Blockchain Networks- Best 15 Blockchain Networks You should Know
A blockchain network is a decentralized, distributed ledger system that allows multiple parties to record and verify transactions on a shared digital database. This technology uses cryptography to secure transactions and ensure that once recorded, data cannot be altered or deleted. The most well-known application of blockchain technology is in cryptocurrencies such as Bitcoin, but it has potential uses in a variety of industries, including supply chain management, voting systems, and more.
1.Bitcoin
The first and most well-known blockchain network, Bitcoin uses a decentralized peer-to-peer system to facilitate digital transactions without the need for a central authority.
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for a central authority. Transactions are recorded on a public ledger called the blockchain, which uses cryptography to secure and verify the integrity of the data. Bitcoin was created in 2009 by an individual or group of individuals using the pseudonym Satoshi Nakamoto.
2.Ethereum
A decentralized platform that enables the creation of smart contracts and decentralized applications (dApps).
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). Smart contracts are self-executing contracts with the terms of the agreement written directly into code. This allows for the automation of a wide range of processes, from financial transactions to the management of supply chains.
Ethereum was proposed in 2013 by Vitalik Buterin, a programmer and researcher in the field of cryptocurrency. It was officially launched in 2015 and has since become one of the most popular blockchain platforms in the world. It has its own native cryptocurrency called Ether (ETH) which is used to pay for the computational services required to run smart contracts and dApps on the Ethereum network.
Ethereum allows developers to build and deploy their own decentralized applications on top of its blockchain. These dApps can be used for a wide range of purposes, from online marketplaces to prediction markets. Ethereum’s smart contract functionality also allows for the creation of decentralized autonomous organizations (DAOs), which are organizations that are run by code rather than by people.
3.Ripple
Ripple: A blockchain network focused on facilitating fast, low-cost international money transfers.
Ripple is a blockchain network that aims to facilitate fast, low-cost international money transfers. It uses a unique consensus algorithm called the Ripple Protocol Consensus Algorithm (RPCA) to validate transactions. Ripple also has its own native cryptocurrency called XRP, but unlike other cryptocurrencies, it is not intended to be used as a general-purpose currency for everyday transactions. Instead, it is intended to be used as a digital asset to facilitate cross-border payments and to provide liquidity for other currencies.
Ripple’s consensus algorithm is different from other blockchain networks which typically use proof-of-work or proof-of-stake. The Ripple Protocol Consensus Algorithm (RPCA) is a consensus mechanism that allows for distributed agreement on the state of the network. It is a kind of federated Byzantine agreement that relies on a network of trusted nodes to validate transactions and reach consensus.
Ripple’s payment protocol is designed to work with existing financial systems and can be used to facilitate cross-border payments, remittances, and other types of transactions. The company behind Ripple, Ripple Labs, has partnerships with several financial institutions and has been working to integrate its technology into the traditional banking system.
Ripple’s XRP is used to provide liquidity in cross-border transactions and to reduce the need for pre-funding in destination currencies. The XRP is used as a bridge currency to facilitate the exchange of different currencies and to speed up the settlement process.
Overall, Ripple’s technology aims to address the inefficiencies and high costs of traditional international money transfer systems, and to enable faster, cheaper and more secure cross-border transactions.
4.Bitcoin Cash
A fork of the Bitcoin blockchain that aims to increase the block size limit to 8MB to improve scalability.
Bitcoin Cash is a fork of the Bitcoin blockchain that was created in 2017 to increase the block size limit from 1MB to 8MB. This change aimed to improve the scalability of the network and reduce transaction fees.
The increased block size limit allows for more transactions to be processed per block, which in turn allows for more transactions to be processed on the network overall. This can help to reduce transaction fees and improve the overall speed of the network.
Bitcoin Cash also introduced replay protection and a new transaction format, which allows it to have more flexibility and security.
The cryptocurrency associated with Bitcoin Cash is also called Bitcoin Cash (BCH) and it is separate from the original Bitcoin (BTC), meaning that holders of BTC before the fork did not automatically receive BCH.
Bitcoin Cash is supported by a number of exchanges and wallets, and is accepted by a growing number of merchants and service providers. However, it is worth noting that its value and usage is highly volatile and it has not been widely adopted as yet.
