Twenty Blockchains: Expected to Rule by 2024
Have you heard about the various varieties of blockchains available? Since new ones seem to appear every day, it can occasionally take time to stay on top of them. However, not all of them will endure or be truly adopted. We’ll concentrate on 20 particular blockchain networks in this blog post that we believe have the most possibility of taking off and becoming industry leaders in the upcoming years. We’ll examine the advantages each has as well as the kinds of tasks they prioritize. Every technology can alter how we conduct particular tasks, whether it be payments, smart contracts, storage, or another technology. Let’s begin by investigating their world!
Gaining Importance in Numerous Industries
blockchain protocol development networks are rapidly expanding into new industries every day, not simply finance. Every industry has distinctive qualities that could be tapped into by decentralized technologies. A supply chain with immutable ledgers that trace every stage of production might greatly increase supply chain transparency. Interoperable blockchains allow gamers to have actual digital ownership over virtual assets. Digital identity authentication validates people’s compliance with certificates and supports e-commerce. Unreliable timestamping and automatic royalty distribution also assist creative works.
Healthcare stands out because it respects patient privacy and incorporates medical records into ledgers. Insurance uses “smart” contracts to evaluate risks more quickly than conventional underwriters. Governments also test decentralized services in areas such as voting, welfare, land titles, and other areas. Alongside them, other sectors emerge, such as decentralized data cloud services that host websites without limitations. Education credentials are digitally converted to deter fraud. Fans love to showcase the digital artifacts that artists and athletes create uniquely.
Leading Blockchains Will Rule in 2024
The blockchain and cryptocurrency space is still developing quickly, with new projects popping up all the time that aim to upend established systems or fill in unfilled markets. However, not every network has the same capacity to spur significant uptake and transformation in the upcoming years. This section examines 20 distinct blockchain platforms that, in our opinion, are well-positioned to establish leadership positions in the market by 2024.
The Bitcoin (BTC)
Bitcoin, which launched the first blockchain in 2009, invented the idea of a decentralized digital currency that is not governed by a single entity. Despite ongoing critiques over transaction speeds and costs, Bitcoin maintains its dominant market share as the best value store. With constant taproot updates and growing institutional interest, it is well-positioned to continue being the key coin driving the cryptocurrency market. Nowadays, more than 100,000 retailers accept Bitcoin and its devoted user base provides it with long-term support.
Ethereum (ETH)
Ethereum, by far the most widely used platform for executing decentralized applications, manages an estimated $1 billion worth of trading activity every day across NFT markets and DeFi protocols. But as consumption increases, obstacles like high petrol prices and network congestion arise. With proof-of-stake and sharding, the next ETH2.0 upgrade offers unprecedented scalability, cementing Ethereum’s pivotal role in driving the future digital economy. Ethereum is investing to maintain its leading position due to its first-mover advantage in developer support.
Blockchain by Binance (BNB)
Although BSC was first introduced in 2020 to reduce Ethereum’s network burden, it has swiftly grown to become the main center for more recent projects and trades, offering almost instantaneous transactions and low costs. Cross-chain bridges between BSC and Ethereum are made possible by the two operating in parallel. Supported by market leader Binance, it outperformed competitors in early adoption thanks to its quick exchange and wallet integration. By fostering the greatest developer community centered around its ecosystem, BSC might further extend its lead.
Cardano (ADA)
Cardano, one of the few significant proof-of-stake platforms still in existence, adopts a methodical scientific governance strategy with an eye toward practicality. Although the Alonzo update is still in its early phases of integrating smart contracts, if it can fulfill its promises of scaling, such as multi-party computation and Hydra, it will have an advantage over rivals who are experiencing bottlenecks in the future. Currently, an estimated 1 billion individuals lack access to banking, which presents the potential for platforms to address accessibility issues.
The Polkadot (DOT)
Polkadot’s shared security mechanism, which was created from the bottom up for interoperability, allows parachains—customized blockchains—to safely link to the company’s primary relay chain. This makes it possible to create limitless customized Web 3.0 and DeFi applications using various protocols. Scalability should be accelerated by DOT validators sharing throughput demand horizontally. Large-scale initiatives like Kusama show what Polkadot’s expanding ecosystem has in store.
Solana (SOL)
Solana, one of the quickest blockchains, is gaining popularity. It processes more than 50,000 transactions per second using proof-of-history consensus. Because of this speed, new social media sites and marketplace apps were able to gain popularity on Solana before other platforms could match them. On the other hand, if validator quantities decline over time, worries about long-term centralization issues persist.
Ripple (XRP)
Ripple, one of the first widely utilized payment technologies, aims to reduce liquidity by facilitating on-demand trades between international financial institutions. If Ripple wins the ongoing legal battles over XRP’s status, more regulatory consistency may help the company realize its goal of enabling cross-border payments through the use of RippleNet by banks. The substantial base of XRP supporters is adamant about its undervalued stance for large-scale fiat currency transactions without onerous correspondent banking.
Avalanche (AVAX)
Avalanche is designed for speed, scalability, and ease of use. It leverages a unique subnet architecture that makes it simple to incorporate any custom blockchain and take advantage of the security advantages of the main Avalanche chain. Its ecosystem might expand quickly over time as a result of the numerous application-specific subnets that could be developed on top of this modular structure. Avalanche aims to become the top Ethereum substitute by managing more than 4,500 transactions per second without sacrificing decentralization.
