

Tezos is known for its self-upgradation ability, which means it does not require any hard fork to upgrade itself. In fact, it uses an on-chain governance mode; where its native token holder (XTZ) votes for proposing any changes. If there are enough voters in favor, Tezos upgrades automatically without the need for any chain split.

This type of continuous innovation helps it to adapt quickly to technological advances. Also, community users have a say in the future of the network which means the chain is future-proof and flexible. In spite of its popularity, its ecosystem is still a lot smaller than its competitors.

Aleph Zero: A Privacy-Focused Decentralized System

Aleph Zero is a privacy-focused chain that uses DAG along with PoS. DAG is a distributed ledger system in which transactions flow in one direction, i.e. from past to future, and not in the opposite direction.

Also, once a transaction is processed. It cannot circle back to an earlier state. The word “Graph” in DAG stands for a network of nodes that are connected by edges.

The stand-out feature of Aleph Zeri is its zk-SNARK-based privacy layer that enables transaction execution in a private manner. Therefore, it finds its use in cases where confidentiality is highly desirable.

Monero: The King of Privacy Coins

Monero stands out in the race of privacy-focused blockchain networks. It uses advanced privacy protocols like ‘Ring Signature’ to protect users’ transactions.

In a Ring Signature, a user’s transaction is mixed with a set of other transactions, so it is not possible to tell which address sent out that transaction.

Monero also hides transaction amounts which are encrypted and no one can see how much of the currency has been transferred. To further strengthen its privacy, the receiver’s identity is also kept hidden. It is impossible to link our payments to your actual wallet address.

The block size in Monero is dynamic and depends on demand. Unlike other chains that anyone can track, Monero provides complete anonymity to its users.

Zcash: Private Transactions on Blockchain

Zcash uses zk-SNARK (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) technology to power its privacy-cantered decentralized system. It allows users to elect between transparent and shielded transactions.

ZK-SNARKs are used for shielding transactions. Such type of flexibility makes it a preferred blockchain for users who want to protect their on-chain data while using public blockchain systems. Details like sender, receiver, or the amount transferred are all kept hidden. Zcash functions on Proof of Stake protocol.

Secret Network: Private Smart Contracts Blockchain

This chain allows developers to build applications that come with inherent privacy features. This makes Secret Network a popular on-chain technology choice for securing data.

This blockchain is designed to provide privacy to smart contracts, i.e. contract details are not visible to everyone. The chain, due to its encrypted data and hidden transaction details, can be a good option for cases where privacy is most sought after by the users and developers.

Quant: Connecting Blockchain Networks Seamlessly

An interoperability system that connects different blockchains and uses ‘Overledger’, a platform that acts as a bridge between these chains. Overledegr helps these chains communicate freely and share data.

There is no need for these networks to leave their own ecosystems. It is one of those blockchain networks that solve the ‘silo’ problem in which chains cannot natively talk to each other.

The QNT token is used to access the Overledger platform and pay for the services utilized. This network focuses on enterprise adoption so that businesses on different chains can easily interact without the need to migrate.

Stacks: Bringing Smart Contracts to Bitcoin

Stacks is an L1 decentralized system that is based on the Proof of Transfer (PoX) protocol,  which uses Bitcoin as a base layer for its security.

Instead of using an energy-intensive Proof of Work algorithm, PoX participants transfer Bitcoin to secure the network and earn rewards.

When a transaction happens on Stacks, it is made immutable by hashing it and writing it to the Bitcoin blockchain.

Stakers in Stacks are called “Stackers” who lock up their tokens and earn rewards in BTC. Stacks provides a way to create an ecosystem on the world’s most secure blockchain, i.e. Bitcoin.

Harmony: Bridging Fast and Scalable Transactions

Harmony uses a sharding mechanism to increase throughout and scale transactions. It uses ‘Effective Proof of Stake’ which reduces chances of centralization and also results in fair participation by validators.

In EPoS, validators stake their tokens to become participants in the block validation process. The network is split into shards and validators are randomly assigned to these shards.  

The block time of Harmony is only 2 seconds, which means operations get processed instantly. Therefore, Harmony can handle a high TPS and low latency.

