Ethereum is currently the most popular and largest blockchain ecosystem.
Launched in July 2015, Ethereum has not only earned its place as the second most valuable cryptocurrency after Bitcoin, but has also built a reputation for being the largest development platform for smart contracts and dApps (decentralized applications).
However, Ethereum is not the only blockchain worth mentioning.
Over the years, several reputable blockchain ecosystems have attracted the interest of crypto enthusiasts and developers alike. Some of these include KardiaChain, which boasts of being the first decentralized, interoperable, and self-optimized blockchain ecosystem. Another blockchain ecosystem worth mentioning is Cosmos, which continues to grow with an extensive list of interoperable and sovereign blockchain apps.
Here’s a look at some of the largest blockchain ecosystems besides Ethereum that have great potential.
The Cosmos ecosystem is a decentralized network of independent, parallel blockchains, each powered by a BFT (Byzantine Fault Tolerance) consensus algorithm called Tendermint Core.
At its core, the platform comes with the Cosmos SDK (Software Development Kit), which allows developers to create their blockchain applications in any programming language.
The Cosmos SDK is enhanced with an Inter-Blockchain Communication (IBC) protocol, which is used to connect these parallel blockchains and allow values and data to be easily exchanged between them.
Everything in the Cosmos ecosystem is connected through the Cosmos Hub, which acts as a central relay chain that allows developers to build custom blockchain applications in a modular way.
The vision of the Cosmos Network is to make it easier for developers to build interoperable blockchains and break down the barrier that exists between different blockchain networks.
Founded by the Interchain Foundation, a non-profit organization based in Zug, Switzerland, Cosmos raised over $16 million in a public sale of its ATOM token in April 2017 and currently hosts blockchain projects such as Juno Network, Terra, and Crypto . com Coin to name a few.
For now, Cosmos is boasting 49 blockchain-based apps and services in its ecosystem with 28 IBC-enabled and a total market cap of over $141 billion.
Like Ethereum, Avalanche is a smart contract platform. However, Avalanche offers faster time-to-finality of around 1 second and supports higher transaction throughput of over 4,500 TPS (transactions per second) per subnet. A subnet is a collection of nodes that process transactions and maintain ledger status in the Avalanche consensus protocol.
In addition to supporting multiple virtual machines, Avalanche also allows transactions to run in parallel, further improving transaction speed. The platform was launched in September 2020 and is currently being developed by Ava Labs, a blockchain startup based in New York.
So far Avalanche has outgrown to backup 400 projects with more than 1.5 million community members worldwide and 1,350 validators on its blockchain network.
Founded by two former high school classmates, Tri Pham and Huy Nguyen, KardiaChain was announced back in October 2018, but its main network went live about two years later in December 2020.
KardiaChain claims to be the first fully non-invasive and interoperable blockchain ecosystem of its kind. In an attempt to solve prominent blockchain development challenges such as lack of interoperability and scalability, KardiaChain has created a unified ecosystem where developers can easily create smart contracts that can run on multiple blockchains. The goal is to optimize costs, avoid network congestion, especially on bloated networks like Ethereum, and ultimately enable smart contracts to provide trustless, cross-chain, and secure communications.
To achieve its goal, KardiaChain uses a unified smart contract language to improve evolvability, a non-invasive interoperability protocol that allows dApps built on KardiaChain to connect to any network without requiring technical changes to the original blockchain or the protocol must be made. KardiaChain also uses Dual Master Nodes, which allow dApps to connect to two chains at the same time.
Secured by a Proof-of-Stake consensus mechanism delegated by Byzantine-Fault-Tolerance, KardiaChain hosts dApps like Thetan Arena, My DeFi Pet, and BeCoSwap to name a few.
Polkadot is a smart contract platform that supports multiple blockchains (parachains) that can run in parallel. In addition to supporting various programming languages, Polkadot also offers on-chain governance that allows easy network upgrade without hard forks.
The Polkadot protocol was developed by Gavin Wood, one of the co-founders of Ethereum. Wood is also the founder of the Web3 Foundation, a Swiss non-profit foundation that promotes Polkadot and other next-generation web technologies.
Polkadot went live in May 2020 and completed its first parachain auction in late 2021. Since then, the platform has continued to grow and now boasts a market cap of over $17 billion.
So far, Polkadot secured some notable projects including Acala Network, Efinity, Moonbeam and Clover Finance to name a few.
Binance Smart Chain (BSC) is a blockchain platform that runs parallel to Binance Chain. The two are linked and allow for the transfer of assets between them.
Launched in April 2019, BSC boasted impressive transaction speeds of around 15,000 TPS and a block time of 3 seconds. In addition to supporting smart contracts, BSC also offers decentralized applications, tokenized BTC and cross-chain bridges.
BSC is backed by a proof-of-stake consensus mechanism and uses the native BNB token for transaction fees. There are currently over 140 projects running on Binance Smart Chain, including PancakeSwap, SafePal Wallet, and Venus.
So there you have it. While these are just a few of the many different blockchain ecosystems currently under development, they are among the most notable. With so much potential, it will be interesting to see how these platforms evolve and what innovations they bring to the world of blockchain technology. Ethereum has long been known as the platform of choice for developing dApps, but with the emergence of new platforms like KardiaChain, that could soon change.
Emerging blockchain ecosystems are developing innovative ways to solve the problems currently plaguing blockchain technology. From solving the fragmented state of the sector to improving transaction throughput and finality, the future of blockchain looks very bright.
https://techround.co.uk/cryptocurrency/what-are-some-of-the-biggest-blockchain-ecosystems/?utm_source=rss&utm_medium=rss&utm_campaign=what-are-some-of-the-biggest-blockchain-ecosystems What Are Some of the Biggest Blockchain Ecosystems?