Top 7 New Layer 1 Blockchains - All You Need To Know - Market247
The number of users and transactions for cryptocurrency is increasing at an exponential rate. This creates a scalability issue because blockchain network capacity struggles to keep up.
A new generation of layer 1 blockchain is emerging, built with Blockchain Trilemma-addressing innovations. Cronos, Avalanche, Aptos, and Sui are examples of new layer-1s that integrate multiple solutions to improve scalability while maintaining a high level of security and decentralization. In this article, we will cover a brief the list of top 7 new layer 1 blockchains that you can't miss.
What Is Layer 1 in Blockchain?
Layer 1 is a blockchain platform's fundamental base network. It executes all on-chain transactions and thus serves as the source of truth for a public ledger.
For most networks, processing a transaction entails logging a user's cryptocurrency wallet via asymmetric key pairs and its corresponding coin or token balances. To verify and finalize the trade or sale, the transaction goes through a consensus mechanism that is unique to each platform. Layer 1 blockchains also host their own native token, which is used to cover transaction costs such as gas fees.
A new generation of layer-1 blockchains and protocols is emerging, offering a more nuanced approach to developing scalable systems.
The List of Top 7 New Layer 1 Blockchains
Recently, the rising stars in the top 7 new layer 1 blockchains race are Aptos, Sui, Quai, Sei, Fuel, Shardeum and Linera. Generally, most blockchains follow a Monolithic type. It could be that the layer 1 blockchain might be a new trend when many big ventures also invest in these projects. Some capital ventures can be listed including a16z, coinbase venture, multicoin capital, etc.
Aptos is the most prominent name in the top 7 new layer 1 blockchains. Aptos is a Layer 1 blockchain that is programmed in Move. The cryptocurrency will provide users with increased scalability, reliability, security, and usability.
The Aptos blockchain's mainnet "Aptos Autumn" was launched on October 17, 2022, following the Aptos genesis on October 12, 2022. So far, investors have contributed millions of dollars to the blockchain. Aptos is a Layer 1 blockchain built with Move, a Rust-based programming language. Its distinguishing characteristics include a parallel execution engine, high-level security features, and low transaction costs.
The Aptos blockchain is generating all of this attention due to its intriguing history. The blockchain is based on the Diem blockchain initiative (from Meta). Aptos is a cryptocurrency developed by Diem developers that employ the Diem programming language. Its primary goal is to achieve Diem's original goal of creating a scalable, fast blockchain. Furthermore, it hopes to provide additional features that will make cryptocurrency more accessible to average users.
Sui is a permissionless, PoS-powered Layer 1 blockchain that aims to provide instant settlement and high throughput while also enabling a slew of next-generation latency-sensitive decentralized applications.
Mysten Labs, an R&D firm founded by former senior executives at Meta's Novi Research and lead architects of the Diem blockchain and Move programming language, created the Sui blockchain. The company intends to reshape the Web3 landscape and create high-end solutions that will appeal to developers and creators of all backgrounds.
Mysten Labs has already raised $300 million in Series B funding and is well-positioned to continue growing.
The third player in the top 7 new layer 1 blockchains is Quai. Quai Network is a decentralized modular network comprising 13 Proof-of-Work 2.0 (PoW2) blockchains that operate in tandem. The network is organized in a hierarchical structure, with blockchains classified as Prime, Region, or Zone chains, each with its own set of characteristics and utility. Despite the fact that it is made up of multiple chains, the network is interoperable, allowing for cross-chain transactions and messages. The PoW2 mechanism used by Quai Network is more efficient than the original PoW mechanism because hash power can be reused to secure multiple chains, allowing the network to scale as needed. Quai is EVM compatible, and its smart contract programming language is Solidity.
Shardeum is the fourth name in the top 7 new layer 1 blockchains. Shardeum is an EVM-based smart contract platform that uses dynamic state sharding to scale linearly. Although it is similar to other state-sharding platforms such as Harmony, Elrond, and Near, it has some distinguishing features that set it apart.
