Have you heard about all the different kinds of blockchains out there? It can be hard to keep track sometimes since new ones seem to pop up every day. But not all of them will stick around or gain real adoption. In this blog post, we’ll focus on 20 specific blockchain networks that we think have the best chance to take off and become leaders in their field over the next couple of years. We’ll look at what gives each one an advantage and the types of things they’re focused on doing. Whether it’s payments, smart contracts, storage, or something else, each has the potential to change how we do certain things. So, let’s dive into exploring their world!
Growing significance in various industries
Blockchain networks are spreading far beyond just finance into new sectors daily. Each industry brings unique traits potentially leveraged through decentralized technologies. The supply chain stands to gain massive transparency through immutable ledgers tracking each step of production. Gamers may enjoy true digital ownership over virtual assets through interoperable blockchains. Digital identity authentication assists e-commerce while verifying individuals comply with certifications. Creative works too benefit from non-reputable timestamping and redistributing royalties automatically.
Healthcare emerges as a standout, incorporating medical records into ledgers and respecting patient privacy. Insurance leverages “smart” contracts assessing risks faster than traditional underwriters. Even governments experiment with decentralized services through applications like voting, benefits, land titles, and beyond. New industries form alongside, like decentralized data cloud services hosting websites unrestricted. Education certificates get digitized preventing forgery. Artists and athletes issue digital collectibles fans love displaying uniquely.
Top Blockchains Set to Dominate in 2024
The blockchain and crypto landscape continues evolving at a rapid pace, with new projects emerging all the time seeking to disrupt existing models or carve out new niches. However, not all networks are created equal in their potential to drive meaningful adoption and change in the coming years. In this section, we analyze 20 specific blockchain platforms that we believe are strategically positioned to cement dominant roles in the industry by 2024.
Bitcoin (BTC)
As the original blockchain dating back to 2009, Bitcoin pioneered the concept of a decentralized digital currency free from central control. While transaction speeds and fees remain criticisms, Bitcoin continues growing its massive market lead as an unparalleled store of value. With ongoing taproot upgrades and accelerating institutional interest, it looks positioned to remain the dominant coin underpinning the crypto economy. Over 100K merchants now accept BTC and its community of passionate users give it enduring backing.
Ethereum (ETH)
By far the most popular platform for running decentralized applications, Ethereum handles an estimated $1B daily trading volume across DeFi protocols and NFT markets. However, network congestion and high gas fees pose barriers as usage climbs. The upcoming ETH2.0 upgrade promises radical scalability through sharding and proof-of-stake, which would solidify Ethereum’s central role in powering the digital economy of the future. With a first-mover advantage in developer support, Ethereum is investing to stay on top.
Binance Smart Chain (BNB)
While initially launched in 2020 to ease the network load on Ethereum, BSC has quickly become the dominant hub for newer projects and trades with near-instant transactions and negligible fees. BSC runs in parallel to Ethereum, allowing cross-chain bridges between the two. Backed by industry leader Binance, its rapid exchange and wallet integration gave it an early adoption boost over rivals. BSC could widen its lead further by cultivating the largest developer community focused on its ecosystem.
Cardano (ADA)
One of the few remaining major proof-of-stake platforms, Cardano takes a deliberate scientific governance approach focused on real-world practicality. While still in the early stages of smart contract integration through the Alonzo upgrade, its ability to deliver on scaling promises like Hydra and multi-party computation could unlock future-proof capabilities providing an advantage over competitors facing bottleneck issues. An estimated 1 billion people are currently unbanked, representing opportunities ahead for platforms solving accessibility.
Polkadot (DOT)
Designed from the ground up for interoperability, Polkadot‘s shared security model enables customized blockchains called parachains to securely connect with its main relay chain. This opens the door for building countless tailored DeFi and Web 3.0 applications across different protocols. DOT validators spreading throughput demand horizontally should accelerate scalability. Major projects like Kusama demonstrate what’s coming on a wider scale for Polkadot as its ecosystem matures.
Solana (SOL)
Gaining traction as one of the fastest blockchains, Solana utilizes proof-of-history consensus for over 50,000 transactions per second. This speed enabled new forms of social media and marketplace apps to gain initial traction on Solana before other platforms could compete. However, concerns remain around long-term centralization risks over time if validator amounts decrease.
Ripple (XRP)
As one of the earliest mainstream payment solutions, Ripple is focused on easing liquidity through on-demand exchanges between global financial institutions. If ongoing lawsuits surrounding XRP’s status conclude favorably for Ripple, greater regulatory alignment could boost its cross-border payments vision through banks using its technology like RippleNet. XRP’s large following insists on its undervalued positioning for mass settlements between fiat currencies without cumbersome correspondent banking.
Avalanche (AVAX)
Built for scalability, speed, and usability, Avalanche utilizes a novel subnet model allowing any custom-made blockchain to easily integrate and reap the security benefits of the main Avalanche chain. This modular structure could attract many application-specific subnets to be built on top, growing its ecosystem rapidly over time. With its ability to handle over 4,500 transactions per second while retaining decentralization, Avalanche hopes to emerge as the leading Ethereum alternative.
