Five projects with high transaction speed, low fees and possible long-term prospects.
Fantom
Fantom belongs to the blockchain generation that solves the scalability problem of Ethereum. The project has existed since 2018, the FTM token was in the top 50 of the Coinmarketcap rating.
The platform works on the Lachesis consensus algorithm, which is based on a combination of Proof of Stake (PoS) and aBFT. The Fantom network consists of three parts:
- Application Layer – this layer is designed for running applications;
- Ware Layer – smart contracts and programs are executed in it;
- Core Layer – a layer for conducting transactions.
The Fantom Opera network is compatible with the Ethereum Virtual Machine (EVM) and also integrates with the Cosmos SDK. The Fantom blockchain can be integrated into other blockchains as a consensus module.
According to representatives of the project, the network can conduct up to 300 thousand transactions per second. The total capitalization of the coin is $ 3.16 billion.
The Fantom team, led by Fantom Foundation CEO Michael Kong, is made up of South Koreans.
The project has support and community there.
The DeFi project architect is one of the most iconic people in the crypto community, André Cronier.
Avalanche
The Avalanche smart contract execution platform has existed since 2018, and the platform was launched a year ago on September 21, 2020. Avalanche is designed and developed by Ava Labs.
Using the Avalanche functionality, developers can create a public or private blockchain, select the desired programming language and those virtual machines, including the Ethereum EVM, with which a specific blockchain will interact.
The speed of the Avalanche blockchain is ensured by using the Snow protocol – the period of transactions in which should not exceed two seconds. Another important advantage of this protocol is its security.
At the moment, Avalanche can process up to 4.5 thousand transactions per second, the project representatives promise to bring this level to 20 thousand and higher after the application of solutions of the second level.
The platform uses two consensus engines – DAG Avalanche and Snowman. Avalanche consists of several blockchains, three of which make up the main network:
- Exchange Chain (X-Chain) is intended for the issuance and exchange of cryptoassets, including the native Avalanche network token (AVAX);
- Contract Chain (C-Chain) is compatible with Ethereum and is designed to interact with this network and execute smart contracts;
- Platform Chain (P-Chain) is designed for stacking and coordinating validators.
C-Chain and P-Chain are linked through X-Chain. The number of addresses on the C-Chain is 372 thousand. The total capitalization of AVAX is $ 16 billion. The number of wallets on the X-Chain at the moment is 738.5 thousand.
Elrond
Elrond is a blockchain platform for the execution of smart contracts, the IEO of the coin happened in the middle of 2019 on the Binance exchange.
The main function of the platform is to create high-performance and secure applications (DApps) based on smart contracts. The initiator of the project is the Everstake company.
High throughput of the Elrond network is achieved through the use of a special sharding method Adaptive State Sharding, in which the load of shards should not exceed 50%.
The platform uses the Secure Proof of Stake (SPoS) consensus algorithm, in which a block validator is selected at random.
The declared speed of transactions on the Elrond testnet is 250 thousand transactions per second, and the current network bandwidth is 15 thousand transactions.
At the moment, there are more than 784 thousand wallets in the network. The total capitalization of the coin is $ 4.46 billion.
Tron
The Tron project held an ICO for $ 70 million in 2017, and in 2018 launched its own blockchain, which became one of the first alternatives for Ethereum.
The stablecoin issuer USDT Tether released the first coins on this chain in 2019. In 2020, the project was marked by the conclusion of an agreement with Samsung, under which the TRX coin was added to the Samsung Blockchain Wallet for Galaxy smartphones.
In architecture, Tron resembles Ethereum, critics even call it an “Ethereum clone”. Due to the use of the consensus algorithm, Tron is several times faster and has almost zero commissions. At the same time, the degree of decentralization of Tron is less.
Almost $ 36 billion USDT was issued on the TRON blockchain, which is even more than the issuance of this stablecoin on the Ethereum blockchain.
Also recently on the blockchain, Tron has released its coins of the second largest stablecoin by capitalization – USDC.
The total capitalization of TRX according to Coinmarketcap is $ 7 billion, about $ 10.6 billion in total is blocked in DeFi on TRON, and the total number of wallets is more than 54 million.
Tezos
The ICO of the Tezos blockchain platform took place in 2017. A record $ 232 million were collected. The founders of the project are the spouses Arthur and Catelyn Breitman.
After a successful ICO, the project found itself in a difficult situation due to a corporate conflict between the Breitman spouses and the head of the Tezos Foundation, Johann Gevers.
The result was Gevers’ resignation in February 2018. During the conflict, investors filed several lawsuits against Tezos. As a result, it was possible to launch the main network only by the fall of 2018.
Tezos uses the Liquid Proof of Stake consensus algorithm. New blocks are created using staking, the owners of nodes in the Tezos network are called bakers.
The peculiarity of the Tezos blockchain is that not only node holders can make money on staking the native XTZ coin. To create a node, you need 8 thousand XTZ.
Major European financial institutions have partnered with Tezos, including Crypto Finance AG and the Central Bank of France, which uses the Tezos blockchain to create digital currency.
The OCaml language was used to write the Tezos code. In early August, the Granada update was activated on the Tezos network, which reduced the price of transactions on the network.
There are 1.7 million wallets on the Tezos blockchain in total. The total cryptocurrency capitalization is $ 4.98 billion, of which 76.6% are blocked for staking.
Read More:
