Bitcoin and Ethereum are not the only blockchains that people should be aware of. There are numerous other well-established blockchains, some of which are mentioned below in alphabetical order. With new blockchains continually emerging, there is a lot to explore in the blockchain space.
Types of Blockchains
Blockchains can be public or private. Public blockchains are open for anyone to participate in, whereas private blockchains are restricted and used only by businesses and industry associations. Private blockchains function as a conventional private network, with usage subject to central authority approval.
Here are some well-known blockchains:
1. Binance Smart Chain (BSC)
Launched in 2020, BSC is a smart contract-based blockchain that operates in partnership with the Binance cryptocurrency exchange. BSC aims to provide high-speed transactions and low-cost fees while maintaining security.
2. Cardano (ADA)
Cardano is a proof-of-stake blockchain that gained attention for being created by one of the co-founders of Ethereum. Designed for building smart contracts, Cardano claims to be more energy-efficient than other blockchains due to its unique codebase.
3. Polkadot (DOT)
Created by one of the co-founders of Ethereum, Polkadot is a high-speed and interoperable blockchain platform that allows users to communicate across different blockchains. Polkadot is developing an ecosystem of interconnected blockchains that allows customisable, plug-and-play services.
4. Ripple (XRP)
Ripple is a centralised blockchain platform that aims to assist banks and financial institutions in real-time international money transfers. Ripple uses its native cryptocurrency, XRP, as a bridge currency to facilitate cross-border transactions.
1. What are the different types of blockchains?
Public and private blockchains are the two primary types of blockchains. Public blockchains are available to everyone, while private blockchains are restricted.
2. What are the main advantages of blockchains?
Blockchains’ primary advantages include decentralisation, transparency, immutability, security, and trustlessness.
3. Are there any disadvantages to using blockchains?
Blockchains have their drawbacks, such as scalability, energy consumption, and regulation issues.
The blockchain world is expanding, and there are numerous blockchains that are gaining popularity beyond Bitcoin and Ethereum. Each blockchain has a unique set of features and advantages that distinguish it from the others. With all these choices, it’s vital to do your research and understand the blockchain options available.