THORChain: Decentralized Cross-Chain System

THORChain is a liquidity protocol that provides cross-chain asset swaps. There is no need to use wrapped tokens to do so. Liquidity providers deposit their assets.

The system’s native token, RUNE, acts as a settlement asset. THORChain uses continuous liquidity pools and also provides a dynamic fee structure. It helps users avoid impermanent losses.

In ‘Continuous Liquidity Pools’, there is no need for a direct buyer or seller when a trader swaps his tokens; the pools are always available.  It works on PoS and allows swaps across chains like Ethereum, Binance Chain, and Bitcoin.

Vechain: For Supply Chain Management

A blockchain designed to improve supply chain management and other business processes. With VeChain, one can track businesses and also track products throughout their lifecycle. For this, VeChain provides secure and immutable data storage.

In this way, the transparency of the system is increased and counterfeiting is reduced.

This chain works on a dual token model: VET (or VeChain Token) is used for value transfer and staking. Holding VET generates another token called ‘VTHO’. This second token is used to pay gas fees and execute smart contracts.  The use of this model prevents fee fluctuations during highly volatile market conditions.

Flow: Built for Games and Digital Collectibles

This chain is developed by Dapper Labs and is used for trading NFTs, gaming, and other digital assets.

Flow is a distributed ledger system that uses multi-role node architecture: instead of making every node do everything, Flow makes its role of validating transactions a specialized one. So, there is no need for sharding to handle more of them.

A few nodes collect transactions, some decide their order, and others act as execution nodes: they carry out the actual execution part. The remaining ones verify that these execution nodes worked perfectly.

EOS: A High-Performance Network

One of the popular blockchain networks that employ Delegated Proof of Stake is EOS. It is designed to provide extensibility to decentralized apps and is also known for high-speed execution and low-cost transactions.

The main aim of EOS is mainstream adoption by enterprises by providing them with adequate infrastructure. Dapps on EOS are known for near-instant executions. Although the chain has faced some governance challenges, still its underlying technology remains powerful.  

Tron: Streamlining Digital Content On-chain  

Tron is a high-performance on-chain technology that focuses on providing decentralized content and entertainment. To provide economical executions, this blockchain uses Delegated Proof of Stake.

Its token, TRX, supports its ecosystem, which consists of apps and DeFi. There is a special emphasis on content monetization in Tron. It has high TPS. Such a high throughput makes it suitable for big applications. Tron’s emphasis on decentralized internet got strengthened after its acquisition of BitTorrent.

Layer 2 Ethereum Scaling Blockchain Networks

Polygon: An Apt Choice for Scaling

Formerly known as Matic, Polygon is a layer 2 scaling solution that is designed to improve the throughput of Ethereum at lower costs. It uses zk rollups, side chains, and other scaling technologies to achieve desired execution speeds.

Recently, the company evolved into Polygon 2.0 under which its native token, Matic, was rebranded to POL. In the past few years, the network has garnered the attention of big enterprises and has successfully onboarded several prestigious clients globally.

Polygon’s commitment is towards achieving high TPS rates while keeping the compatibility with the Ethereum network intact.  

Starknet: A ZK Rollup for Blockchain Networks

A popular zk-STARK-based chain that provides a layer 2 scaling solution. By employing a Scalable Transparent ARgument of knowledge (STARK), Starknet facilitates fast and low-cost transactions to its users.

Like other L2s, it also batches transactions off-chain and then sends proof to Ethereum. It uses advanced cryptography, which makes it ideal for complicated decentralized applications. Being an L2, gas fees are low.

The blockchain uses Cairo programming language, which is used to generate STARK proofs. Cairo is developed by StarkWare and can be used to write programs that can be verified using STARK proofs.

Optimism: A Layer-2 Web3 for Speed

Another layer 2 blockchain that uses optimistic rollups (instead of Polygon’s zk rollups) to raise execution speeds is Optimism. The transactions are processed off-chain and are sent back to Ethereum in the form of batches. This reduces network congestion problems, along with high gas fees issues.

The protocol uses Ethereum as its security and finality layer. It is an ideal solution for decentralized finance applications. It is fully compatible with the Ethereum Virtual Machine (EVM), so the dapps on Ethereum can be migrated without making any changes.