Tezos (XTZ)
Unique among blockchain protocols, Tezos lets stakeholders vote on and fund orderly, formal on-chain protocol upgrades through a built-in amendment process. This enhances long-term survival prospects by future-proofing through continuous self-amendments to stay competitive. The platform is also positioning itself as an environmentally sustainable Proof of Stake network for hosting green applications. Capable of over 1 million transactions daily, Tezos is actively recruiting developers focused on formal verification.
Chainlink (LINK)
Integral to the blockchain ecosystem as the industry standard oracle network for connecting smart contracts to off-chain data, APIs, and payment systems. Chainlink currently powers dozens of major DeFi protocols across multiple blockchains to unlock wider use case applications. Its secure, reliable oracles are indispensable for expanding the functionality of smart contracts through accurate off-chain price feeds and other data integrations without centralized control.
Cosmos (ATOM)
Aiming to solve blockchain interoperability challenges, Cosmos builds a decentralized infrastructure by enabling different zones to communicate securely through its IBC protocol. This opens the path for countless specialized blockchains forming a modular multi-chain “Internet of Blockchains”. Growing developer support, along with its launch on major exchanges should strengthen Cosmos as the preferred middleware network tying blockchains together for new economies of scale.
NEO
Operating out of China’s crypto-friendly Shanghai, NEO remains focused on smart contract development and adoption within its strategic domestic market. Regulatory concerns are minimized through compliance features in its dBFT protocol allowing for legal verification of digital identities, assets, and agreements. NEO continues advancing decentralized storage, gaming, and financing through NeoFS, NeoX, and other upcoming iterations like Neo3. Mainstream success depends on scaling through greater developer involvement over time.
VeChain (VET)
Powering enterprise adoption beyond just finance, VeChain brings standardization to diverse industries including luxury goods, food, manufacturing, and more through blockchain digitization of critical areas like supply chain management, carbon credits, and digital ownership. Significant corporate partnerships imply market credibility and usage potential that could see VeChain power mission-critical applications driving long-term sustainability in established multinational domains.
Filecoin (FIL)
Providing the backbone infrastructure essential for Web 3.0’s continued growth, Filecoin aims to become the dominant decentralized cloud storage network for hosting files, websites, data, and applications. It utilizes Proof-of-Storage and Proof-of-Replication mining incentives to fairly reward participants for freely sharing unused space. If Filecoin delivers reliable, scalable storage capabilities at competitive prices, this could shape a decentralized data-driven economy.
Algorand (ALGO)
Pursed as one of the “Ethereum Killers”, Algorand leverages a Pure Proof-of-Stake consensus mechanism to finalize transactions instantly with extreme throughputs exceeding 1,000 TPS. Its wallet and smart contract functionality are also easier to develop on than competing platforms for broadening access. Major partnerships in areas like CBDCs illustrate its potential for large governments and institutions requiring high-volume infrastructure.
Stellar (XLM)
Positioning itself as an easy-to-use global payment network, Stellar‘s architecture enables cross-border money transfers to settle in just 3-5 seconds at fractions of a cent compared to days at higher costs through conventional systems. Inter-currency trading boosts access to exchange between fiat currencies not normally possible. This focus could see Stellar spearheading economic inclusion through accessibility.
Qtum (QTUM)
Designed as an adaptive blockchain, Qtum powers decentralized applications by integrating functionalities of Bitcoin, Ethereum, and alternative virtual machines. Its key differentiator is permitting the execution of smart contracts across different environments matching application requirements. Qtum also prioritizes compatibility upgrades through its governance model making it well-suited for customized enterprise use case adoption over the long run.
Theta Network (THETA)
Leveraging its protocol to revolutionize video delivery, Theta aims to end bandwidth bottlenecks by utilizing its blockchain network to monetize untapped network and computing resources globally. This improves streaming quality by caching video content in Edge nodes run by participants. As bandwidth demands surge exponentially alongside 5G, Theta’s decentralized infrastructure could fulfill the need for cost-effective, sustainable scaling through token incentivization.
Kusama (KSM)
Acting as Polkadot’s experimental canary network, Kusama enables the innovation of new concepts in a live decentralized environment before considering deployment on Polkadot. Its lower barriers allow higher risks and foster creativity through unpredictable outcomes. As a standalone network, Kusama already sees serious development and governance, cementing its unique position as an innovation incubator and accelerating progress for the entire Polkadot ecosystem.
Hedera (HBAR)
Backed by an impressive governing council of industry giants, Hedera is engineering a commercial-grade public network emphasizing enterprise capabilities through its directed acyclic graph architecture. This provides competitive 10,000 TPS throughputs for powering everything from supply chain to financial applications. If Hedera can deliver frictionless interoperability and business developer tools effectively, it could emerge as a leading commercialized public network.
Conclusion
The blockchain revolution is still in very early stages with massive potential waiting to be unlocked all around us. The networks highlighted here represent some of the most promising candidates to drive significant use and integration given their unique technical attributes and business strategies being pursued. Exciting times are ahead as many industries find out how decentralizing certain aspects could boost efficiencies and open innovation opportunities for enterprises and consumers alike. It will be fascinating to watch and see which of these projects ultimately deliver on their ambitious visions to transform our world for the better through transparent, decentralized technologies.
