In this day and age, blockchain networks are becoming more and more popular, so it makes sense for a tech-savvy person to know which blockchains are worth exploring in 2023.
Blockchain networks became more popular after Bitcoin came out, but now many people are turning their attention to blockchain solutions that are faster and use less energy. New blockchains are slowly fixing the problems that Bitcoin had with speed and energy use. With the arrival of Web 3.0 technologies, this growth will only get bigger and better.
Surveys show that the market for blockchains is expected to grow from USD 3 billion to USD 39.7 billion from 2020 to 2025. This is because more and more organizations are starting to try out blockchain technologies.
In this article, we’ll talk about the different kinds of blockchain development services networks, and then we’ll show you 10+ blockchain networks that Web 3.0 fans should think about in 2023.
What Kinds of Blockchain Networks are there?
A blockchain is a network that lets people do transactions without a central authority over a safe peer-to-peer network. Blockchains make it easier for users to trust each other, give better security, lower production costs, keep records that can’t be changed, and speed up transactions. Blockchain networks are divided into four types based on the type of decentralization and the people in charge of the network:
Public Blockchain
As the name suggests, public blockchains are open to everyone. No one owns it, there are no rules about who can join, and anyone with a computer and a secure internet connection can join. All of the nodes in a blockchain network have a copy of all of the transactions that happen in the network.
Public blockchains are safe, anonymous, take a long time to process, and governments don’t accept them. Public blockchain networks are things like Ethereum and Bitcoin.
Private Blockchain
Private blockchains have been made possible by the wide use of blockchain technology. These blockchains only let certain nodes join the network. And they offer faster speeds, more privacy, better scalability, and more balanced network performance.
But they have some security risks, are a bit more centralised, and because there are fewer nodes, a problem with a few nodes can put the whole network at risk. Private blockchain networks are things like Hyperledger and Corda.
Hybrid Blockchain
The hybrid blockchain combines the best parts of both private and public blockchains, as the name suggests. It can also only be used by a smaller number of nodes than a public blockchain, and it has nodes that are only used to verify transactions.
The architecture of these blockchain networks can be changed a lot, and it can also choose who can join and which transactions can be made public. But it still has problems with being clear, working well, and giving people a reason to join. Hybrid blockchains are things like Ripple and XRP tokens.
Consortium Blockchain
Consortium blockchains, work on the principle of a hybrid blockchain, which lets some parts be private and some be public.
The blockchain is run by many different groups, and only a small number of nodes verify transactions, which makes the process faster. Using many organizations as authorities makes it less centralised, and it also gives you privacy and flexibility. It also talks about things like vulnerability, differences in how people see their own interests, and openness. This technology is used by Tendermint and Multichain, which are both examples of blockchain.
Now that you know how different blockchains work, here is a list of the top 10 blockchain networks to think about in 2023. This will keep you up to date on the new blockchains that are sure to take over the tech world in the coming years.
Her are some Best Blockchain Networks:
Ethereum
Even though Ethereum came out in 2013, it was the first public blockchain network that was decentralised and used smart contracts for transactions. This network is still popular in 2022. Ether (ETH), one of Ethereum’s digital coins, has the second-highest market capitalization of all cryptocurrencies.
Solana
Solana network, which uses the Solana SOL cryptocurrency, has been one of the biggest players on the cryptocurrency market in the past few months. It is one of the top 10 cryptocurrencies in the world. Solana has a market cap of about $12.04 billion, and there are about 346 million SOL in circulation.
Cosmos
Cosmos, which uses the cryptocurrency ATOM, wants to make it possible for all blockchains to talk to each other and solve the three main problems with blockchains: sovereignty, scalability, and sustainability. It uses the Tendermint consensus algorithm and the Inter-Blockchain Communication (IBC) protocol to make sure that blockchains can talk to each other safely. In other words, Cosmos is a group of blockchains that work together.
Smaller teams now find it easier to build on Cosmos, which is one reason why it is so popular. With about 292 million ATOM in circulation, Cormos has a market cap of about $4.09B. (according to coinbase.com)
Stellar Stellar is a public blockchain network for financial transactions. And it lets you make, send, and trade digital versions of dollars, pesos, bitcoins, and a huge range of other currencies.
Stellar
It is proving to be the best choice for financial institutions that want to make their transactions and services more secure and clear. Stellar is another blockchain network to keep an eye out for in 2023. It can help make fintech apps, digital assets, and tokens quickly.
