What is Blockchain Platform? All thing you need to know

In recent years, Blockchain Platform has developed very quickly and has become a worldwide technology trend. With the ability to solve complex problems in life effectively, reducing fees and resources, Blockchain promises to be applied more widely in the future. In this article, let's explore what is Blockchain Platform and main features of Blockchain Platform with Market247.io.

What is Blockchain Platform?

What is blockchain platform

First, let's find out what is Blockchain Platform. Blockchain Platform are projects that build their own Blockchain platforms, allowing developers to build decentralized applications on top of that Blockchain. Blockchain platform can be considered as a phone operating system, dApps are applications developed on the operating system of the phone mentioned above. A Blockchain platform is considered strong when it attracts many dApps to build, many Blockchain developers and users to participate.

Main Features of Blockchain Platform

After having an overview of what is Blockchain Platform clearly, we will continue to learn about the main features of the Blockchain Platform. Developing a complete Blockchain platform by yourself is not an easy thing. It takes a lot of time and resources, so projects often choose to use a pre-developed Blockchain platform, then build their own dApps.

Most Blockchain platforms have the following main characteristics:

Ability of extension

The scalability of a Blockchain is the speed of transaction processing that the Blockchain platform can perform. This speed is calculated by the number of transactions that the system can perform per second, the unit is TPS.

Scalability is one of the biggest problems of Blockchain technology today. When it comes to the scalability of Blockchain, we need to pay attention to 3 main factors including: Processing speed, security level, and decentralization.

With the rapid development of the Blockchain market, more and more projects are established, but very few projects can meet all three factors at the same time. In most projects, if two factors can be met, the other factor is often not guaranteed. Therefore, developing a platform that solves the current problems is the goal that the blockchain industry is aiming for in the future.

Security

Blockchain platform security

Confidentiality is a particularly important factor for users, especially institutional users, and companies with high requirements for information security. To ensure that data is always safe, users need to choose a platform with a clear transaction history and good support and reviews from the community.

Adaptability and functionality

The next Blockchain platform feature is adaptability. Adaptability is assessed as the actual application rate of the blockchain that it brings. While Blockchain platforms are built on a common principle, the features that it brings can have a big difference, which is a prerequisite to distinguish Blockchain platforms.

Users will always choose a technology with high practical application, solving more practical problems than a technology with low applicability. It can be seen that Blockchain technology brings very high practical applications. That is the reason it received a lot of attention and attention from the community. Besides, the community effect is also an important factor for the development of a Blockchain platform. A basic example is the Ethereum Blockchain. Although this blockchain has a huge limitation in terms of scalability, it is the platform with the highest number of users, the most decentralized applications built, the highest transaction volume, throughput, and more.

Private and public

A community Blockchain platform will allow everyone to have access and deep participation in the network. All users have the right to perform, check information and verify transactions on the network.

In contrast, a private Blockchain platform will require the permission of the person who created the network to access.

Classification of Blockchain Platforms

blockchain platform

Currently, one of the most popular classifications of Blockchain platforms is based on smart contracts or how Blockchain works.

Smart contract: The Blockchain system may or may not have a smart contract. In the case of Blockchain with smart contracts, blockchain will support the construction and development of decentralized applications on it, thereby forming a large ecosystem. For example, the Ethereum ecosystem, Solana, Polkadot, ...
How it works: Each Blockchain works according to its own mechanisms such as Proof of Work, Proof of Stake, Proof of History, Proof of Authority,...

Applications of Blockchain Platform

Blockchain platform applications

It can be said that Blockchain Platform develops at an amazing speed, Blockchain Platform applications are more diverse and integrated in many aspects of life. The most popular are Fintech, AI, Crypto, IoT, Insurance, Logistic,...

Blockchain applications help users make money transfers at a faster speed, limiting the control of third parties. Not stopping there, cross-border asset transfers will be done faster than ever. Transaction fees are no longer a concern compared to traditional money transfers.

Conclusion

For Blockchain to be widely applied in life is still a long and challenging way. However, with the great advantages of Blockchain Platform, it is only a matter of time. Above is all information about what is Blockchain Platform in crypto that Market247.io has compiled. We are sure that, through this article, you have loaded yourself with a lot of useful knowledge. If you have any questions about what is Blockchain Platform, don't forget to send us a question to get the fastest response from the Market247 team.

Disclaimer: This article is for informational purposes only about what is Blockchain Platform. This is not investment advice.

FAQ - What is Blockchain Platform?

What is a Dapp built on Blockchain Platform?

dApps are decentralized applications built on Blockchain Platform and pre-existing protocols. dApps are built to solve specific problems of the Blockchain ecosystem.

What is Blockchain Platform example?

Bitcoin and Ethereum are popular examples of Blockchain platforms. Every user is allowed to connect to blockchains and transact on them.

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What is Blockchain Platform? All thing you need to know - Market247.io