A base blockchain like Bitcoin or Ethereum receives the name “Layer 1.” It represents the primary chain of the network and serves as the first level within the ecosystem. Developers have the ability to construct Layer 2 solutions and sidechains on this foundation provided by Layer 1.
The protocol comprises this layer and encompasses crucial components such as the consensus mechanism, network structure, security features, and transaction systems. This system operates autonomously and has the capacity to execute transactions without relying on external aid.
Kindly note that these layer-1 blockchains are not listed in order of importance.
Ethereum, as a Layer-1 blockchain, facilitates decentralized applications and smart contracts in an active voice. It employs a data structure consisting of a linked list of blocks, ensuring data immutability. Ethereum utilizes cryptographic methods, including asymmetric key cryptography, to provide robust data security across its network. The blockchain enables the execution of transactions and the storage of smart contract code and data, promoting a decentralized and trustless ecosystem.
Solana is a Layer-1 blockchain known for its high performance and scalability. It employs a unique consensus algorithm called Proof-of-History (PoH) to achieve fast transaction processing. Solana’s active voice is characterized by its ability to handle thousands of transactions per second and low fees. Its architecture incorporates a combination of innovative technologies, such as Tower BFT consensus, mempool-driven transaction processing, and a robust network of validators, enabling efficient and secure decentralized applications on its blockchain.
Astar Network, Japan’s most popular smart contract platform, supports both EVM and WebAssembly (Wasm) environments and achieves interoperability between them using a Cross-Virtual Machine. It welcomes developers of all backgrounds, providing a friendly environment compatible with the tools and languages they are already familiar with. Astar Network stands out independently within a thriving ecosystem and the broader blockchain industry. It drives international corporate adoption and sparks consumer interest in Web3 technologies, propelled by the shared security of Polkadot, making it a shining star in the field.
Polkadot empowers users to take full control over a completely decentralized web.
Polkadot’s design enables the connection of private and consortium chains, public and permissionless networks, oracles, and even emerging technologies. The platform facilitates the exchange of information and transactions among independent blockchains in a trustless manner through the Polkadot relay chain.
Creating and connecting decentralized applications, services, and institutions becomes simpler with Polkadot. By providing innovators with the tools to build improved solutions, Polkadot aims to liberate society from dependence on a flawed web, where the trust of individuals can be violated by powerful institutions.
The Cosmos Network revolutionizes the blockchain landscape by establishing a decentralized network comprising independent, scalable, and interoperable blockchains, laying the groundwork for a new token economy.
Previously, blockchains operated in isolation, incapable of effective communication. They were challenging to construct and limited in their transaction handling capacity. Cosmos tackles the most daunting blockchain obstacles, including scalability, usability, and interoperability.
Empowering developers, the Cosmos SDK offers a user-friendly and modular framework. Each framework leverages a Byzantine Fault-Tolerant consensus algorithm like Tendermint BFT, granting developers the freedom to customize their decentralized applications and prioritize business logic.
Avalanche, an open-source platform, offers developers the opportunity to construct decentralized applications (Dapps) within a highly scalable and interoperable ecosystem. Notably, it is the first ecosystem designed to accommodate the scale of global finance, ensuring near-instant transaction finality.
Avalanche provides developers with the ability to participate in a diverse range of blockchains called Subnets. These Subnets, which validate specific blockchains, form subsets of the Avalanche Primary Network. By isolating failures and performance within each Subnet, increased usage on one Subnet does not impact others. Subnets can be either permissioned or permissionless, offering customizable solutions for various use cases.
A blockchain designed to be performant, secure, and infinitely scalable, offers a user-friendly and carbon-neutral platform.
Technically speaking, NEAR is a layer one blockchain that utilizes sharding and operates on a proof-of-stake consensus mechanism. Its development prioritizes usability and ease of access.
In simpler terms, NEAR aims to be a blockchain that is accessible to everyone, irrespective of their technical background or expertise.
The global community of validators, researchers, and builders back the open-source, self-upgradable, energy-efficient, and built-to-last Proof of Stake blockchain protocol for assets and applications, known as Tezos. Tezos aims to drive social, political, and economic innovation on a global scale.
Tezos provides a platform to create smart contracts and decentralized applications that third parties cannot censor or shut down. Moreover, Tezos enables formal verification, which is a technique that mathematically proves properties about programs, such as smart contracts, to enhance security. When used correctly, this technique can prevent costly bugs and contentious debates that often follow.
A team of top engineers and academic experts has designed Cardano, a decentralized third-generation proof-of-stake blockchain platform that serves as the home for the ADA cryptocurrency.
Cardano prioritizes sustainability, scalability, and transparency, and it is a fully open-source project. Its objective is to provide an inclusive, fair, and resilient infrastructure for global financial and social applications. Powering Cardano is the ground-breaking proof-of-stake consensus protocol called Ouroboros.
5ireChain aspires to establish itself as a blockchain ecosystem for the 5th industrial revolution (5IR), enabling self-governing decentralized companies to thrive and contribute to sustainable development. This vision is primarily driven by 5ireChain’s business concept, which operates on the proof-of-benefit model, emphasizing the importance of environmental benefits and sustainability practices. By adopting the proof-of-benefit model, business entities prioritize not only profit-making but also the integration of sustainability principles into their operations.
The article helps you showcase an array of the top 10 Layer-1 blockchains in 2023 that have emerged as powerful players in the blockchain landscape. These platforms exhibit impressive technological advancements, innovative approaches, and widespread adoption potential. As the industry continues to evolve, these Layer-1 blockchains are poised to shape the future of decentralized applications, digital assets, and global financial systems, driving transformative changes across various sectors.
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