Introducing the biggest and most successful blockchain projects
Today, the important features of blockchain such as Transparency and traceability of transactionshas facilitated financial transactions. In addition, blockchain projects are a simple solution for other applications such as Supply chains They provide For this reason, the general trend towards blockchain projects is increasing dramatically. Next, we will review the best blockchain platforms.
Formation and growth of blockchain projects
The general trend towards blockchain technology started with the controversy surrounding Bitcoin. The unprecedented growth of Bitcoin has led to the creation of new digital assets and a wide range of blockchain projects. Bitcoin is based on a blockchain platform, which comes with challenges in energy consumption and transaction speed. Modern blockchain projects have been developed to overcome these limitations and meet practical needs. Blockchain technology consulting and analysis companies tend to focus more on areas that require multi-party collaboration or data exchange. Blockchain applications in supply chain tracking, finance, digital assets, and identity management have moved beyond experimentation. Today, some companies are active in using blockchain platforms to build specific ERP functions, such as sales management and supply chain management (SCM). The evolution of blockchain projects in Iran has also increased the awareness of decentralized finance or DeFi. To the extent that new business models are a threat to traditional business and banks. It is predicted that blockchain platforms can make old supply chain businesses obsolete. For example, the United States has adopted new requirements for traceability of pharmaceutical companies’ products and ingredients, which require a new approach to more efficient and transparent data sharing and exchange.
The first influential projects in the crypto industry
So far, many projects have been created based on blockchain technology, many of which have been withdrawn over time, and some continue to grow. In the following, we mention some of them that have had the greatest impact on the crypto space.
Vitalik Buterin Inspired by Bitcoin, Vitalik Buterin published the Ethereum whitepaper in 2013, which is one of the most well-known blockchain platforms today. While the Bitcoin blockchain created a peer-to-peer electronic cash system, Ethereum was designed with a different goal in mind. What made Ethereum unique was its ability to support Smart contracts Was. Smart contracts are contracts that can automatically perform transactions without any intermediary if certain conditions are met. These can facilitate financial transactions, voting, governance and more. As one of the successful blockchain projects, Ethereum is the foundation of enterprise applications. Its key weaknesses are the high cost of transactions and the slowness of their confirmation compared to other blockchain platforms.
Ethereum is widely used by developers who Decentralized applications or make dApps, has been used. For example, there are several platforms for exchanging non-fungible tokens (NFTs) on the Ethereum platform. Ethereum has an active developer community led by Enterprise Ethereum Alliance It has been linked to over 250 members including Intel, JPMorgan and Microsoft. The Ethereum ecosystem has complete tools for writing smart contracts using the Solidity programming environment that runs on the Ethereum virtual machine. However, alternative blockchain projects can process transactions at a lower cost and much faster, although these shortcomings are expected to be overcome once Ethereum 2’s more efficient mechanism is adopted. This mechanism is expected to be offered on a trial basis in 2023 and fully implemented in 2024.
Although UniSwap was not the first DeFi project, it has established itself as One of the most influential blockchain projects It has established itself in decentralized finance. The idea of forming Uniswap was first proposed in 2016 in the post of Vitalik Buterin on the Reddit social network. He described his idea of Decentralized Exchanges (DEX) as an alternative to traditional exchanges. Unlike traditional, centralized exchanges, UniSwap created standards for implementing automated trading mechanisms known as Automated Market Makers (AMM) on decentralized exchanges. AMMs eliminate the need for middlemen to trade by replacing exchange order books with computer programs.
Three months after the launch of the Ethereum mainnet in 2015, Cyrus Adkisson unveiled his virtual Ethereum world called Ethereum at the DEVCON 1 conference. In Etherea, players can buy and sell hex plots for one Ether (ETH). In this platform, non-exchangeable nft tokens are used to confirm the ownership of lands.
Ethereum is an important moment in the history of blockchain projects because it was the first time that an NFT was created on the Ethereum network. Today, many NFT markets such as OpenSea and Rarible are based on the Ethereum blockchain. Atria not only introduced the world to NFTs, but also served as an early model for NFT collectibles, metaverse-based land sales, and blockchain-based games.
In 2016, some early members of the Ethereum community came together and started a community-developed project called Genesis DAO unveiled This project, known as The DAO, was the first decentralized self-governing organization on the Ethereum blockchain. Using smart contracts, DAOs create a corporate structure that is open, transparent, and devoid of any hierarchical management. The DAO was designed to act like a venture capital fund for decentralized blockchain projects. However, DAOs can take many forms, pursue different goals, and create value for almost anything.
