The popularity and growth witnessed in the blockchain sector resulted in the development of several blockchain protocols. Every protocol is unique. While one can handle the issue of network congestion, others can offer interoperability and scalability.
So, which protocol can be considered the best?
Below are discussed some features of blockchain protocols that can make your choice easier.
- Decentralized -Decentralization is the most important aspect of any blockchain protocol. It can be called the backbone of blockchain technology. Because of decentralization, no single governing body has the power of making all the choices. For every node in the blockchain network, the ledger is the same. The blockchain network's decentralization nature offers several benefits.
- Immutable -Blockchain Protocols are immutable .i.e data of all the transactions is permanent. The records that have been validated cannot be altered. As a result, no user on the network will be able to modify, alter, or remove the records.
- Consensus -These days blockchain protocols use different mechanisms to reach a consensus. Consensus is a decision-making technique that helps the active nodes come to a consensus and ensures that the system runs smoothly. Although nodes might not have much confidence in one another, they can have confidence in the network's central algorithm.
- Faster Transaction Settlements -In comparison to conventional financial systems, blockchain provides a faster transaction settlement. This blockchain function makes life simpler. Without any intermediary, the transactional speed and efficiency have increased due to this technology.
- Security -All the records are encrypted in the network. This increases the security factor of the network. Additionally, every blockchain is hashed cryptographically in the network. Each block, therefore, has a unique identity. All the hash ids need to be changed if there is any attempt to modify the data.
The Top 3 Best Blockchain Protocols in Dubai
Based on the above features, here is the list of the best blockchain protocols in Dubai.
- SliceLedger -SliceLedger is a Layer-2 blockchain protocol. It is EVM-compatible and supports around 1,00,000 transactions per second. It uses Proof-of-Stake and Proof-of-Play consensus mechanisms. SliceLedger can be used for the development of decentralized applications. The transaction fees are almost negligible which makes it developer and user-friendly. It is an interoperable and scalable blockchain. One of the most distinctive features of SliceLedger is that it can be used to increase trust, transparency and traceability in the enterprise sector.
- Mina Protocol -Mina Protocol is the world's lightest blockchain protocol. It aims to overcome the issue of blockchain size. It incorporates zk-SNARKS which stands for "zero-knowledge succinct non-interactive arguments of knowledge". The native cryptocurrency of this blockchain network protocol is MINA which is used to facilitate network transactions and distribute fees between the users.
- Polygon-Polygon is the scaling solution of Ethereum. It is built to address the scalability issues of Ethereum. Polygon handles transactions on separate Ethereum-compatible blockchains. Polygon sends transactions back to the main Ethereum network after post-processing. Thus, the Ethereum network's load is reduced by this strategy. By doing this, Polygon accelerates transactions. It also helps in cutting transaction costs.
Blockchain technology is continually evolving. New blockchain network protocols will keep coming into the market with the latest and additional features. However, the choice of blockchain protocol will remain one of the most vital considerations even in the future. The infrastructure and operating principles of blockchain protocols should therefore be customized to match the changing development needs of this expanding community. Although protocols have a lot of potential for improving user experience, the first thing they need to do is focus on being much more developer-friendly.