A lot of blockchain networks have existed but only few have really stood the test of time. Different networks come with different selling points to solve a particular problem in the blockchain space. Some examples are KCC which is known for its very low gas fee as compared to other networks, Ethereum is known for its high gas fee but it is relatively scalable. BSC has been the most popular blockchain after ethereum but it is slowly fading away as many investors are rushing into new blockchains which they see as better options. In this article, I’ll be sharing my top five blockchain networks for 2022.
FIVE BLOCKCHAIN NETWORKS TO CHECK OUT IN 2022
According to my own research, the top five blockchain networks I think will be huge in 2022 are Solana, Algorand, Polkadot, Polygon and Fantom. This is obviously from my own point of view and investors are advised to DYOR before investing in any project.
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- SOLANA: Solana saw a huge growth in 2021 as many investors began to rush into projects in the solana ecosystem. This isn’t surprising for a blockchain network well positioned to compete with ethereum. Solana was first launched in 2017 but gained very high recognition in 2021. It’s major selling points are the extremely low gas fee and the speed of transaction which has been a major setback for ethereum. The solana blockchain can process as much as 50,000 transactions per second thereby making it one of the fastest blockchain networks. With this extremely low gas fee and speed of transaction, many investors are aping into the solana ecosystem and this can only mean that Solana is about to get really huge. If ethereum does not work on reducing gas fee and increasing speed of transaction, Solana is well positioned to take its place thereby becoming the king of DeFi.
- ALGORAND: First launched in 2019, Algorand has seen a huge level of growth as it claims to be solving what it called the blockchain trilemma which includes issuess of security, scalability and decentralization. It has a very low gas fee and fast speed of transaction as compared to ethereum. Algorand is seen as one the projects that may possibly flip the ethereum network in the future. With a transaction speed of about 1,300 transactions per minute, we can see that it is very fast compared to that of ethereum. Also, the algorand network has lots of big partners and has seen very wide adoption in recent times. Many developers are rushing into the Algorand network as they find it more convenient compared to the ethereum network.
- POLKADOT: Polkadot is a multichain network that can process transactions across parachains. With over 100 chains linked to the network, the polkadot network allows up to 1,000 transactions to be processed per second. Polkadot aims to connect different chains and make cross chain transactions seamless. As opposed to Ethereum, interoperability is the concept upon which the polkadot network is built. Having been founded by the former CTO of Ethereum, polkadot has proven to solve the gas fee issues and transaction time downside of ethereum. Polkadot has been trading for less than 2 years and has already seen huge adoption as many developers and investors believe this blockchain is well positioned to flip ethereum.
- POLYGON: Polygon which calls itself the internet of blockchains for ethereum is a layer 2 ethereum network which allows developers to take advantage of all ethereum tools without having to suffer low transaction speed downside or high transaction fees. Polygon is seen as a scaling option for ethereum. Being a scaling option for the leading blockchain network in the world, we can see that polygon is just getting started and will definitely get big in the near future. A very remarkable project on the Polygon network is Bloktopia which is actively being traded on Kucoin.
- FANTOM: Fantom being an EVM (Ethereum Virtual Machine) can have developers move their ethereum based projects to the Fantom network easily. Fantom was launched in 2018 and has since seen wide adoption as a result of its affordability and speed of transaction. Fantom will compete with the ethereum network and even has high chances of flipping it except Ethereum releases the much anticipated Eth 2.0. Fantom has been seen as a worthy competition for Ethereum and is gaining grounds and adoption already.
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Both Ethereum and BSC networks have done really well so far but they are getting out of fashion as investors and developers are seeing better alternatives to build on. Solana is my favorite at the moment and it looks well positioned to take the lead in the DeFi space. A lot of big projects have recently launched on Solana. Solrazr is one of the biggest projects in the solana ecosystem and it has the backing of the third biggest exchange in the world. At the time of writing this article, Solana is ranked among the five biggest cryptocurrencies by market cap.