NFTs are based on blockchain technology. In actuality, blockchain—which debuted with Bitcoin in 2008—is solely responsible for the notoriety that non-fungible tokens now possess. Blockchain is a cutting-edge technology that has many applications now and will only become more important in the future.
One important use of this technology is to streamline corporate procedures and transactions. Recent polls predict that by 2025, the value of blockchain applications would reach 39.7 billion USD. This enormous expansion indicates that blockchain networks are and will continue to be in high demand.
If you are an enthusiast for Web3, NFT, or cryptocurrency, you should not miss blockchain networks. Ten well-known blockchain networks that you need to be aware of in 2023 will be covered in this article.
But first, let's go over the basics so you can grasp blockchain networks properly.
What Is A Blockchain?
Blockchain software or technology is a kind of technology that uses communication networks to store digital transactions. Stated differently, it functions as a distributed virtual ledger in which every activity is recorded. The immutability of the records is one of this network's commendable qualities. To put it simply, the records are legitimate for ownership verification since they cannot be altered.
Blockchain Characteristics Include
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Increased capability and security Immutability
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Network decentralization
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Accord
Blockchain Types
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Four primary categories of blockchains exist:
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Blockchains for the public, private, consortium, and hybrid environments
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Essential elements of the blockchain network
A Blockchain Network Needs These Five Essential Parts
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Ledger Distributed
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Peer-to-peer (P2P) networks
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Mechanism of Consensus
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The field of cryptography
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Computerized System
Top Ten Blockchain Networks
To create non-fungible tokens, developers may use a variety of blockchain networks. Every one of these blockchains has advantages and disadvantages of its own. Therefore, before using any of these networks, one must be aware of their capabilities.
Ethereum
Among developers, this is one of the most well-liked networks. Its native currency, ETH (Ether), was introduced in 2013. The network gained popularity by facilitating transactions using smart contracts. Actually, Ethereum is credited with popularizing smart contracts.
It was also the first public blockchain that was decentralized, and it has been in charge ever since. The ERC-721 token, a widely used standard for developing non-fungible tokens, is based on Ethereum. ERC-1155, which is used for semi-fungible tokens, is also included. In addition, this network has additional token standards stored in its database.
Solana
This is another well-known blockchain network that has been used for many Web3, DeFi, and non-fungible token initiatives. The network went live in 2020 and has been operating smoothly ever then. The native cryptocurrency of Solana, called Solana SOL, is ranked 10th in the world. As of the time this article was written, the network's market capitalization was around $12.04 billion.
Tezos
This is another older blockchain network that has gained popularity due to its many advantages. Once again, it is a public blockchain network that is open-source and has undergone many updates since its debut. The network takes pride in having implemented a Delegated Proof of Stake (XDPoS) consensus method from the very beginning.
BNB network
This network, which debuted in 2020 as the Binance Smart Chain (now BNB), is the newest addition to the blockchain industry that is gaining traction with companies. The network may produce non-fungible tokens by using its own set of token specifications (BEP-721 and BEP-1155). The proof-of-staked-authority (PoSA) consensus mechanism is the foundation of BNB.
Universe
The Interchain Foundation was established in 2016 to oversee the Cosmos network. ATOM is the name of its native coin. This network may be thought of as an ecosystem made up of many blockchains. As of the time this article was written, the market capitalization of this blockchain network was roughly $4.09 billion.
Electro-Optical System, or EOS
As of 2023, this public, open-source blockchain network is regarded as one of the top ones, having debuted in 2018. The network has a native token called EOS and a market capitalization of around $1,170,818,320. This network's objective is to develop scalable and safe dApps.
This network's use of multithreading and XDPoS (Delegated Proof of Stake) methods to eliminate user fees is one of its standout characteristics. The EOS network is renowned for its quicker transaction processing and enhanced scalability. This network is a great option for larger projects as a result.
Star
Stellar is a public blockchain that was introduced in 2014 and is mostly used for financial transactions. This network may be used for a number of purposes, including virtual currency representation of dollars, pesos, and other currencies as well as the creation, sending, receiving, and trading of bitcoins.
In 2023, this network is one to watch since it might change the financial industry. This network can help all finance companies provide their clients with a transparent and safe experience.
Read Also: Exploring the World of Polygon NFTs
Klaytn
Launched in 2019, this blockchain is another newcomer to the community of public blockchain networks. This network is ideal for corporate operations due to its flexible network design. This is due to the architecture's role in enabling the creation of sub-networks known as service-oriented blockchains.
Elrond
Launched in 2020, this public blockchain has garnered attention for all the right reasons. The primary goal of the blockchain is to increase the scalability of dApps. In addition, it enhances decentralization and security. This blockchain's low cost and high output/productivity make it an excellent choice for corporate applications.
The Hyperledger Fabric
The design of this consortium blockchain is flexible, facilitating the development of plug-and-play applications. In industrial use cases, it aids in creating a network fabric, or network of networks.