This educational section offers a detailed look at the largest chains on which Web3 dapps and activity are taking place, looking at their core technological advancements, unique consensus protocols, and what key use cases and functionalities they are known for and why they have appeared in the news this year.
1. Bitcoin (BTC)
Name | Bitcoin |
---|---|
Symbol | BTC |
Chain | Bitcoin |
Launch Date | January 2009 |
Bitcoin (BTC), launched in January 2009 by an anonymous entity known as Satoshi Nakamoto, is the first and most well-known cryptocurrency. Unlike traditional currencies, Bitcoin operates on a decentralized network of computers to offer a new format that is not controlled by any single institution. With its pioneering blockchain technology, Bitcoin has become a symbol of innovation, offering transparent and tamper-proof technology. Despite challenges such as scalability and environmental concerns, Bitcoin remains the leading Web3 player, and continues to attract widespread media attention and coverage.
Pros
Widely Recognized and Respected Brand
Largest Market Capitalization
High Level of Security
Extensive Network of Miners
Robust Community Support
Cons
High Transaction Fees
Slower Transaction Times Compared to Newer Technologies
Significant Energy Consumption for Mining
2. Ethereum (ETH)
Name | Ethereum |
---|---|
Symbol | ETH |
Chain | Ethereum |
Launch Date | 30th July 2015 |
Ethereum (ETH) is the cornerstone of the decentralized contracts space and the non-fungible token (NFT) ecosystems. Since its launch in 2015, Ethereum has been at the forefront of blockchain innovation, introducing smart contracts that have enabled a vast array of decentralized applications from digital art to new forms of video games. Despite challenges such as high gas fees and scalability issues, Ethereum remains a dominant force in the space, with ongoing upgrades like Ethereum 2.0 aimed at improving its performance and sustainability.
Pros
Largest and Most Established PoS Chain
Pioneer of Smart Contracts
Broad Ecosystem of dApps and NFTs
Strong Network Security
Ongoing Development and Upgrades (e.g., Ethereum 2.0)
Cons
High Transaction Fees (Gas Fees)
Scalability Challenges
Competition from Newer and Faster Technologies
3. Cardano (ADA)
Name | Cardano |
---|---|
Symbol | ADA |
Chain | Cardano |
Launch Date | September 2017 |
Cardano (ADA), launched in September 2017 by one of Ethereum’s co-founders, Charles Hoskinson, is a proof-of-stake platform. It stands out for its commitment to peer-reviewed academic research and user-driven development. Cardano aims to balance the needs for regulation with privacy and decentralization by designing an ecosystem capable of delivering more advanced features than any protocol previously developed. It is the first platform of its kind to be built on peer-reviewed research and developed through evidence-based methods, making it one of the most secure, sustainable, and scalable networks available for the deployment of smart contracts and building decentralized applications.
4. Polygon (MATIC)
Name | Polygon |
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Symbol | MATIC |
Chain | Polygon |
Launch Date | October 2017 |
Launched in October 2017, Polygon (formerly Matic Network) enhances scalability and user experience through a multi-chain system akin to other networks like Polkadot, Cosmos, with the security of Ethereum’s blockchain. It provides a framework for building and connecting Ethereum-compatible blockchain networks, aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem. Designed to facilitate a future where different blockchains no longer operate in silos but instead work together to unleash their full potential, Polygon is rapidly becoming a key player in the decentralized movement and it supports a wide range of NFTs, particularly for video games online.
5. Chainlink (LINK)
Name | Chainlink |
---|---|
Symbol | LINK |
Chain | Chainlink |
Launch Date | June 2017 |
Chainlink (LINK) launched in June 2017 and quickly established itself as a pivotal component of the Oracle focussed infrastructure ecosystem. It provides reliable, tamper-proof inputs and outputs for complex smart contracts relying on real world data information. Chainlink’s decentralized oracle network facilitates secure and real-time data feeds that are crucial for smart contracts to effectively operate in the real world. As current technology continues to integrate with real-world applications, Chainlink’s role as a trusted oracle serv