Shardeum, unlike most platforms that combine transactions into blocks and apply consensus at the block level, applies consensus individually to each transaction. This allows a transaction impacting several shards to be executed concurrently rather than sequentially as with block-level consensus. This not only reduces the transaction's processing time, even if it involves numerous shards but also guarantees atomic processing. To assure atomic processing, transaction-level consensus eliminates the complexities required by block-level consensus platforms. Shardeum's use of dynamic state sharding is another distinguishing feature.
In contrast to static state sharding, dynamic state sharding requires each node to hold a different address range, but there is a significant overlap in the addresses covered by nodes. Dynamic sharding, while more difficult to implement than static sharding, allows for true linear scaling.
Fuel is specifically designed to take advantage of this additional bandwidth in ways that no other scalability system can. Fuel is the modular blockchain stack's fastest execution layer, providing the highest security and most flexible throughput.
Fuel v1 was developed as a layer-2 (L2) scalability technology for a monolithic Ethereum. It was the first optimistic rollup on Ethereum mainnet, which went live at the end of 2020. Since its humble beginnings, the project has grown significantly, now boasting more than 35 of the best and brightest engineers.
Linera is a Layer 1 project that was developed with the intention of producing the first low-latency blockchain that can grow as easily as a web2 application to help fulfill scalability needs and deliver speedy user action response times.
Linera protocol employs state-of-the-art proof-of-stake methods and scalable auditing procedures to assure full validator accountability. It seeks to validate the vast majority of account-based transactions in a fraction of a second.
Meta's "FastPay'' low-latency payment system for academic institutions served as the basis for the Layer 1 project known as Linera. Wasm will serve as the implementation layer for the major emphasis of this project. Initially, the software development kit (SDK) was built using the Rust programming language. Linera may develop its own language in the future, despite the fact that most of the project's developers are Rust experts.
Linera is founded on scholarly research begun by Novi at Facebook. This investigation involves the Zef and FastPay protocols.
The last name in the list of top 7 new layer 1 blockchains is Sei. Sei is a sector-specific layer-1 chain optimized for trading. Sei promises transaction finality in 600 milliseconds and 22,000 orders per second. It has been dubbed the "Decentralized NASDAQ" because of its emphasis on delivering a CeFi trading experience using DeFi tools.
This has a built-in CLOB module that is optimized for speed, stability, and cost-effectiveness.
The SEI team is developing an order-matching engine that any app built on the network can leverage on top of its IBC capabilities by building on Cosmos, with the goal of becoming layer 1 for DeFi applications.
Sei guarantees a 600ms transaction completion time. This would place Sei on par or in competition with centralized exchanges (CEXs) and above existing decentralized exchanges (DEXs) in terms of order execution. The blockchain's high throughput is also essential to its native order-matching engine paradigm, which will replace the existing AMM trading approach.
On the security front, Sei relies on the Cosmos ecosystem's Tendermint Core consensus mechanism. Sei assures that the use of repeated batch auctions will prevent MEV and front-running. This enables apps on Sei to utilize its validators and guarantees customers a seamless trading experience.
Additionally, Sei is collaborating with other protocols to maximize compatibility. For instance, it announced cooperation with Axelar, a provider of cross-chain infrastructure that will enable bridging, communication with other protocols, and capital transfer to other blockchains.
About Sei Network:
This is a brief about the list of the top 7 new layer 1 blockchains. It is hoped that you have an overview of the layer 1 blockchain landscape and its development direction.
What is the layer 1?
Layer 1 refers to an underlying network and its infrastructure, such as Bitcoin, BNB Chain, or Ethereum. Layer 1 blockchains are capable of validating and completing transactions without the need for a second network.
What is Blockchain technology?
Blockchain is fundamentally a distributed digital ledger that holds any type of data. A blockchain can record data regarding bitcoin transactions, NFT ownership, and smart contract Defini.
Market247.io offers fundamental and technique analysis about potential crypto projects and hidden gems. By doing so, we hope to bring information promptly to support investors making investment decisions. All information provided by Market247.io is just as a reference, not an investment advice.
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