Stellar can handle millions of transactions every day, has a quick confirmation time of 3–5 seconds, allows smart contracts and multiple signatures, and has a fixed annual inflation rate of 1%. You can use it to make your own assets, change money into different formats, and easily trade tokens between peers.
Tezos
Tezos is another older network on the list. It has been built since 2014, but in 2022, it still has value. It is a public, open-source blockchain network that works with smart contracts, new financial instruments like non-fungible tokens (NFTs), and decentralised applications.
Recent changes to the underlying design have made the Tezos network run faster. And made it possible for smart contracts to be bigger. There are also newer tools for Tezos that make the process of integrating NFTs into enterprise supply chains easier and faster. It is different from other blockchain networks because of things like its Delegated Proof of Stake (XDPoS) consensus mechanism, its self-amendment protocol, and its on-chain governance.
EOS
EOS is a public blockchain network that started in June 2018 with the goal of making it easy to make dApps that are scalable and safe. It gets rid of fees for users by using Delegated Proof of Stake (XDPoS) and multithreading.
Also they provides a way for dApps to be governed and hosted, and it can also make smart contracts. It solves the scalability issues posed by Bitcoin and Ethereum by providing decentralised storage of enterprise solutions. Additionally, it allows multi-processing, upgradability, permission schema, and flexibility, making it one of the new blockchains to consider in 2022.
Elrond
Elrond is a very new blockchain that came out in July 2020 and has been getting a lot of attention since then. This public blockchain was made with scalability, security, and decentralization of dApps in mind. But it can also be used by businesses at a lower price and with a higher throughput.
Klaytn
Klaytn is another newer public blockchain network that started in June 2019 and is mostly for businesses. It has a modular network architecture, which makes it easier for companies to make blockchains that focus on services. The Klaytn architecture is used by these service chains, which are sub-networks.
Klaytn lowers the cost of making blockchain applications, which makes it easier for customers to use them. It is another blockchain to keep an eye on because it can make and confirm blocks in one second, can handle 4000 transactions per second, and costs one-tenth as much as Ethereum.
XDC Network
The XDC network is a hybrid blockchain that is used mostly for finance and international trade. It uses cross-chain smart contracts for transactions and uses digitization and tokenization to regulate trade transactions in real time.
XDC started with an initial coin offering (ICO) in 2018, which raised $15 million and went live in June 2019. It promises to use the fastest and most energy-efficient consensus protocol in the world. It uses Delegated Proof of Stake (XDPoS) and Stakeholder Approval Voting to help solve consensus problems in a fair way. By powering the XDC Blockchain Network and popular wallets like Garuda, BitFi, Ellipal, Lumi, and Trezor, XDC has shown that it is a unique digital asset.
Hyperledger Sawtooth
Hyperledger Sawtooth is yet another new private blockchain that uses a flexible and modular architecture to separate its application domain from its core system. It came out in January 2018 and makes it possible for smart contracts to work based on business rules without having to know how the system works underneath.
This blockchain network wants to be fair and allow pluggable consensus algorithms like Proof of Elapsed Time (PoET). It does this by supporting consensus algorithms like PoET. Its ability to run transactions in parallel and its ability to work with Ethereum contracts are also great for companies that want smart, scalable solutions.
Hyperledger Fabric
Hyperledger Fabric is a consortium blockchain makes it easy to plug and play solutions or apps. It is especially useful in the business world because it makes it possible to create a network of networks, or a fabric of networks.
Members of the fabric network work together, but they keep their relationships with their own networks separate to protect privacy. For example, a seller can talk to different buyers to sell the same product. But they can keep separate networks with each buyer by making a channel on the Hyperledger Fabric network. This stops the blockchain from being open and permissionless and makes it secure and scalable. This makes it possible for private transactions and contracts to be keep secret.
Hyperledger Fabric is very modular, and since it came out in 2015. Also it has been gaining speed quickly because of its unique features. It is used more and more in food supply chains, digital payments, digital identities, and keeping track of valuable items.
Conclusion
Blockchain networks are a world that is always being made and changing quickly. Every day, new competitors enter the crypto world. There is no doubt that enterprise blockchain consulting is getting better and that people want even stronger blockchain networks.
We hope that the list of blockchain networks mentioned above will help you keep up to date and in pace with newer blockchains, and we can rest assured that this list is relentlessly going to change over the years to come.