Comparison of popular blockchains for development.

Blockchain technology has been known for a while, yet the choice of the right blockchain for your project remains a crucial question.

New blockchains emerge every year, promising industry revolutions. However, not all of them gain popularity and promise. In this article, we will explore the most in-demand blockchains for app development in 2023, aiding you in selecting the right technology for your project.

Ethereum

There’s little doubt about the significance of this blockchain. Introduced in 2013, Ethereum stands as one of the most authoritative blockchain platforms. It supports decentralized smart contracts and is widely used for creating decentralized applications (dApps). Ethereum boasts a mature ecosystem for crafting smart contracts using the Solidity language, operating on the Ethereum virtual machine. The developer community, united under the Enterprise Ethereum Alliance, including Intel, JPMorgan, and Microsoft, actively supports this blockchain.

However, Ethereum has its drawbacks: slow transaction processing and high fees. Other blockchains process transactions faster and with lower costs. Ethereum transitioned from Proof-of-Work to the more energy-efficient Proof-of-Stake. The migration involved the launch of the Beacon Chain and integration with the main blockchain, reducing energy consumption by 99.95%.

The community is also working on sharding mechanisms to enhance scalability. Deployment is expected to begin in 2023, with full support by 2024.

According to tokensight, Ethereum holds an AAA rating and a capitalization of $224,151,377,558.

EOS EVM, a blockchain based on EOS technology and Ethereum-compatible, merges the strengths of both. Operating on Proof of Stake (PoS), it empowers developers to craft decentralized applications using Solidity. Its popularity is largely driven by Ethereum’s renown.

Key benefits of EOS EVM include swift transaction processing and low operation fees. This makes it appealing for developers aiming to build fast and cost-effective decentralized apps.

Moreover, EOS EVM boasts a rich ecosystem encompassing app development tools, smart contracts, decentralized exchanges, and more. This attracts developers seeking access to a wealth of resources for crafting high-quality decentralized applications.

Binance Smart Chain (BSC), developed by Binance, offers another “conservative” option. It supports DApps and smart contracts, employing the Proof of Stake (PoS) consensus algorithm for fast transactions and low fees.

In 2023, BSC is likely to maintain its status as one of the most popular platforms for decentralized app development. However, if you’re a staunch crypto-anarchist, you might want to explore other options as the centralized crypto exchange, Binance, exhibits strong compliance with regulatory demands.

BSC’s capacity for secure and robust smart contracts coupled with rapid transaction speeds makes it appealing to developers. Furthermore, Binance already possesses an immense user and investor base, potentially propelling swift adoption and promotion of DApps built on BSC.

Polygon, formerly known as Matic Network, is a popular blockchain offering scalable DApp infrastructure. It employs the Proof of Stake (PoS) algorithm and boasts high throughput, enabling efficient handling of a large volume of transactions in a short timeframe.

In 2023, Polygon can be deemed a promising platform for DApp creation. Its impressive throughput and low fees make it highly appealing to developers. Additionally, Polygon possesses a well-developed ecosystem, encompassing numerous tools and resources for DApp development.

Polkadot is a next-generation blockchain platform designed to address scalability and interoperability issues in decentralized applications. A key feature of Polkadot is its ability to create parallel blockchain chains that can interact and exchange data, speeding up transaction processing and enhancing system performance.

Furthermore, Polkadot introduces an innovative network governance approach based on token holders’ voting. This ensures democratic and transparent decision-making within the network.

The prospects for app development on Polkadot in 2023 are promising. The platform has already captured the attention of major corporations and investors, with expectations of continued growth in project investments. Due to its flexibility and scalability, Polkadot could become the platform of choice for decentralized app developers in the future.

Chia is a unique “green” blockchain that employs the Proof of Space and Time (PoST) algorithm, departing from the traditional Proof-of-Work or Proof-of-Stake approaches. It was created to alleviate the ecological strain associated with cryptocurrency mining. Instead of computational power, Chia uses available hard drive space to create blocks, distinguishing it significantly from most existing blockchains.

Chia offers distinct advantages making it appealing for app developers in 2023. Firstly, Chia’s blockchain is environmentally friendly and energy-efficient, enhancing long-term sustainability. Secondly, it boasts high scalability, processing numerous transactions swiftly. Thirdly, Chia possesses a well-developed ecosystem including abundant tools and resources for app development.

Chia experienced a hype period in 2021, resulting in a sharp rise in hard drive prices. This hype even reached Russia, where some 10-terabyte HDDs that were initially sold for 30,000 rubles in early April 2021 had to be purchased for 90,000 rubles.

While the Chia hype has long subsided, this blockchain remains relevant due to its ecological approach, uniqueness, and differentiation from others.

Conclusion

In this article, we have examined popular blockchains for application development. Of course, this doesn’t exhaust the entire list. Among other popular options today are Hyperledger Fabric and Arbitrum, for example. It’s important to emphasize that the choice of a blockchain depends on the specific needs and goals of the project. Blockchain technologies continue to evolve, and we can expect even more growth and innovations in this field in the near future.