The young Moonriver cryptocurrency network is based on Kusama’s parachains technology. It started operating in mid-2021, making it one of the youngest decentralized systems. MOVR tokens are used in this network. Their total number is limited to 10 million. The network has an annual inflation rate of 5%. As in the Ethereum network, the parameter gas is used to account for the computing power of the decentralized network. Moonriver network has compatibility with Ethereum Virtual Machine (EVM). At the same time, transaction security is provided by Relay Chain, which is the basis of Kusama network. This combination of two powerful cryptocurrency technologies gives a powerful and unexpected quality. In addition, Moonriver has the ability to integrate with cryptocurrency projects such as TheGraph and Chainlink. Thus Moonriver combines the best qualities of several cryptocurrency projects.
MOVR coins can be stored in the popular MetaMask cryptocurrency wallet. To do this, simply specify the Moonriver network parameters in the MetaMask wallet settings. Third-party wallets such as MathWallet, Ledger and Trezor are also used to store MOVR.
Some other wallets for Ethereum also have support for MOVR. In fact, a unique feature of the Moonriver network is that it is sufficient to have a valid Ethereum wallet number to get a valid Moonriver wallet number.
So-called collators are responsible for confirming transactions in the Moonriver network. A variation of the Proof of Stake (PoS) algorithm is used, called Delegated Proof of Stake (DpoS). In practice, this means that a regular user can temporarily entrust his MOVR coins to one of the collators and receive a proportional share of the collator’s income. Passive income from staking is not the only opportunity that the Moonriver network provides. GameFi and NFT projects, as well as DAO, are actively developing in this network.
The Moonriver network supports blockchain smart contracts that form the basis for a variety of DeFi and web 3 applications that use the same Solidity programming language as the Ethereum ecosystem. Thus, DeFi and web 3 applications previously written for the Ethereum network can be transformed into dApps working in the Kusama network with minimal effort. There is also a powerful API with a big set of commands. Updates to this network happen smoothly, without forks. The Moonriver community collectively decides which updates are worth implementing.
A great way to get MOVR tokens is to use the EvoDeFi blockchain bridge service. You can also use EvoDeFi to exchange MOVR tokens for any other coins and tokens that this bridge supports. Just try it and see how easy, convenient and inexpensive it is to exchange cryptocurrencies.
Oasis (Emerald) refers to Tier 1 cryptocurrency networks. Among its main advantages are transaction privacy, blockchain smart contracts privacy and network scalability. The Oasis network has the support of leading cryptocurrency market players and a $200 million fund to support developers. Numerous DeFi and web3 applications are created on this network. ROSE coins are circulating in the Oasis network. They can be used both for payments between network members and for coin staking. There can be a total of 10 billion ROSE coins. There are approximately 2.3 billion ROSE in circulation today. Of these, 1.5 billion ROSE appeared in circulation simultaneously at the launch of this cryptocurrency network.
Transactions in the Oasis network are confirmed by special nodes called validators. Such a node must have a certain amount of ROSE coins in a special account. Validators receive remuneration for this, which is distributed by the Oasis network algorithm. A regular user can delegate their ROSE coins to one of the validators, receiving a proportional portion of the validator node’s income in return. The minimum number of coins that can be delegated is 100 ROSE. A total of 110 validator nodes are sufficient to keep the network secure. Top-110 nodes by the number of ROSE coins and become validators. Stacking rewards decrease smoothly over time, which is also set by the network algorithm. The hardware requirements of a node are not high – a 2.0 Mhz CPU and 4 Gb RAM are enough.
Oasis provides all the features for smart contracts execution. It uses a variant of the Proof of stake (PoS) algorithm to validate transactions. The high speed and scalability of the network is achieved by executing transactions in parallel on the blockchain. This technology is called ParaTime. Transaction privacy is ensured through the use of Zero-knowledge proofs (ZKP) technology. The flexible, adaptable and private cryptocurrency network has pleased both users and developers of decentralized applications. Currently, NFT, Metaverses, DAO, DeFi and web 3 projects are actively building on this network.