Although the DAO was very influential, shortly after its launch, it was severely damaged by a hack of 3.6 million Ether that resulted in the fork of the Ethereum blockchain into Ethereum and Ethereum Classic. However, DAO inspired future enterprise blockchain projects and ideas Decentralized governance introduced Today, dozens of top decentralized DAO organizations hold nearly $2 billion in their coffers, and DAO management is used for every decision between holders of a cryptocurrency.
Review of the best blockchain projects in 2023
Today, large technology companies have stepped into the field of blockchain technology and are using this technology to develop their products. We examine the most important of them.
IBM Blockchain It is a decentralized but private network with less risky enterprise clients. This blockchain, along with old technologies, enables wide opportunities to connect to the enterprise cloud space and use integrated facilities. The IBM Blockchain Developer Tool is designed to be functional and customizable. IBM has also created a user-friendly interface to simplify critical tasks such as quick setup of smart contracts.
Rakesh Mohan, IBM’s director of blockchain solutions development, says the company has made significant progress in financial services and banking as well as supply chain. Some examples of its successful blockchain projects include the IBM Food Trust, which has completed more than 18 million transactions for the sale of more than 17,000 products, and the Blockchain Community Initiative in Thailand, which supports services such as payment obligations and institutional auctions for 22 Thai banks.
Hyperledger Fabric It is a set of tools that help create blockchain projects. The platform is built by the Linux Foundation based on an enterprise distributed ledger. The Hyperledger ecosystem consists of complete components that can be modularly connected to any architecture and greatly improve security and speed in private blockchain deployment. In the following, we have introduced two examples of Hyperledger products:
One of the open source blockchain initiatives hosted by Hyperledger and the Linux Foundation is Hyperledger Sawtooth. This platform uses a new consensus mechanism called proof of elapsed time. This mechanism can be integrated with hardware-based security technologies to enable “trusted runtime environments” for the secure execution of application code. These environments are actually the protected space of computer memory. The most common applications of Hyperledger Sawtooth are for the development of supply chain systems. However, by customizing Sawtooth it can also be used for specific blockchain projects.
There is some debate as to whether R3 Corda is technically a blockchain or an alternative form of distributed ledger. The platform uses a new consensus mechanism where transactions are linked cryptographically; But it doesn’t periodically group multiple transactions into a block. Even Korda’s official site describes it like this:
Korda is both a blockchain and not! One of the key benefits of this approach is that all transactions are processed in real time. This can improve its performance compared to other blockchain projects.”
Tezos It is an old platform that supports decentralized applications, smart contracts and new financial instruments like NFT since 2014. The platform supports an extensible protocol and modular software clients. These features make Tezos compatible for use in new blockchain projects. By updating this platform, the Tezos community has increased the size limit of smart contracts and developed tools to automate the process of NFTs in the enterprise supply chain.
Blockchain platform EOS.IO It was first launched as an open source project in 2018. IAS is one of the blockchain projects that is optimized for the development of decentralized applications and smart contracts. According to its proponents, IAS uses a sophisticated PoS-based consensus mechanism that provides better performance than legacy mechanisms. It also includes support for a governance feature for voting on platform changes.
The strength of this blockchain is fast transactions and advanced user account features for deploying applications. So far, more than 400 applications, including identity management, SCM and games, have been developed on this platform. The IAS community also provides various tools to implement various use cases such as healthcare, DeFi and SCM on this blockchain.
Stellar It is one of the new blockchain projects that is optimized for different types of DeFi applications. Stellar uses the Stellar consensus protocol, which can speed up the time required to process transactions on the public blockchain. It also includes security mechanisms to block malicious or suspicious users. Stellar is accepted by several companies for international trade and exchange. MoneyGram applications for money transfer, Circle for payments and Flutterwave treasury infrastructure for integrating payments into enterprise applications are examples of applications of blockchain projects on the Stellar platform.
ConsenSys Quorum It is a customized version of Ethereum developed by financial services company JPMorgan. This blockchain project uses the main features of the Ethereum blockchain and optimizes it in an environment suitable for banks. In fact, it is optimized to support high-speed transactions between institutions such as banks and insurance companies on a private network. It also adds privacy features to Ethereum to improve support for regulations such as GDPR in Europe and CCPA in California. Quinces has been a place for developers to work on the most important blockchain and Web3 projects since 2015. In July 2022, ConsenSys launched the Quorum blockchain service on Microsoft Azure to facilitate enterprise deployment.
What do you think about the best blockchain platforms in 2023? Which blockchain do you see as empty in this list? Share your opinion with us.
The article introducing the biggest and most successful blockchain projects for the first time on Wallex blog. appeared.