So Much Bling: Here Are Some Of The Hottest Chains
It’s the era of the DeFi boom and so many blockchains are coming on the scene. The demand for blockchain platforms has hit the roof. Many of these platforms have been developed to provide better solutions for the blockchain ecosystem. We’ve selected 3 of the hottest chains in the market today to see how they stack up against each other. Ethereum, Binance Smart Chain and Polkadot are the focus for this piece.
Launched in 2015, Ethereum is the second largest cryptocurrency after Bitcoin. The network is renowned for pioneering the use of smart contracts in blockchain. It capitalized on the drawbacks of Bitcoin blockchain and further expanded on it. It pioneered the possibility of developing and running applications (dApps), smart contracts and several other use cases on the platform without interference from third parties or control. It is an open-source blockchain platform. It’s associated crypto is Ether.
Binance Smart Chain
Launched by Binance in 2019, Binance Smart Chain was developed to facilitate fast, decentralized trading. The network has grown to become one of the most popular in the DeFi space. It boasts of smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The platform runs parallel to the Binance chain and aims to address drawbacks faced with Binance chain and Ethereum blockchain as well. With cross-chain compatibility, it tackles the problem of interoperability that has plagued the DeFi ecosystem for years.
Touted as the blockchain for blockchains. Polkadot is a multichain network with the aim of connecting different specialized blockchains into one unified network. It enables the different blockchains to run independently within one network and gives them access to the Polkadot community. Experts believe Polkadot is a game changer and may just be on its way to putting Ethereum in the backseat.