Gone are the days when a blockchain's sole purpose was to serve as a mere ledger or database, like the pioneering Bitcoin. Today's world demands more.
The contemporary blockchain is envisioned as an ultra-speedy payment system, one that not only rivals but potentially surpasses giants like Visa in terms of performance. However, speed alone doesn't define excellence.
A truly promising blockchain must be fortified with robust security measures. Equally crucial is the presence of a dedicated and seasoned team of developers steering its course. Financial backing, a testament to the project's credibility and potential, further cements its position in the competitive realm.
As we delve deeper into this article, we will explore the blockchains that embody these attributes and are shaping the future of decentralized technology.
Top 5 Blockchain Projects To Watch In 2023
1. Aptos
Aptos, a brainchild of former Meta employees, is a promising solution to the challenges faced by decentralized systems. With its inception aimed at addressing scalability and security issues, Aptos has won significant attention even before its mainnet launch on October 17, 2022.
The project is spearheaded by Mo Shaikh and Avery Ching, both former Meta employees, bringing a wealth of experience to the table. Their goal is to optimize existing blockchain solutions and introduce innovative ones, ensuring a user-centric experience.
The Aptos blockchain employs the Move programming language, a flexible and advanced language developed from Rust, which facilitates the creation of robust protocols and algorithms.
Aptos's unique features, such as Move Multi-Account Privacy and Move Prover, further enhance user experience and security. The blockchain also introduces innovative concepts like private key delegation, allowing users to temporarily delegate wallet control.
2. Patex
This project is dedicated to another emerging blockchain trend — the adoption of CBDC.
Central Bank Digital Currency (CBDC) is the modern response to the traditional finance system. Many countries have already expressed their willingness to introduce digital currency (or have already done so). Some of the most prominent examples are the digital yuan from China and DREX, the digital Brazilian real.
However, most government systems are based on Web2, and the use of decentralized networks is a concept they are not yet familiar with.
Patex, a web3 ecosystem focused on Latin America, is set to redefine the monetary systems of the region. Led by the former Head of Binance Brazil, Ricardo Da Ros, Patex offers an all-in-one solution for CBDC adoption.
Firstly, the ecosystem has its blockchain designed specifically for the issuance and tracking of digital currencies. Additionally, they have an exchange where these currencies can be traded with ease.
For those unfamiliar with the world of crypto, there is Patex Campus, where you can become acquainted with blockchain technology in a matter of months.
Considering the population of the LATAM region and its crypto adoption rate, Patex has all the chances to conquer this area.
3. OKTC
CEXs are not going anywhere, and OKX is a great example of it. Owning a set of ecosystem products, its blockchain is state-of-the-art technology.
OKT Chain (OKTC) represents the next generation of blockchains, designed as an EVM-compatible L1 built on the Cosmos platform. Its primary focus is on true interoperability, facilitated by the Inter-Blockchain Communication (IBC) protocol, and delivering maximized performance.
With its high scalability, developers are empowered to create and expand their projects while enjoying minimal gas fees. The comprehensive ecosystem and infrastructure of OKT Chain, inclusive of its multi-chain Web3 interface, promise a frictionless experience for both developers and end-users.
Leveraging the enhanced Tendermint and Delegated Proof of Stake (DPoS) consensus, OKT Chain boasts a capacity of up to 5000 Transactions per Second (TPS).
OKT Chain encourages community participation. Anyone can access, review, comment on, and contribute to the platform's development. Additionally, with native Oracle protocol and collaboration with industry leader Chainlink, developers have unparalleled flexibility in accessing price feeds.
4. KCC
Next on our list is another CEX's chain titled the Kucoin Community Chain (KCC).
KCC has garnered popularity as a decentralized public chain primarily due to its superior performance and cost-effective transaction processes. Its mainnet, launched in 2021, boasts EVM compatibility. The PoSA mechanism further enhances its speed and convenience, setting it apart from other public chains. A notable feature is its cross-bridge, which promotes interoperability.
Kuchain, now recognized as the Kucoin Community Chain (KCC), is a brainchild of the Kucoin Shares (KCS) fan community.
Before KCC's advent, no public chain could adequately support the burgeoning number of dApps, including DeFi and NFTs. Existing public chain technologies hindered expansive and complex applications due to their limited performance and exorbitant costs. This compromised user experience and stunted blockchain technology growth.
KCC, in turn, offers high throughput, minimal latency, and cost-effective transactions. It has matured into a reliable and stable chain for its community. Furthermore, the KCC bridge empowers users to seamlessly transact with native tokens from other chains. Its compatibility extends to various stablecoins, bridging the gap between Ethereum and KCC.
5. Sui
The final spot on the ranking is secured by Sui — super fast chain, younger brother of the above-mentioned Aptos.
The Sui Blockchain, launched on May 3, 2023, is a revolutionary Layer 1 blockchain developed by former Meta executives.
It utilizes a refined version of the Move programming language, originally designed for Meta's Diem blockchain.
The platform's core focus is to reduce latency in executing smart contracts while enhancing speed and security.
Sui integrates three key components: the Move language, parallel transaction execution, and the Sui consensus engine, ensuring rapid, cost-effective transactions.
This blockchain is another representative of the "build the fastest chain" competition.