Tezos (XTZ)
Tezos is different from other blockchain protocols in that it has an integrated amendment procedure that allows stakeholders to vote on and finance official, orderly updates to the network. This improves the likelihood of long-term survival by future-proofing through ongoing adjustments to stay competitive. Additionally, the platform markets itself as a Proof of Stake network that is ecologically friendly and suitable for hosting green applications. With a daily transaction volume of over a million, Tezos is now hiring developers with a formal verification focus.
Chainlink (LINK)
essential to the blockchain ecosystem as the go-to Oracle network for tying smart contracts to payment systems, off-chain data, and APIs. To enable broader use case implementations, Chainlink presently powers dozens of significant DeFi protocols across several blockchains. With precise off-chain price feeds and other data integrations without centralized management, its safe and dependable oracles are essential for extending the capabilities of smart contracts.
ATOM Cosmos
By facilitating safe communication across various zones via its IBC protocol, Cosmos creates a decentralized infrastructure to address blockchain interoperability issues. Innumerable specialized blockchains can now emerge, creating a modular multi-chain “Internet of Blockchains.” Rising developer support and the introduction of Cosmos on key exchanges should solidify Cosmos’ position as the go-to middleware network for connecting blockchains to create new economies of scale.
NEO
Based in Shanghai, one of China’s most cryptocurrency-friendly cities, NEO is still committed to developing and promoting smart contracts in its important home market. The dBFT protocol’s compliance capabilities, which enable the legal verification of digital identities, assets, and agreements, reduce regulatory issues. NEO is pushing the boundaries of decentralized games, storage, and finance with NeoFS, NeoX, and other forthcoming versions such as Neo3. Success in the mainstream depends on scaling over time through more developer involvement.
The VeChain (VET)
Fueling enterprise adoption outside of finance, VeChain uses blockchain technology to digitize vital areas like supply chain management, carbon credits, and digital ownership to bring standards to a wide range of industries, including manufacturing, food, luxury products, and more. Prominent corporate alliances suggest utilization potential and market credibility, which could enable VeChain to power mission-critical applications promoting long-term sustainability in well-established international domains.
Filecoin (FIL)
In addition to offering the core infrastructure required for Web 3.0 to keep expanding, Filecoin wants to take the lead in becoming the most widely used decentralized cloud storage network for hosting files, webpages, data, and apps. It uses mining incentives based on Proof-of-Storage and Proof-of-Replication to equitably compensate users for freely contributing excess space. Filecoin has the potential to create a decentralized data-driven economy if it can offer dependable, scalable storage capacities at reasonable pricing.
Algorand, or ALGO
Algorand, being pursued as one of the “Ethereum Killers,” uses a Pure Proof-of-Stake consensus mechanism to immediately complete transactions at throughputs surpassing 1,000 TPS. In addition, compared to other platforms, its wallet and smart contract features are simpler to implement for increased accessibility. Its potential for large governments and institutions demanding high-volume infrastructure is demonstrated by significant cooperation in fields like CBDCs.
Star (XLM)
Stellar markets itself as an intuitive global payment network. Its architecture allows cross-border money transfers to settle at fractions of a cent in 3–5 seconds, as opposed to days and higher fees through traditional systems. Access to exchange across fiat currencies that is not typically possible is improved by inter-currency trading. Stellar might lead the way in promoting accessibility as a means of promoting economic inclusivity.
Qtum (QTUM)
As a flexible blockchain, Qtum integrates the features of Ethereum, Bitcoin, and other virtual machines to enable decentralized applications. Permitting the execution of smart contracts across various settings that meet application requirements is its primary distinction. In the long run, Qtum’s governance model makes compatibility upgrades a priority, which makes it a good choice for specialized enterprise use cases.
Network Theta (THETA)
Theta intends to eliminate bandwidth constraints by using its blockchain network to monetize underutilized network and computer resources worldwide. It is doing this by leveraging its protocol to revolutionize video distribution. Participant-run Edge nodes that cache video material enhance the quality of the streaming experience. Theta’s decentralized infrastructure could meet the need for affordable, sustainable scaling through token incentivization as bandwidth demands rise exponentially with 5G.
Kusama (KSM)
Serving as Polkadot’s test network, Kusama encourages the development of novel ideas in a real-time, decentralized setting before their possible implementation on Polkadot. Because of its fewer boundaries, it encourages creativity by allowing for bigger risks and unpredictable results. Kusama is already seeing significant development and governance as a stand-alone network, solidifying its distinct role as an innovation hub and propelling advancement for the Polkadot ecosystem as a whole.
Hedera (HBAR)
Hedera is developing a commercial-grade public network with an emphasis on enterprise capabilities through its directed acyclic graph architecture, supported by an impressive governing council of major players in the sector. This offers 10,000 TPS throughputs that are competitive for powering applications ranging from finance to supply chain. Should Hedera successfully provide business developer tools and seamless interoperability, it has the potential to become a top commercialized public network.
Conclusion
Although the blockchain revolution is still in its infancy, it already has enormous potential that is just waiting to be realized everywhere. The networks featured below, with their distinct technological features and actively pursued business strategies, are among the most promising possibilities to drive large use and integration. There are exciting times ahead as numerous sectors discover how decentralizing specific components can increase efficiencies and create new avenues for innovation that benefit both businesses and consumers. Ultimately, it will be interesting to see which of these projects realizes their lofty goals of using transparent, decentralized technologies to improve the world.