The execution of smart contracts and confirmation of transactions takes place at different levels of this cryptocurrency network. There is a powerful API that allows to execute smart contracts written in both Solidity and Rust programming languages. Like the Ethereum network, gas is used to calculate the network’s computing power spent on decentralized computing. However, the cost of gas in the Oasis network is 100 times or more lower than in the Ethereum network.
The speed of the network exceeds 1000 transactions per second. At the same time, a transaction on the network takes no more than 6 seconds. Compatibility with EVM (Ethereum Virtual Machine) provides all possibilities for easy migration of decentralized applications from Ethereum network to Oasis network. Emerald is the name of the Virtual Machine, which is designed to execute smart contracts on that network. DeFi and web3 application developers that run on the Oasis network receive grants and other support. ROSE coins can be stored either in a web wallet or via a browser extension. A mobile wallet for storing ROSE coins is expected to be released soon. In order to take full advantage of all the opportunities offered by the rapidly growing Oasis cryptocurrency network, it is necessary to be able to quickly and inexpensively exchange ROSE coins for any other tokens. The EvoDeFi blockchain bridge provides that.
The Cronos network started operating in November 2021, making it one of the youngest cryptocurrency networks. CRO coins are circulating in the Cronos network. Previously these coins were called “Crypto.org Coin”. As you can see from the name, this is an exchange token of the popular Crypto.org trading platform. The Cronos network is compatible with EVM (Ethereum Virtual Machine). This network is based on the Cosmos SDK technology. The combination of two powerful cryptocurrency technologies – Cosmos SDK and Ethereum Virtual Machine allows a new quality. A transaction in the Cronos network takes no more than 5-6 seconds, and the speed of the network is measured in thousands of transactions per second (TPS).
It is a Layer 1 blockchain network that supports blockchain smart contracts and web 3 and DeFi applications built on them. The Solidity programming language is used to write blockchain smart contracts for the Cronos network. This makes it possible to convert DeFi and web 3 applications written for the Ethereum network into DeFi and web 3 applications running on the Cronos network with minimal effort and time.
CRO coins circulate on the Cronos network. The total number of CRO coins is limited to 100 billion. A type of Proof of Authority (PoA) algorithm is used to validate transactions. These coins are earned through staking. A regular user can temporarily transfer his CRO coins to one of the trusted validator nodes that are authorized to validate transactions. His reward will be a proportional portion of the validator node’s income. To loan CRO coins to a validator, simply use one of the official wallets for the Cronos network.
In total, the Cronos network needs 100 validators to validate transactions. Validators are the top-100 users by the number of CRO coins in their wallets. 5 billion CRO coins are distributed by the Cronos network algorithm as a reward for validators. Their distribution is designed to last approximately ten years from the launch of the network. The Cronos network’s validators are also rewarded with commissions for transactions within the network. Once all 5 billion CRO coins have been distributed, validators will only receive commissions for transactions within the network.
Tendermint technology is used to achieve consensus between Cronos nodes. This technology achieves the highest rates of speed and scalability. It is recognized for its flexibility, its ability to be used in private and public networks, and its open source code. It is possible to connect to the Cronos network using the popular MetaMask cryptocurrency wallet. To do this, simply specify the parameters of this network in the MetaMask settings. Also, CRO coins are stored in the cronosd wallet, which works from the command line. However, the easiest way to use CRO coins from the mobile wallet of the Crypto.com exchange. There is also support for CRO coins in third-party wallets, such as the well-known cryptocurrency wallet Trust Wallet.
For the popularity of the Cronos network and the development of the cryptocurrency industry as a whole, liquidity exchange between the Cronos network and other cryptocurrency networks is crucial. EvoDeFi offers an inexpensive, fast and convenient way to exchange CRO coins for other coins and tokens. You only need to make your first exchange via the EvoDeFi blockchain bridge to see the benefits of this exchange method.