A part of the transaction fee is collected from the users. Instead of keeping all this profit to itself, Optimism uses a share of it to support things like developing open-source software and infrastructure.

Arbitrum: Scaling Ethereum Blockchain Networks

An L2 that uses optimistic rollups to raise execution speeds and lower fees is just like Optimism. Arbiturm also processes its transactions off-chain and only posts them to Ethereum to gain the benefits of its strong security.

Its ARB token is not only used for paying fees but also for voting on upgrades and protocol changes. Arbitrum is home to some of the biggest DeFi projects including Uniswap. Another feature is its ability to maintain decentralization without compromising security.

zkSync: Amongst the Top Networks for Security

This L2 also relies on zero knowledge for maximizing the number of transactions executed per send. Bundling incoming transactions off-chain and then sending a cryptographic proof to the Ethereum chain makes zkSync fast, secure, and cheap.

If the need for scaling arises in the future, zkSync can be one of the most sought-after Layer 2 blockchain networks. The protocol submits proofs to Ethereum which makes sure that there is no need for fraud-proof windows that are required in optimistic rollups.

It supports smart contracts that pave the way for easy migration of existing Ethereum dapps.

Modular & Specialized Networks

Injective: Top Ranking Trading Blockchain Networks

Injective Protocol is known for providing lightning-fast speeds and almost zero fees. It is built on Cosmos SDK and uses the Tendermint protocol that provides Byzantine Fault Tolerance.

This means even if 1/3rd of nodes fail to function as expected, the remaining 2/3^rd can continue functioning normally to achieve agreement on block validation.

Also, blocks are finalized immediately after consensus, so the risk of rollbacks is highly reduced. Injective focuses highly on a trader-first approach and can be a good choice for decentralized applications. It also supports complex financial products including perpetual swaps and options.

Berachain: The Future of DeFi Blockchain

Berachain is a platform built on Cosmos SDK. It is one of those leading blockchain networks that are designed for governance-heavy applications.

Berachain uses a ‘Proof of Liquidity’ protocol; under it, the validators are required to stake their liquidity provider tokens instead of the native tokens (BERA)  to participate in the block validation process. The focus of the chain is on DeFi; it is also deeply integrated with Cosmos IBC. Berachain is still under development.

SEI Network: Optimized for DeFi Blockchain

Sei Network uses an optimized mechanism for reaching finality, which makes it an apt choice for high-frequency trades. This decentralized system is, therefore, designed for trading applications and DEXs.

It allows parallel transaction execution that improves its performance. Another prominent feature is its ‘order book module’ which is optimized for providing 20,000 TPS; this order book remains on-chain which increases its security and the risk of manipulation is reduced.

Different apps and protocols can directly wire into this order book; so there is no need for trading apps to build complicated trading infrastructure of their own.

Celestia: Modular Blockchain for Flexibility

Celestia is a part of evolving blockchain networks that provide modularity and flexibility. It is designed to keep data availability and consensus separate from the execution part.

Developers are free to deploy their own execution layers. This means they can create and customize their environments for running transactions and smart contracts. So, there is no relying on an Ethereum-like main chain for transaction processing.

Celestia is a good choice for rollups as it helps in achieving scalability without giving up on the system’s security.

Conclusion

Blockchain Networks power everything: whether it is a dapp, a defi,  or a secure application; these networks have found their application in almost everything related to finance.

Layer 1 Bitcoin is used as a store of value and Ethereum is for creating smart contracts. The Layer 2 solutions like Polygon, zkSync, and others are playing important roles in shaping the web3 ecosystem.

New technologies have started emerging: Celstia is known for its modularity while Sui uses an object-centric model.

By understanding them in depth, both the end-users and the developers can make an informed decision on which of these blockchain networks works best for them.

FAQs

Disclaimer

This article is for informational purposes only and is NOT a financial advice. We do not promote, in any form, any cryptocurrencies or tokens mentioned herein. The content of this article is based on the information available up to the knowledge. You should be aware that investing in any cryptocurrency is subject to market risk and you MUST do your own due diligence (DYOR) before you put any money in any of the coins. 

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