Since its advent from more than a decade ago, blockchain has always been in the limelight of the tech world. In simple terms, blockchain is a distributed database that is shared by numerous computer network nodes. Blockchain network enables permanent, immutable, and transparent recording of data and transactions. Peer-to-peer network, a digital log, and cryptographic keys are the most basic attributes of a blockchain.
Famous Blockchain Platforms Everyone Should Know About
Several blockchains have been popping up everyday in the crypto world. Here are the 3 most popular blockchain solutions that exhibit the most trusted execution environments.
- Bitcoin and its Key Features
Bitcoin blockchain is a distributed ledger where transactions are operated in a peer-to-peer network and are secured with cryptographic algorithms, without the involvement of an intermediary. The network employs a Proof-of-Work consensus mechanism, where the nodes or participants are incentivised with rewards for securing the network.
Bitcoin blockchain stores the transaction data or information in ‘blocks’ which are connected together to form a permanent ‘chain.’ Every time a transaction occurs, it is added to a new block and added to the stack of blocks that have been stockpiled on top of each other.
The copy of each transaction record is distributed to every node’s ledger which accounts to the traceable and decentralized feature of the blockchain. Each new block added renders the previous block unmodifiable ensuring the security of the whole network.
The native cryptocurrency that fuels the Bitcoin blockchain network is Bitcoin (BTC). It is the most well-known cryptocurrency with a market capitalization that surpassed the mark of $1 Trillion in 2021.
- Ethereum and its Key Features
Ethereum is considered as the second most popular blockchain solution, only surpassed by Bitcoin. In simple terms, it is a decentralized open-source blockchain network that is powered by its own cryptocurrency, Ether (ETH).
The platform natively supports smart contracts and enables its users to make transactions, earn interest and rewards on their digital assets via staking, trade different cryptocurrencies, and store non-fungible tokens (NFTs).
The concept of Ethereum was first conceived by Vitalik Buterin in 2013 followed by the publishing of its whitepaper in 2014. The official launching of the platform was done by Buterin and Joe Lubin, co-founder of Ethereum, in 2015.
High transaction fees and scalability issues have been the most pressing challenges of Ethereum. However, switching from Proof-of-Work (PoW) to Proof-of-Stake (PoS) mechanism and sharding, have been some substantial efforts that the platform has taken to become more user- and energy-friendly.
- Ripple (XRPL) and its Key Features
Ripple or XRP ledger (XRPL) is an open-source and peer-to-peer decentralized platform that works as a digital payment network with XRP as its native currency. The platform is a global payment network and allows seamless transfer of money in fiat (e.g., dollars, yens, euros) and digital currencies (e.g., litecoin, bitcoin).
XRP ledger was launched in 2012 by David Schwartz and others as an energy-efficient alternative to the Bitcoin blockchain. It’s native token, XRP ranks among the most valuable blockchain-based tokens with a market cap of nearly $28 Billion.
Major benefits of the Ripple blockchain network include low transaction cost ($0.0002), high speed (executing transactions in 3-5 seconds), scalable nature (1,500 transactions per second), and eco-friendly attributes.
Нэнси Дж. Аллен крипто энтузиаст жана криптовалюталар адамдарды өздөрүнүн банктары болууга шыктандырат жана салттуу акча алмаштыруу системаларынан четтеп кетет деп эсептейт. Ал ошондой эле блокчейн технологиясы жана анын иштеши менен кызыктырат.
Source: https://www.thecoinrepublic.com/2023/06/10/3-major-blockchain-networks-driving-the-crypto-industry/