Avalanche is young but a very promising cryptocurrency. It was born in 2020, and those who bought AVAX coins at $0.5 then were able to sell them for $120 or more in a year or so. Since its inception, the Avalanche network has managed to be among the top 10 cryptocurrencies with the largest capitalization. What makes it unusual is that it partly competes with Ethereum and partly expands its capabilities. The Avalanche network is also known for its bright and creative advertising, as well as its close-knit community of users. Most importantly, however, it solves the so-called blockchain trilemma. In practice, this means that Avalanche combines decentralization, security and scalability. And almost all other cryptocurrencies have to sacrifice one of these three qualities. Now we see that this network is worth getting to know better. A great way to get started with the Avalanche network would be to buy AVAX coins through the EvoDeFi blockchain bridge.
What coins are available in the Avalanche network
AVAX coins are circulating on the Avalanche network. Of these, 360 million went to early investors and other early participants in the network. Another 360 million AVAX coins are distributed by the Avalanche algorithm to nodes that are staking coins, thus taking part in securing the network. A kind of Delegated Proof of stake (dPos) algorithm is used to validate transactions. In practice, this means that users can earn income on their AVAX coins by simply storing them in a special wallet. The wallet software allows AVAX coins to be leased to one of the nodes authorized to validate transactions. Such nodes share a proportional portion of their revenue with users who have temporarily lent them coins. Unlike many other cryptocurrencies, network transaction fees do not become income for miners here, but are destroyed. This reduces the total number of AVAX coins, making this cryptocurrency deflationary.
How the Avalanche node system and network architecture are structured
The Avalanche node has relatively low system requirements. It is enough to have a computer with 500 GB of free space on the hard drive, 8-core processor and 16 GB of RAM. However, it is required to have 2000 AVAX coins in a dedicated account as collateral. Such a measure reduces the total number of AVAX coins in circulation, which indirectly contributes to the growth of the price of this cryptocurrency.
The Avalanche network has an original three-tiered architecture. The P-Chain (Platform Chain) level is designed to interact with nodes that receive rewards for staking coins. At the level of X-Chain (Exchange Chain) can make a transaction between nodes, paying a fixed fee of 0.001 AVAX. Thanks to the C-Chain (Contract Chain), AVAX coins can be stored in the popular MetaMask cryptocurrency wallet.
What advantages the Avalanche network has
Support for the Solidity programming language allows developers to easily redesign for the Avalanche network web3 and DeFi applications previously written for the Ethereum network. The Avalanche Virtual Machine (AVM), much like the Ethereum Virtual Machine (EVM), operates on the network. It allows the creation of web3 apps, dapps and blockchain smart contracts that are fast to execute and inexpensive for the user. A clever marketing system, a friendly community and a deflationary system that constantly reduces the number of coins available in circulation are also among the advantages of Avalanche.
How to start enjoying the benefits of the Avalanche network
The AVAX coin is a great way to get started with cryptocurrencies and an opportunity to expand your cryptocurrency portfolio for the more experienced investor. Getting started with the Avalanche network can present no problems at all. It is enough to specify the settings of this network in the connection parameters of the popular MateMask cryptocurrency wallet. However, by using official Avalanche client wallets, you can earn extra income with AVAX coins. So, it’s worth buying this cryptocurrency to provide yourself with additional income as well. The easiest, most convenient and cheapest way to buy coins in Avalanche network is to use the EvoDeFi blockchain bridge services.
Optimism is different from other cryptocurrency networks in many ways. It is being developed by a company called Optimism Public Benefit Corporation (OPBC). The Optimism network implements a second-tier solution for the Ethereum network. And its use already gives tangible savings in the implementation of decentralized exchange – for example, on the UniSwap exchange. Agree that it is not bad to reduce the commission in the Ethereum network by 10-100 times. And such an opportunity is provided by the use of the Optimism network. In addition, the Ethereum Foundation supports the Optimism network and does its best to make updates to the Ethereum code available to Optimism network developers immediately.