5.Litecoin
A peer-to-peer cryptocurrency that is based on the Bitcoin protocol but with a faster block generation time.
Litecoin is a peer-to-peer cryptocurrency that is based on the Bitcoin protocol, but with several key differences. It was created in 2011 by Charlie Lee, a former Google engineer, with the goal of providing faster transaction confirmation times and lower transaction fees than Bitcoin.
One of the main differences between Litecoin and Bitcoin is the algorithm used for mining. Litecoin uses a scrypt-based mining algorithm, which is designed to be more memory-intensive than the SHA-256 algorithm used by Bitcoin. This was intended to make it more difficult for specialized mining hardware (ASICs) to dominate the Litecoin mining process and ensure a more decentralized distribution of new coins.
Another difference is the block generation time, Litecoin has a block generation time of 2.5 minutes compared to Bitcoin’s 10 minutes, which means transactions are confirmed faster on the Litecoin network. The maximum supply of Litecoin is also different, Litecoin has a maximum supply of 84 million coins, while Bitcoin has a maximum supply of 21 million coins.
Litecoin is often considered the “silver to Bitcoin’s gold” and it is widely accepted by merchants and exchanges. Litecoin has a strong community and development team that is actively working to improve the network and make it more accessible to users.
6.EOS
EOS is a blockchain platform that utilizes a unique consensus mechanism known as Delegated Proof of Stake (DPoS). This mechanism allows token holders to vote for block producers (or “validators”) who are responsible for validating transactions and maintaining the network. This allows for a more efficient and scalable system compared to traditional proof-of-work mechanisms used by networks like Bitcoin.
EOS also utilizes a web assembly (WASM) virtual machine, which enables the execution of smart contracts and decentralized applications (dApps) on the EOS network. This allows developers to build and deploy dApps on the EOS network using familiar programming languages such as C++ and JavaScript.
EOS also has a token economy in which the tokens, EOS, are used to gain access to network resources such as bandwidth and storage. This creates an incentive for token holders to hold and use the tokens, and helps to ensure the stability and security of the network.
EOS’s design focus on scalability, performance and user experience, it aims to be a platform for decentralized applications that have the same level of functionality and user experience as existing centralized apps.
7.Cardano
Cardano is a blockchain platform that utilizes a proof-of-stake algorithm called Ouroboros for consensus. It was created by IOHK (Input Output Hong Kong), a blockchain research and development company.
Cardano focuses on providing a secure and sustainable blockchain platform for the development of decentralized applications. It aims to address some of the scalability and sustainability issues faced by other blockchain networks, by implementing a unique governance model that allows for the community to vote on protocol upgrades and changes.
Cardano’s native cryptocurrency is called ADA, which can be used to participate in the network’s consensus process and also as a means of payment for goods and services on the platform.
Additionally, Cardano also aims to provide a platform for the creation of digital identities and smart contracts, with a focus on compliance and regulatory requirements. It also has a research-first approach, with a dedicated team working on advancements in the areas of cryptography, game theory, and distributed systems to make the platform more secure and efficient.
8.Stellar
Stellar is a blockchain network that aims to facilitate the creation of financial products and services for individuals and institutions. It is an open-source, decentralized, and distributed ledger system that enables fast, low-cost, and secure cross-border transactions. The network uses its own digital currency, called Lumens (XLM), as a bridge currency to facilitate exchanges between different currencies.
One of the key features of Stellar is its built-in decentralized exchange, which allows for the quick and easy conversion of one currency to another without the need for a centralized intermediary. This can be especially useful for people in developing countries or other areas where access to traditional banking services is limited.
Stellar also provides a platform for the development of custom tokens and assets, making it a versatile choice for businesses and organizations looking to create their own digital currencies or tokens for use in loyalty programs, crowdfunding, and more.
The Stellar network is governed by the Stellar Development Foundation, a non-profit organization that oversees the network’s development and ensures that it remains decentralized and open-source.
In summary, Stellar is a blockchain network that aims to make it easy and affordable to move money around the world, and to facilitate the creation of custom tokens and assets, making it useful for businesses, organizations, and individuals looking to create their own digital currencies or tokens.
