10 Best Blockchain Platforms of 2023
- By Ian Cheeseman
- October 6, 2023
Blockchain platforms are essentially the foundational systems on which decentralized applications are built and run. Serving as the backbone for a myriad of use cases, these platforms, often labelled as the best blockchain technologies, are vast databases distributed across numerous computers. Their design safeguards data and ensures decentralization.
The evolution of the blockchain platform industry projects a promising future. By 2025, the Blockchain market's expected value is around $39.7 billion USD, showcasing the potential of modern blockchain platforms. The allure of blockchain technology spans a wide range of sectors, from finance and gaming to real estate and healthcare. Its prowess is evident in enhancing supply chains, guaranteeing traceability, simplifying international trade, and refining financial transactions. A list of top blockchain software reveals diverse applications catering to different industry needs.
Come September 2023, the global number of blockchain wallet users soared past 100 million, underscoring the popularity of the most popular blockchain frameworks. This spike accompanied a massive inflow of investments in blockchain technologies, illustrating the growing trust and interest in open-source blockchain platforms and their applications.
With the rapidly evolving world of decentralized technology, blockchain platforms, often seen as the top blockchain networks, have emerged as the cornerstone of innovation and progress. This article dives into the ten best blockchain platforms, unravelling their unique features and their transformative role in digital transactions.
The 10 Best Blockchain Platforms
Various blockchain platforms have surfaced since the ubiquity of the space has increased, each offering distinct capabilities and innovations. The following section explores these platforms, understanding their essence, and how they differentiate themselves in the vast decentralized landscape.
Blockstream focuses primarily on Bitcoin and its underlying technology, aiming to advance its capabilities and extend its applications. With projects like the Liquid Network and satellite broadcasts of the Bitcoin blockchain, Blockstream is at the forefront of Bitcoin-based innovations.
- Origins: Founded in 2014 by Adam Back and others.
- Strengths: Leading innovations in Bitcoin and blockchain tech.
- Weaknesses: Critiques around influence over Bitcoin protocol development.
- User Demographics: Bitcoin enthusiasts and enterprises.
- Purposes: Enhance the capabilities of Bitcoin and blockchain.
- Unique Offerings: Sidechains and satellite broadcasts of the Bitcoin blockchain.
- Role: Pioneering advancements in Bitcoin and related technologies.
Tezos is a decentralized blockchain that can evolve by upgrading itself, thanks to its self-amending property. With on-chain governance and a focus on formal verification for smart contracts, Tezos stands out for its unique approach to scalability and security.
- Origins: Launched in 2017 by Arthur and Kathleen Breitman.
- Strengths: On-chain governance and self-amendment.
- Weaknesses: There were legal and management disputes in its early stages.
- User Demographics: Developers and stakers.
- Purposes: To create a blockchain that can evolve by upgrading itself.
- Unique Offerings: Formal verification for smart contracts.
- Role: Pushing the boundaries of on-chain governance.
TRON is a decentralized platform aiming to build a free, global digital content entertainment system. By leveraging blockchain and peer-to-peer (P2P) technology, it seeks to eliminate intermediaries and provide a decentralized internet.
- Origins: Founded in 2017 by Justin Sun.
- Strengths: High throughput and scalability.
- Weaknesses: Critiques around its originality and concerns about centralization.
- User Demographics: dApp users, especially in entertainment and content sharing.
- Purposes: To decentralize the web.
- Unique Offerings: TRON Virtual Machine allows developers to use multiple programming languages.
- Role: Emphasizing content sharing without intermediaries.
7. Binance Smart Chain
Binance Smart Chain (BSC) is a parallel blockchain to Binance Chain, allowing the execution of smart contracts and a new staking mechanism for Binance Coin (BNB). Designed to be interoperable with Binance Chain, BSC provides an innovative environment for developers without sacrificing speed or functionality.
- Origins: Launched in September 2020 by Binance.
- Strengths: High-speed transactions, low fees, and compatibility with Ethereum tools.
- Weaknesses: Centralization concerns due to a smaller number of validators.
- User Demographics: Cryptocurrency traders, dApp developers, and DeFi enthusiasts.
- Purposes: To facilitate decentralized applications and crypto trading with an emphasis on scalability and usability.
- Unique Offerings: Interoperability with Binance Chain and compatibility with Ethereum-based tools and applications.
- Role: Provides an ecosystem that bridges the benefits of both DeFi and centralized finance, acting as a foundational pillar in the Binance ecosystem.
EOSIO is a high-performance, decentralized blockchain platform designed for the development and execution of dApps. Touted as the "Ethereum Killer," it promises scalability, usability, and flexibility, and utilizes a unique consensus algorithm called Delegated Proof-of-Stake (DPoS).