What tokens are used in the Optimism network
ETH tokens are allowed on the Optimism network, but with a much lower commission than on the main Optimism network. To switch to the Optimism network, it is enough to set the parameters of this network in the MetaMask wallet. There are also cryptocurrency wallets for Etherium that support the Optimism network. If coins from the Ethereum network to the Optimism network are transferred instantly, the reverse exchange takes one week. However, with a small fee, this exchange through the EvoDeFi blockchain bridge can be done instantly. Rather than becoming another competitor for Ethereum, the Optimism network complements and expands its capabilities. Some Ethereum transactions can be done by just one computer, the sequencer, as long as the Optimism algorithm can guarantee its integrity.
How the Optimism node system is set up
The Optimism network relies on a system of nodes to verify transactions.
These are sequencer and verifier nodes that act together. There is no decentralized computation at the level of the Optimism network, and the Optimism nodes only broadcast their state to the mainstream Ethereum network. The nodes also form single packets out of several Optimism transactions, which are also transmitted to the main Ethereum network.
Sequencer nodes can engage in unfair behavior when doing so. To avoid this, sequencer nodes keep a collateral in the cryptocurrency Ethereum in a special account and are responsible for errors in their activity – within the limits of this collateral. Verifier nodes check transactions and, if errors or malicious behavior are detected, penalize sequencer nodes up to the limit of the collateral. This penalty becomes a reward for the Verifier node. The Optimism network algorithm makes sure that every transaction that passes through the network is thus insured by the collateral.
The architecture of the system used by the Optimism network turned out to be so successful that it has had successful followers. The most famous among them are Metis Andromeda and Boba Network. Transactions in these networks are also almost instantaneous, and the amount of commission is 10 times or more lower than in the
Optimism. However, Optimism remains the first and largest and most developed second-tier network for Ethereum.
How to use the Optimism network in practice
The practical use of the Optimism network will not present any problems for the average user. It is enough to switch to this network in MetaMask wallet or to choose a program wallet for Ethereum supporting Optimism network. Also the Optimism network is increasingly used by web3 and DeFi app developers. They are attracted by the opportunity to reduce the commissions of Etherium by 10-100 times, while retaining all the benefits that this powerful and decentralized network gives. At the same time, transactions in the Optimism network are almost instantaneous.
The list of DeFi applications available in the Optimism network is constantly growing. Among them, there are applications available for finance, NFT, wallets, DAO and tools. Moreover, the network supports not only the main token in the Ethereum network – ETH – but also many other tokens in the Ethereum network, the total number of which exceeds one hundred. And developers can with a minimum of effort turn their application written for the main Ethereum network into an application written for the Optimism network.
In order to take full advantage of all the features of Optimism, it is necessary to freely exchange tokens of this network for any other tokens. To avoid waiting a week to withdraw tokens from the Optimism network to the mainstream Ethereum network, you can use our EvoDeFi bridge.
In its early days, Polygon was the second tier of the Ethereum network. This made it similar in functionality to the Optimism network. However, as the Polygon network evolved, it became cramped within the framework set by the Ethereum network, and it switched to its own blockchain. The 65,000 transactions per second rate and transaction fee of 0.001 cents per transaction are the envy of other cryptocurrency networks. The graph of Polygon network development turned out to be almost vertical – just like the graph of the coin price used in Polygon network. Connecting to this network is very easy – you just need to specify its parameters in the popular cryptocurrency wallet MetaMask. And getting coins that are used in the Polygon network is easiest and most convenient using the EvoDeFi blockchain bridge.
What Coins are Used in the Polygon Network
The Polygon network uses MATIC coins. The total number is limited to 10 billion. About a third of this amount was sold during the IEO on the cryptocurrency exchange Binance. The rest of the coins are distributed by the algorithm Polygon, as a reward for stacking MATIC coins. Since the Polygon network uses a kind of dPos (Delegated Proof of stake) algorithm, it is enough to temporarily entrust MATIC coins to one of the nodes with the right to confirm transactions. This gives the user the right to receive a proportional reward. Thus, Polygon is not only close to the world records for speed and cheapness of transactions, but also for passive income.
How Polygon nodes work
The Polygon network relies on a system of nodes to confirm transactions. To own one of the Polygon nodes, the user need only have a deposit of MATIC coins, since the network algorithm is a variation of the Proof of stake algorithm. The need for collateral in MATIC coins reduces the total number of coins in circulation, which in the long run increases the price of MATIC. The impressive speed of operation and low commissions were achieved by the developers through the use of individual layers. There are a total of four layers of the Polygon network.
A peculiar architecture of the Polygon network
You can imagine the Polygon network as a structure with four layers. Its base and foundation is the Network layer. This layer acts as a system of sidechains, reducing the load on the main Polygon blockchain. This is a similarity between the Polygon network and multi-blockchain projects like PolkaDot and Kusama. The Network layer is always involved to some extent in transactions between MATIC nodes. Another layer, always involved in transactions between MATIC nodes, is the Execution Layer. This layer has a separate contract execution environment and execution logic, which increases the degree of system security.
There are two service layers in the Polygon network. This is the Security Layer, the service for the validators, confirming transactions. Everything about validation is in the Security Layer. Ethereum Layer enables simple integration to the Ethereum network. This layer is only used in some Polygon applications.
Development of the DeFi ecosystem and other applications on the Polygon network
Low fees and fast network speeds are the perfect combination for developers creating decentralized applications. The Solidity programming language is used to write applications that use the Polygon blockchain. This means that with minimal effort, developers can convert their applications written for use in the Ethereum network for use in the Polygon network.
Another important advantage of the Polygon network is the Polygon SDK, a set of powerful software tools for developers who want to create decentralized apps. They can choose the solution they want based on the capabilities of the Polygon architecture. For example, if we’re talking about a DeFi app that uses large amounts of money, it’s better to develop on the base layer of Etherium. Creating a trading floor for NFT is possible thanks to the Security Layer, which uses collaborative modules to protect contracts against intrusions. And the GameFi application can occupy a separate sidechain for the sake of achieving the highest transaction speed. Join Polygon’s growing community of developers and users. An EvoDeFi blockchain bridge will help you to buy coins or exchange them for any other cryptocurrency tokens.
The Gnosis cryptocurrency is designed for prediction markets. Although it was created back in 2015, it did not really develop until after 2021. GNO coins are circulating in the Gnosis network. Their maximum number is limited to 10 million. Technically, GNO is an ERC-20 token. Also members of the Gnosis network get extra OWL tokens for steaking GNO coins. The number of OWL tokens credited is determined by the Gnosis network algorithm. OWL tokens can be used to pay the commission on the platform. OWL has a stable rate, 1 OWL = 1 USD.
What are the main features of Gnosis
Outlook for Gnosis in 2022
Investors are attracted by the limited number of GNO tokens in circulation. To date, there are just over 1.1 million of the 10 million tokens originally issued. The remaining GNO tokens are owned by the team and are not yet scheduled to go into circulation. The rise of the cryptocurrency market could easily increase the price of GNO to $1,000 USD or more (as of early February 2022, 1 GNO is worth about $300). Currently, it is possible to easily exchange GNO tokens of the Gnosis network to tokens and cryptocurrencies of other networks through the bridge. This contributes both to the development of the Gnosis network and the growth of the cryptocurrency market as a whole.
We invite you to use our blockchain bridge to exchange tokens from the different networks, including GNOSIS network.
Terra is one of the most extraordinary cryptocurrency networks. LUNA tokens circulate in the Terra network. Through a price stabilization mechanism, LUNA has become stablecoin, whose value is pegged to fiat currencies such as:
SDR (Special Drawing Rights, which the IMF uses).
