Popular blockchain platforms dominating the cryptoverse

Photo by: Khanchit Khirisutchalual

Traditional financial systems, healthcare, government, real estate, finance companies and even cryptocurrencies including Bitcoin, Ethereum, Ripple and the XRP token are just a few examples of how blockchain technology is a great resource for securing information and enabling secure digital transactions. The peer-to-peer networks used in blockchain technology allow for decentralization, which further makes the buying, selling and delivery of services easier and more secure. Blockchains essentially work as a system where information is recorded, making it difficult or impossible to change, hack or cheat the system. A few popular cryptos, including Ethereum, act as a currency, a cryptocurrency exchange platform, and a blockchain network. However, most alternative coins, called Altcoins, operate on separate and self-designed blockchain networks, all with different features specific to each coin.

Blockchain glossary with the most important terminologies

• Gasping: A method of securing computers where the device does not connect to the Internet or any other open network.
• Airdrop: A token distribution method used to send cryptocurrency or tokens to wallet addresses.
• API: Application programming interface that enables the interface between a blockchain and other software.
• AML (Anti Money Laundering): A software intermediary that allows two separate applications to communicate with each other. APIs define methods for communication between different components.
• Block height: Number of blocks linked together in the blockchain. For example, height 0 will be the very first block and is often referred to as the Genesis Block.
• BAAS (Blockchain As A Service): a third-party service that creates and manages cloud networks for companies in the blockchain network.
• Bounty/Bug Bountyy: A reward for disclosing vulnerabilities and problems with computer code.
• Byte code: A “low-level” computer language intended to be processed by a computer rather than a “high-level”, more human-like language.
• Coin: a representation of digital asset value that is generated via its own independent blockchain.
• DAO (Decentralized Autonomous Organization): A decentralized autonomous company is an organization or company run by a computer, not a governing body or authority.
• DApp: A decentralized application that only works on a blockchain or some form of distributed ledger system
• DeFi (decentralized finance): The core of blockchain as a concept that removes central authorities and intermediaries.
• DLT (Distributed Ledger Technology): Another term for blockchain.
• KYC (Know Your Customer): A process that collects and verifies information about the customers’ identity and background.
• KYT (Know Your Transaction): A process that collects information about transactions carried out by financial institutions.

bit code method, a holy grail for all things crypto, delves into blockchains and provides extensive information on the different types and features. Below is a list of the most popular blockchains every newbie, crypto enthusiast and those advanced in crypto need to know about:

Top Six Blockchain Platforms

1. Avalanche:

Avalanche (AVAX) is a cryptocurrency and blockchain platform that competes with Ethereum. AVAX is the original token of the Avalanche blockchain, which uses smart contracts to support various blockchain projects. Also, the blockchain can provide efficient and near-instant final transactions. Avalanche also enables users to build low-cost decentralized applications with rapid scalability through minimal hardware, allowing them to create and launch custom private and public blockchains.

2. Ripple:

Ripple is a blockchain-based digital payment network and protocol with its own cryptocurrency, XRP, which works through a consensus mechanism via a group of bank-owned servers to verify transactions instead of using blockchain mining. This blockchain offers users or businesses solutions that are believed to be faster, more transparent and cost-effective than traditional financial services.

3. Solana:

Solana is one of the most popular cryptocurrencies among more than 10,000 in existence. The cryptocurrency platform is Solana, while the individual unit is a sol. This blockchain acts as a worldwide network that supports executable code in the form of smart contracts and a unique history mechanism that enables the network to process thousands of transactions per second.

4. Dogecoin:

Dogecoin (DOGE) is a peer-to-peer, open source cryptocurrency and an altcoin. Dogecoin can be used for payments and purchases. The core factor of this blockchain is that it works faster than Bitcoin and can process transactions at a speed ten times faster than the most popular blockchain.

5. Ethereum:

As mentioned above, Ethereum is the second most popular Blockchain dominating the cryptoverse. It acts as a blockchain for Web3, NFTs, decentralized finance, social networks and crypto-stakes. In addition to this, there is also a crypto exchange platform and a currency (ETH).

6. Bitcoin:

Bitcoin is the world’s leading cryptocurrency, a trusted blockchain and a search engine for crypto transactions. The Bitcoin blockchain works on a public network, making it completely decentralized. This means that anyone with a device that has access to the internet has access and can participate in the network. The network is not owned by anyone; thus, anyone with a computer can access a copy or hold of other nodes or blocks in the network. Also, within this blockchain, transactions and records can be easily verified.

Cryptocurrency is huge and making an investment is a big decision that a person cannot take lightly. Therefore, every crypto newbie or enthusiast needs to educate themselves and stay informed about the essential aspects of crypto. Although the information may seem complex, learning becomes easier and more fun when you know the basics, including which sites to follow to stay up-to-date.