- Origins: Launched in 2018 by Block.one.
- Strengths: Scalability and user-friendly for dApps.
- Weaknesses: Centralization critiques due to fewer block producers.
- User Demographics: dApp developers.
- Purposes: To create a scalable infrastructure for dApps.
- Unique Offerings: Elimination of transaction fees.
- Role: Offering a scalable alternative to Ethereum for dApp development.
Stellar is a decentralized protocol designed to facilitate cross-border transactions between any pair of currencies. It operates with its native digital currency called Lumens (XLM) and aims to connect banks, payment systems, and individuals swiftly and reliably.
- Origins: Founded in 2014 by Jed McCaleb.
- Strengths: Cross-border transactions with any currency pair.
- Weaknesses: Still gaining traction in the broader market.
- User Demographics: Financial services and individual users in developing countries.
- Purposes: To connect banks, payment systems, and people more efficiently.
- Unique Offerings: Lumens (XLM) token facilitates multi-currency transactions.
Role: Financial inclusion and simplifying cross-border transactions.
Ripple, often associated with its digital payment protocol more than its cryptocurrency (XRP), focuses on secure, instant, and nearly free global transactions. Designed primarily for the financial sector, Ripple's ledger is being used by several financial institutions to offer a frictionless experience for cross-border transfers.
- Origins: Released in 2012 by Chris Larsen and Jed McCaleb.
- Strengths: Fast cross-border transactions.
- Weaknesses: Centralization concerns.
- User Demographics: Financial institutions.
- Purposes: To facilitate global money transfers.
- Unique Offerings: A digital payment protocol more than just a cryptocurrency.
- Role: Revolutionizing international money transfers with reduced fees and transaction times.
Initiated by the Linux Foundation, Hyperledger is a collaborative effort to advance cross-industry blockchain technologies. It's not a cryptocurrency or a specific blockchain system; instead, it's an umbrella project that offers a suite of open-source frameworks and tools to aid in blockchain development across various sectors.
- Origins: Initiated by the Linux Foundation in 2015.
- Strengths: Modular and open-source.
- Weaknesses: Steeper learning curve.
- User Demographics: Businesses looking for customizable blockchain solutions.
- Purposes: To support the collaborative development of blockchain-based distributed ledgers.
- Unique Offerings: A suite of different frameworks and tools tailored for various needs.
- Role: Enhancing cross-industry blockchain technologies through collaboration.
2. IBM Blockchain
IBM Blockchain offers enterprise-level blockchain solutions built on the foundations of the Linux Foundation's Hyperledger Fabric. Tailored for businesses, it emphasizes transparency, security, and scalability, enabling organizations to transform various operational facets. IBM's blockchain services are renowned for their integration capabilities with existing systems.
- Origins: Developed by IBM as a proprietary blockchain solution.
- Strengths: High security, scalability, and suited for enterprise solutions.
- Weaknesses: Less decentralized compared to public blockchains.
- User Demographics: Enterprises and large institutions.
- Purposes: To provide businesses with a blockchain platform for transparent and efficient operations.
- Unique Offerings: Integrates easily with existing IBM solutions.
- Role: Bringing blockchain technology to traditional businesses.
Ethereum is a decentralized, open-source platform that introduced the concept of smart contracts. Powered by its native cryptocurrency, Ether (ETH), it allows developers to create and deploy decentralized applications (dApps). Ethereum's flexibility and adaptability have made it the foundation for many blockchain projects and innovations.
- Origins: Launched in 2015 by Vitalik Buterin and other co-founders.
- Strengths: Enables the creation of decentralized applications (dApps) and smart contracts.
- Weaknesses: Scalability issues, and higher transaction fees.
- User Demographics: Developers, dApp users, and decentralized finance (DeFi) participants.
- Purposes: To run dApps and smart contracts on a decentralized platform.
- Unique Offerings: Pioneered the concept of smart contracts.
- Role: Crucial in popularizing blockchain beyond Bitcoin, making decentralized applications a reality.
Blockchain platforms are not merely technological marvels; they are reshaping the very fabric of numerous industries. The benefits they introduce, from unparalleled transparency to democratizing access, are revolutionizing traditional systems.
As industries become more attuned to these advantages, the adoption of blockchain will likely skyrocket. In such a vibrant, evolving landscape, possessing a clear understanding of each platform's intricacies becomes paramount, be it for investment, development, or utilization.
If you are looking to join the blockchain space and start transacting using cryptocurrency, Localcoin offers a non-custodial solution that guarantees complete control over your assets.