The Terra network and LUNA tokens are extremely popular on Asian e-commerce platforms. In most cases, the Terra network uses the South Korean won (KRW) to make payments. Both buyers and sellers have appreciated the ability to settle almost instantly, with insignificant commissions and without the disadvantage of cryptocurrencies, such as high price volatility.
Technically, the Terra cryptocurrency network is structured as follows. It relies on a system of nodes to validate transactions. Each of the nodes uses a different type of fiat currency. Thanks to the atomic swap system, the exchange of various fiat currencies between them in the Terra network occurs almost instantaneously and with no tangible commissions. A type of Proof-of-Stake (PoS) algorithm is used. The Terra network usually sets the commission at 0.1% of the transaction amount, but if the sender wishes, the commission can be increased up to 1%.
The Terra algorithm constantly adjusts the number of LUNA coins in the network. If there are not enough coins, the reward for nodes that confirm transactions increases. If there are too many LUNA coins in the Terra network, the excess amount is burned. This is another difference between the Terra network and most other cryptocurrency networks, where the number of coins is a constant.
The minimal commissions and the fastest speed of Terra network attract developers who create blockchain smart contracts for this network, as well as blockchain-based smart contracts DeFi apps and web 3 apps. These are written using commonly used general-purpose programming languages such as Python. Developers also benefit from a powerful and well-documented API with lots of commands. An additional incentive for developers is the generous grants given by the creators of the Terra network. There is no doubt that the Terra network will grow and develop both in the Asia-Pacific region and beyond. And you can get tokens in a modern, simple, fast and secure way – by using our blockchain bridge.
The Harmony project, which previously used Etherium coins of the ERC-20 standard, has been running on its own blockchain since the beginning of 2020. ONE coins are circulating in the Harmony network. Their total number is limited – a total of 12.6 billion ONEs can exist. A type of Proof of stake (PoS) algorithm called EPoS is used to validate transactions. This network can be accessed from the popular MetaMask cryptocurrency wallet. Other important parameters of the Harmony cryptocurrency network:
- The transaction completion rate is 2 seconds.
- The number of validator nodes authorized to validate transactions – 1,000.
- The amount of commission per transaction – no more than $0.000001.
- Annual issue – 3%.
Technical structure of the Harmony network
Harmony network uses a system of shards. All of the 1,000 valued ONE nodes that the network relies on are divided into 4 shards, with 250 nodes in each. The shard system allows the network to be more robust and decentralized, while increasing its bandwidth. Harmony shards are not static, and the DRG algorithm divides nodes into shards in unpredictable sequences. The network architecture is rebuilt without stopping the network, providing robust protection against hacker attacks. The period during which the shard composition does not change is called an epoch in the technical documentation. The Harmony algorithm rewards validator nodes for confirming transactions. Because of this, the total number of ONE coins in circulation grows by about 3% per year. Blockchain smart contracts are executed on the Harmony network. This allows the creation of DeFi and web3 applications on the Harmony network, as well as supporting the creation of NFT tokens.
Prospects for the further development of Harmony
The Harmony project is actively living and growing, the price of ONE token in the long term is only increasing. Harmony founders constantly give grants to developers and hold hackathons. In this way, they contribute to the development of the web 3 and DeFi industry on this blockchain. Although the Harmony network has many competitors, its technical features allow it to grow steadily. This growth will be aided by the use of bridges that make it easy and cost-effective to exchange tokens for other digital assets – or to make a reverse exchange. Are you interested in the Harmony network? We invite you to use our blockchain bridge and get your tokens quickly, safely and with minimal exchange fees.
In 2022, there is more than one cryptocurrency network to devote your time and attention to. You may ask – can’t we do with one or two networks, because there is Bitcoin and Ethereum? It turns out that they are already outdated in many ways: Bitcoin has low bandwidth, Ethereum is frustrating with high commissions. Competitor networks are rapidly catching up – so let’s take a closer look at them.