9.TRON
TRON (TRX) is a blockchain-based decentralized platform that aims to build a free, global digital content entertainment system. The TRON network allows for the creation and distribution of digital content, such as music, videos, and games, without the need for intermediaries such as Google Play or Apple’s App Store.
The TRON platform uses its own cryptocurrency, TRX, as a means of exchange within the network. The TRON network also supports the creation of other tokens and digital assets through the use of its own tokenization protocol.
TRON utilizes a Delegated Proof of Stake (DPoS) consensus mechanism, which allows for faster transaction processing and improved scalability compared to traditional proof-of-work systems.
TRON’s ultimate goal is to create a decentralized internet, where users are in control of their own data and content, and are able to freely share and monetize it without the need for centralized intermediaries.
12.Dash
Dash is a digital currency that uses a blockchain network to facilitate fast, low-cost transactions. It is based on the Bitcoin protocol but with a number of improvements designed to increase transaction speed and privacy.
One of the key features of Dash is its two-tier network architecture, which consists of regular users and master nodes. Master nodes are responsible for performing advanced functions such as locking transactions and voting on governance decisions, and are incentivized to do so by receiving a portion of the block rewards. This architecture allows Dash to provide a number of advanced features such as instant transactions (InstantSend) and private transactions (PrivateSend).
Another important feature of Dash is its governance model, which allows holders of the currency to propose and vote on changes to the network. This allows the Dash community to make decisions about the direction of the project and fund the development of new features.
Dash is also focused on merchant adoption, it is widely accepted as a payment method, particularly in emerging markets. Dash’s low transaction fees, fast confirmation times, and privacy features make it an attractive option for merchants.
13.Zcash
Zcash is a cryptocurrency that utilizes advanced cryptographic techniques to provide enhanced privacy and security for transactions. It is an open-source, decentralized digital currency that is based on the Zerocoin protocol.
One of the key features of Zcash is its use of zero-knowledge proofs, which allow for transactions to be verified without revealing the identity or amount involved.
This allows for greater privacy and anonymity compared to other blockchain-based currencies. Zcash also uses a unique consensus mechanism called the Equihash proof-of-work algorithm, which is designed to be resistant to the development of specialized mining hardware.
14.NEM (New Economy Movement)
NEM (New Economy Movement) is a blockchain platform that utilizes a unique consensus mechanism called Proof of Importance (PoI) to secure its network. Unlike other blockchain networks that use proof-of-work or proof-of-stake, NEM uses PoI to determine the importance of each node in the network and the likelihood that it will be chosen to validate a transaction.
NEM’s PoI algorithm takes into account a node’s overall network importance, including factors such as the amount of XEM (the cryptocurrency used on the NEM network) held and the number of transactions made. Nodes with a high PoI score are more likely to be chosen to validate transactions and earn transaction fees.
NEM also includes built-in multisignature capabilities and an API for easy integration with existing systems, making it suitable for enterprise use cases. It also has a namespace feature that allows users to create a unique name for their address, similar to a domain name, which makes it easy to remember and share.
Overall, NEM is designed to be a secure and efficient blockchain platform for enterprise use cases, such as supply chain management, digital asset management, and more.
15.NEO
NEO is a blockchain platform that aims to create a “smart economy” by utilizing smart contracts and digital identities. It is often referred to as the “Chinese Ethereum” because of its similarities to Ethereum in terms of functionality and the ability to develop decentralized applications (dApps) on the platform.
NEO uses a unique consensus mechanism called dBFT (Delegated Byzantine Fault Tolerance) which is designed to make the network more resistant to malicious actors and improve scalability. It also supports multiple programming languages, including C# and Java, making it more accessible to a wider range of developers.
In addition to its smart contract functionality, NEO also has a digital identity system built into the platform. This allows for the creation of digital identities for individuals and organizations, which can be used to secure online transactions and interactions.
The platform also has its own cryptocurrency, called NEO, that is used to fuel the network and pay for transactions. Another token GAS is used to pay for the cost of deploying and running smart contracts on the NEO blockchain.
NEO is a open-source project, which is governed by the NEO Foundation, a non-profit organization based in Singapore. The foundation is responsible for maintaining and developing the NEO blockchain and ecosystem.