Blockchain technology has started innovation across various industries. As Blockchain technology is evolving, several blockchain technologies have gained attention and are increasing the boundaries of the market. It facilitates recording transactions and helps in tracking assets.
WHY BLOCKCHAIN IS IMPORTANT?
Blockchain is important because it provides accuracy, and complete information is gathered here. A Blockchain can track orders, payments, and more. Some of the significant essential points of blockchains include-
- Data exchange – Blockchain enables secure data exchange.
- Increasing the transparency and accountability of government work.
- Helps to track hacks and frauds.
- Crypto mining for the security of blockchains.
Here are the top 5 blockchain projects transforming the future.
- Polkadot [DOT] – It has gained attention for creating a multi-chain blockchain ecosystem founded by Ethereum co-founder Dr. Gavin Wood. It is designed to exchange messages and transactions with each other without involving a third party. Polkadot has provided multiple solutions to resolve the defects found in the Blockchain. Unique properties of Polkadot are decentralization, speed and security. For building a promising Polkadot network, DApps are used here.
- Chain Link – Chainlinks is one of the less risky bets. Chain Link is a decentralized data oracle network. This project is essential for the decentralized finance [DeFi] ecosystem. It reduces the risk of data manipulation of blockchain-based applications. Chain Link was launched in 2017 with a $ 0.11 value during its ICO. The link price went high of $52.88 on May 10, 2021, and is currently worth. It has around 0.38% market dominance.
- FILECOIN uses blockchain-based cooperative digital storage and data retrieval methods. It is made by protocol labs and shares some ideas from the InterPlanetary file system, which allows users to rent unused hard drive space. This Blockchain is based on proof of replication and evidence of spacetime. In April 2021, filecoin foundation donated $50,000 to Filecoin worth $10,000,000. In
July 2023, The total storage capacity was 22 EIB.
- VECHAIN [VET] – Vechain is a very goodlong-termm investment. The trading of Vechain can be around $0.095 in 2024. If the market turns bearish, Price can be about $0.074 in 2024. It is a layer 1 Blockchain with a low-carbon, highly scalable, innovative contract platform. Vechain allows businesses to track the origin and quality of products in the supply chain. Vechains applications are extended to areas like healthcare, Logistics and Agriculture.
- TEZOS [XTZ] – It is an open-source Blockchain known for its self Amending Blockchain. The native Cryptocurrency for the Tezos Blockchain is the Tez. It also uses the Proof of stake Mechanism. Its focus on Security and self-governance makes it excellent and Fascinating, from Decentralized Finance to Tokenised assets. After topping $8 in October 2021, the price of Tez just declined to a dollar by May 2023.
Conclusion
These Top 5 Blockchain Projects show the diversity of Applications of Blockchain technology. As they are used in Various Industries, they will continue to evolve.