Features of Binance Smart Chain
Binance Smart Chain (BSC) is one of the most popular cryptocurrency networks in the world.
It is supported by the Binance exchange, and can be easily set up from the popular MetaMask wallet. Many popular GameFi projects are based on BSC, and the number of NFT-collections built on this blockchain cannot be counted – because their number is increasing by the minute. At the same time, the number of DeFi and web3 projects based on Binance Smart Chain is increasing rapidly every day. What is the reason for the popularity of BSC among developers? It turns out that it is not just a blockchain, but a whole virtual machine – like an Ethereum virtual machine, designed to perform blockchain smart contracts. The speed of transactions is much faster than on the Ethereum network, and commissions are virtually insignificant. And the BSC infrastructure is complemented by BNB tokens issued by the Binance exchange, as well as stablecoins BUSD issued by the same exchange. The disadvantages of the BSC network include its high degree of centralization.
The main characteristics of the Polygon network
Among all cryptocurrency networks, Polygon has a special place. MATIC coins are circulating in this network. The number of transactions per second is in the thousands, and the commission per transaction is a fraction of a cent. More and more NFT collections and GameFi projects are released in the Polygon network. The popular cryptocurrency wallet Metamask also supports the Polygon network. It’s not surprising that developers of advanced web 3 apps and dApps based on blockchain smart contracts are increasingly choosing the Polygon network and MATIC cryptocurrency. In addition, this network regularly releases meaningful updates, and the Polygon founding team is constantly giving out grants for young and promising projects.
What are the main differences of Fantom cryptocurrency
Fantom is not just a cryptocurrency network, but a whole ecosystem that combines various features. The main of them is execution of blockchain smart contracts and building various DeFi, web 3 and dApps based on them. It doesn’t use blockchain, but another kind of distributed ledger called Directed Acyclic Graph (DAG) technology. And consider the extensive support of Solidity language, which allows, after a small redesign, to run DeFi, web 3 and dApps, previously developed for Ethereum network, on this network. Add to this the transaction speed not exceeding two seconds and the fixed commission, which does not exceed $0.0000001 – and we get the figures, which are unattainable for the majority of cryptocurrencies.
Let’s get to know the HECO network
The young HECO cryptocurrency network certainly deserves attention. The word HECO stands for Huobi ECO Chain. Yes, you guessed right: the main competitor of Binance exchange is competing confidently not only in the field of exchanges, but also in the field of blockchain battle. Based on HECO, the industry of dApps, web3 apps, and anything else that can be done based on blockchain smart contracts is rapidly developing. And if the Binance Smart Chain (BSC) network is much cheaper to use than the Ethereum network – the HECO network, in turn, is much cheaper than the BSC network, with comparable speed parameters. And this is already a serious bid to win in the competition. A layer2 solution is now being developed for HECO, which will make this network much faster. And in this case, the BSC network will have to worry about not being squeezed off the pedestal.
Everything you didn’t know about Ethereum
Everything that cryptocurrency networks are now promoting and actively promoting – web3, dApps, DeFi, GameFi, NFT and other technologies were previously created or invented for Ethereum network. As conceived by Vitalik Buterin, the Ethereum network was to become the world’s decentralized computer, resistant to censorship and with no single point of failure. Many other cryptocurrency networks inherited the gas system from Ethereum to calculate the required computing power. However, as the price of the ETH coin, which is circulating on the Ethereum network, has risen, it has become prohibitively expensive to perform smart contracts in many cases.The way out is the widespread adoption of layer 2 solutions, such as the Arbitrum network. In this case, over time, this network will move completely to the Proof of stake algorithm,
Young and promising Avalanche network
In just two years, the Avalanche cryptocurrency network has become one of the top 10 cryptocurrencies by market capitalization. It has support for the Solidity programming language, which uses the Ethereum network. Therefore, various web 3 apps and dApps based on blockchain smart contracts, previously written for Ethereum network, can easily run in Avalanche network after a small revision. There is also Avalanche Virtual Machine (AVM), which significantly outperforms Ethereum Virtual Machine (EVM), due to its faster speed and virtually insignificant fees. It uses a kind of DPoS (Delegated Proof of stake) algorithm to validate transactions. This means that the cryptocurrency network does not require a cumbersome and energy-intensive mining process. At the same time, AVAX coin owners can rent their coins to AVAX validator nodes, thereby increasing their income.
