The blockchain market is in an exciting time. There are now more platforms, services, and features than ever. Additionally, the market has matured to the point where it is now a vital part of many traders’ daily activities. This maturity didn’t happen overnight. It took thousands of creative minds and innovative platforms to make the industry what it is today.
Since the introduction of Bitcoin, 11 years prior, the crypto market has been on a course of improvement. Ethereum ushered in the age of smart contracts which changed everything. For the first time, developers could create robust Dapps that could leverage the efficiency and security of blockchain networks. Today, developers and users have some serious options to consider when choosing the best network. Here are the next-level blockchains changing the game in 2022.
The META blockchain powers a vast DeFi ecosystem. This fourth-gen blockchain features full smart contract programmability, DeFi capabilities, and top-notch scalability. The developers behind the META blockchain built the network to support the METANOMICs ecosystem.
This diverse blockchain network includes a host of features that are not found on other platforms. For example, the network combines a powerful DEX (decentralized exchange), a multi-asset-backed stablecoin, DeFi services, and a crypto debit card. This approach enables users to join the network and strengthen their holdings with minimal risk.
The META Blockchain also provides users with a direct fiat onramp. To accomplish this task, the network recently partnered with Onramper. This strategic partnership provided META users with a multi-national fiat on-ramp that can accept over 50 different types of fiat currencies. When you combine these features with the network’s debit card, it’s easy to see why so many people find the system to be helpful. As such, the META blockchain is quickly becoming a favorite among DeFi users.
Polkadot is another project that continues to garner attention in the market. The network operates as a multi-chain application environment. The protocol empowers developers via its cross-chain capabilities. Unlike earlier networks, Polkadot developers can send more than just tokens. These networks can freely securely exchange data.
The project helps to connect the myriad of public and private blockchains that are in the industry today. Its unique technical structure enables anyone to integrate the best characteristics of each network and streamline data communications. Users may also stake the network’s utility token DOT to secure rewards.
Polkadot achieves near-instant transaction times due to the integration of a new consensus mechanism called GRANDPA (GHOST-based Recursive Ancestor Deriving Prefix Agreement). This system introduces some new roles in the process to streamline activities and improve security. Best of all, these advantages are extended to all subnetworks built using Polkadot.
Avalanche is another advanced blockchain that is worth checking out. The network integrates a new cryptocurrency, 3 blockchains, and a global payment system to improve the crypto user experience. One of the main draws of Avalanche is that developers can very easily create application-specific blockchains on the network.
The multi-chain layout of the system improves scalability. Notably, Avalanche is one of the fastest blockchains in the market with sub-second transaction times. According to developers’ speed test results, the network is capable of 6,500 transactions per second. In comparison, Bitcoin can handle 7 transactions per second.
Avalanche users also gain the benefit of low fees. Compared to other top-performing programable blockchains like Ethereum, developers and users pay fewer fees. The network charges a small fee for creating and minting digital assets such as NFTs (non-fungible tokens) and new blockchains that leverage its infrastructure.
Not to be left in the dust, the world’s top-performing DeFi network, Ethereum is set to complete a major upgrade in the coming weeks. The upgrade will take Ethereum from a Proof-of-Work blockchain and convert it to a Proof-of-Stake (PoS) network. This maneuver will improve the network’s scalability and functionality considerably.
Currently, Ethereum dominates the DeFi sector in terms of Dapps and platforms. However, the network has suffered from high gas prices due to congestion. Ethereum 2.0 will improve scalability and reduce these fee concerns across all levels. The upgrade will also enable regular users to stake their ETH and secure passive rewards with minimal effort.
Many see the ETH 2.0 update as one of the most important developments in the crypto market for 2022. There is still a lot of concern regarding the exact timeline for the maneuver, but already, the network has made strides towards its final goal. For example, you can already begin staking ETH and securing profits.
Binance Smart Chain
The Binance Smart Chain is one of the most hyped projects in the market. This powerful fourth-generation blockchain was launched by one of the world’s largest CEXs (centralized exchanges). The goal of the BSC is to complement and improve the features and services available to users. It was designed to work alongside the Binance Chain.
Notably, the BSC has seen impressive growth since its mainnet launch in September 2020. The protocol was destined for notoriety from day one. The project began with a $100 million developer seed fund to support its creation. The project also helped to increase the value and functionality of the BNB token.
The BSC is scalable and secure. The network produces blocks every 3-seconds to provide users with high performance. For comparison, Bitcoin produces a block every ten minutes. Additionally, the BSC reduced the price of transactions for users considerably. It only costs pennies to send tokens built on the BSC.
A New Era of Blockchains
These blockchain projects encompass what it means to be decentralized. Each of these networks was purpose-built to serve a vital role in the market. You can see from their characteristics that the developers behind these protocols learned valuable lessons from their predecessors. Consequently, these next-gen systems are set to power a new wave of blockchain functionality throughout 2022 and beyond.