Alternative blockchains and why we need them
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Crypto is not limited to bitcoin and etherium. There are dozens of other alternative blockchains that are better, faster and cheaper.
All blockchains except Bitcoin and Ethereum are called alternatives. The first alternative blockchain Litecoin was launched as a competitor to BTC back in 2011. The number of alternative blockchains grew tremendously when Ethereum had problems with scaling.
The market has seen the entry of:
• Binance Smart Chain (BSC)
• Cardano (ADA)
• Polkadot (DOT)
• Solana (SOL)
• and other projects.
Increased competition prompted
Ethereum developers to create a second version of the blockchain - Ethereum 2.0. In September 2022, the network switched to the Proof-of-Stake algorithm.
All blockchains are divided into levels: L0, L1, L2, L3. We talked more about this here.
Alternative blockchains can hardly compete with Bitcoin and Ethereum networks, but they definitely have a chance to occupy their niches, dominate in them and gain users' trust.
Which blockchain do you use more often?
- Ethereum
- Binance Smart Chain
Crypto_Ocean
