Layer 1 Blockchain networks face challenges such as transaction throughput constraints, high fees, and limited scalability, affecting user experience and widespread adoption. Layer 1 blockchain solutions are designed to address these challenges and offer more effective transaction management and scalability.
Investors and blockchain enthusiasts are closely monitoring layer-one blockchain platforms as 2024 approaches, as they have the potential to revolutionize user interaction and transaction processes. Here’s a discussion of selected layer 1 blockchain companies expected to make waves in 2024.
Why Layer 1 Blockchains Are Necessary?
Blockchain technology is increasingly being used globally, requiring high processing power to handle the growing number of transactions. However, current blockchain protocols have limitations on transaction volume, slowing down the network and creating demand for improved scalability solutions like layer 1 platforms.
What is Blockchain’s Layer 1?
Layer 1 blockchain, or the fundamental layer of a blockchain network, manages functions such as consensus mechanisms and transaction validation. Examples of layer one Blockchain systems include Cardano, Bitcoin, and Ethereum.
The list of the top 10 layer 1 blockchain options for 2024 features:
1. Ethereum 2.0
We’ll begin our list with the eagerly awaited Ethereum 2.0 update. Because it solves scalability difficulties and significantly lowers energy usage through the use of a proof-of-stake consensus method, this layer one blockchain platform is an appealing option for developers.
2. Solana (SOL)
Thousands of transactions per second can be processed on the fast Solana blockchain. This blockchain is one of the greatest layer 1 blockchain options for dApps and DeFi projects because of its quick confirmation times and cheap transaction fees, which have helped it become well-known.
3. Cosmos (ATOM)
Cosmos transforms how blockchain networks communicate and collaborate, offering excellent scalability and interoperability. Avalanche, with sub-second finality, provides a scalable and secure platform, while NEAR addresses scalability and usability challenges with its Nightshade scaling solution.
4. Avalanche (AVAX)
Avalanche is another blockchain on our layer 1 list that is noteworthy due to its sub-second finality. For applications that need instantaneous confirmation of transactions, it is among the best blockchain options available. Avalanche’s distinct consensus process makes it a scalable and safe platform for decentralized applications, positioning it as a dependable layer one blockchain to be taken into consideration by 2024.
5. Near (NEAR)
Founded in 2018, the NEAR protocol is another layer 1 blockchain designed to address scalability and usability challenges. This technology features a high-performance scaling solution known as Nightshade that is designed to serve general purposes. NEAR is also widely popular for the vibrant community of builders and innovators who create a more open web for everyone seeking a better way to address the blockchain scalability challenges.
6. Polkadot (DOT)
One of the most effective layer 1 blockchain solutions, Polkadot focuses on enhancing the underlying technology that powers dApps. Polkadot makes it easier for different Blockchain networks in the ecosystem to communicate with each other without the need for middlemen. It increases the scalability of the blockchain ecosystem by utilizing relay chains and parachains.
7. Cardano (ADA)
Cardano is intended to be a versatile, scalable, and long-lasting blockchain platform that facilitates the effective operation of smart contracts. It is a well-known layer 1 blockchain system that supports the development of smart contracts as well as a variety of decentralized financial apps, games, cryptocurrency tokens, and other features.
8. Algorand (ALGO)
Algorand aids in the construction of a decentralized, safe, and high-performance network. It differs from existing layer 1 protocols with its unique PPoS consensus process, forkless architecture, and base-layer support for smart contracts. Its two-tiered Blockchain architecture aids in maintaining speed even when executing complex applications.
9. Tezos (XTZ)
A top layer 1 Proof-of-Stake blockchain, is well-known in the industry because of its energy-efficient benefit over other conventional Proof of Work blockchains. Tezos is the best option for your project because it not only addresses the issues of expensive transactions and lengthy processing times, but it also promotes sustainability due to its small carbon impact.
10. Tron (TRX)
Using a consensus algorithm known as “delegated Proof of Stake” (DPoS), which is more effective, scalable, and democratic than conventional Proof of Stake (PoS) or Proof of Work (PoW) processes, Tron is one of the biggest and busiest blockchain networks in the world. Tron’s main objective is to give consumers total freedom to produce, distribute, and use digital information without the need for middlemen or restriction.
Layer 1 solutions have the potential to address scalability and interoperability challenges while providing enhanced security measures, fostering innovation in the decentralized environment. Keeping an eye on these layer-one blockchain systems could be valuable for upcoming projects. Antier, a leading Blockchain development company, has provided layer 1 solutions worldwide to accelerate transaction processing and overall project efficiency. Reach out to Antier for assistance in developing layer 1 blockchain solutions!