What is interesting about Arbitrum cryptocurrency?
The Arbitrum network, where ARB coins are circulating, belongs to the layer 2 solutions for the Ethereum network. At the same time, users of the popular Metamask wallet can easily connect to the Arbitrum network. One can easily transfer assets and tokens between Arbitrum and Ethereum networks, thus getting rid of high commissions of Ethereum. This is not the only second-tier solution for Ethereum network – there is also Optimism network which uses a similar validator nodes system. The essence of the system is that validator nodes keep ARB coins in special wallets and lose their collateral in case of fraudulent behavior or mistakes. Just one honest validator node is enough for the Arbitrum network to work correctly.
Be sure to pay attention to Cronos
CRO coins are circulating in the Cronos network. This is an infrastructure associated with crypto.com, a popular site in the cryptocurrency community. This infrastructure includes the payment solutions that are popular in the US and other countries, as well as different tools for DeFi, NFT and other digital assets. It also offers crypto.com financial mobile applications, one of the most popular cryptocurrency exchanges in the world and a variety of investment products. Cronos network is based on Cosmos algorithm. Cronos users and developers can add various decentralized financial products based on EVM (Ethereum Virtual Machine) to this network. Cronos’ blockchain speed of 50,000 transactions per second is close to a world record. And the large number of grants for developers and services for crypto.com users further strengthens Cronos’ position.
A curious new development, the Moonriver network
We’ve already heard about a lot of different blockchains. Do we need to talk about another one? Well, it is worth telling about the Moonriver network, because its essence is an Ethereum-compatible parachain of the Kusama network. So the network where MOVR coins are circulating provides compatibility of web 3, dApps and DeFi in the Kusama network and in the Ethereum network. Moreover, blockchain smart contracts previously written for the Ethereum network can now run seamlessly on the Kusama network – with much faster speed and lower fees. Moonriver also has integration with promising cryptocurrency services such as Chainlink and The Graph.
Who is the OkeXchain network of interest to?
OkeXchain is last on the list, but not the least important cryptocurrency ecosystem. OKT tokens circulate in this network, and the OKEx cryptocurrency exchange supports this network. OKT tokens are used to reduce exchange fees, staking and many other tasks. The OKEx team also offers grants for developers of various DeFi and web 3 applications based on the OkeXchain blockchain. There is an opportunity to issue custom tokens of the KIP-20 standard on this network. And the popular MetaMask wallet can be set up to use the OkeXchain network. There is no doubt that the OkeXchain network will be rapidly developing in the near future – which means that it is of interest to all members of the cryptocurrency community.
From this article, we learned how diverse cryptocurrency networks are. Each of them has its own advantages and disadvantages. Fortunately, thanks to Bridges, exchanging tokens and assets across networks is no longer a problem. This allows cryptocurrency users to choose the most suitable network for their tasks. And creators of cryptocurrency networks can focus on developing the unique differences of their offspring. Thus, all participants of the cryptocurrency community will benefit from the widespread implementation of Bridges technology. This year it makes sense to add Terra, Harmony, Optimism and Gnosis to the list of supported cryptocurrency networks. More to come!
Now imagine this: tokens and assets are exchanged between different networks in less than a minute. This is a new technology called Bridge. It is playing an increasingly important role for the development of cryptocurrencies. For what reason? Thanks to Bridges, it is no longer so important which blockchain a project is built on. We can keep tokens, digital assets, NFTs and various GameFi-related assets on whichever blockchain we want. Each blockchain has its advantages and disadvantages, and thanks to Bridges, they all merge into a new digital environment.