Topic: What is your favorite blockchain? - page 2. (Read 233 times)
If there were multiple choices in the poll questions it will be nicer. Two things that interest me the most in a blockchain is the transaction speed and the low transaction fees. After that we may look at the performance of the coin in the market. This is because i will be holding some amount of that coin for steady transactions. Nevertheless, the Binance Smart Chain (BNB) interest me this most because it is cheap and fast. While its coin is making wave in the crypto space alongside bitcoin.
The year 2009 marked the birth of blockchain technology, driven by the innovative proposal of Satoshi Nakamoto for Bitcoin. Since then, blockchain has undergone significant development, with new features and capabilities emerging. The concept of consensus protocols, which was initially limited to Proof-of-Work (PoW) in Bitcoin, has expanded to include various mechanisms like Proof-of-Stake (PoS), Delegated Proof-of-Stake (DPoS), and many more. These include Proof-of-History (PoH), Practical Byzantine Fault Tolerance (PBFT), Proof-of-Burn (PoB), Proof-of-Capacity (PoC), and Proof-of-Elapsed Time (PoET)... [1, 2].
As a user, I've interacted with several blockchains, but the intricacies of these consensus protocols remain beyond my current understanding. My ability to evaluate blockchains is primarily based on user experience factors like transaction speed (tps) and transaction fees. There's often an inherent relation between these two aspects: faster blockchains tend to have lower fees, and vice versa.
My crypto journey began in 2017, and I've explored various blockchains like Litecoin, Dogecoin, Ethereum, and more recently, Solana and Avalanche. But interacting with the Bitcoin network through Electrum was a unique experience. While Bitcoin transaction fees are generally higher, I managed to get them down to around 1.5 USD during the peak of the Inscription craze [3].
I'm a big fan of the Bitcoin blockchain, but high transaction fees and slow confirmation times can be frustrating. I've experienced this with other blockchains too - Ethereum fees reached up to 20 USD in 2021! In contrast, blockchains like EOS and Solana offer near-instantaneous transactions with fees under a penny [4].
I also recognize the value of decentralization and stability offered by other blockchains, their transaction fees, typically ranging from 1 to 10 USD, are necessary to incentivize miners who secure the network. This highlights the inherent challenges of the blockchain trilemma [5]. However, as a user, I find the Solana blockchain very attractive. It boasts a large ecosystem with a good variety of Dapps (decentralized applications) that cater to user needs, all while offering blazing-fast transaction speeds and remarkably low fees. I haven't personally experienced any outages, it's possible my limited use (primarily for occasional token swaps) has shielded me from such occurrences.
This isn't financial advice for SOL or any other token. I'm simply sharing my personal experience using popular blockchains. I only hold a small amount (a few dozen USD) in ETH, BNB, and SOL. These funds are primarily for transaction fees on DEXs, not long-term investments like BTC. In hindsight, I might have missed an opportunity by not accumulating more ETH and SOL during the recent crypto winter.
I would like to know your views on blockchains in the market:
References:
[1] Analysis of the main consensus protocols of blockchain
[2] Consensus Algorithms in Blockchain
[3] Bitcoin Average Transaction Fee
[4] Solscan: Fee tracker
[5] The Security Trilemma and the Future of Bitcoin
As a user, I've interacted with several blockchains, but the intricacies of these consensus protocols remain beyond my current understanding. My ability to evaluate blockchains is primarily based on user experience factors like transaction speed (tps) and transaction fees. There's often an inherent relation between these two aspects: faster blockchains tend to have lower fees, and vice versa.
My crypto journey began in 2017, and I've explored various blockchains like Litecoin, Dogecoin, Ethereum, and more recently, Solana and Avalanche. But interacting with the Bitcoin network through Electrum was a unique experience. While Bitcoin transaction fees are generally higher, I managed to get them down to around 1.5 USD during the peak of the Inscription craze [3].
I'm a big fan of the Bitcoin blockchain, but high transaction fees and slow confirmation times can be frustrating. I've experienced this with other blockchains too - Ethereum fees reached up to 20 USD in 2021! In contrast, blockchains like EOS and Solana offer near-instantaneous transactions with fees under a penny [4].
I also recognize the value of decentralization and stability offered by other blockchains, their transaction fees, typically ranging from 1 to 10 USD, are necessary to incentivize miners who secure the network. This highlights the inherent challenges of the blockchain trilemma [5]. However, as a user, I find the Solana blockchain very attractive. It boasts a large ecosystem with a good variety of Dapps (decentralized applications) that cater to user needs, all while offering blazing-fast transaction speeds and remarkably low fees. I haven't personally experienced any outages, it's possible my limited use (primarily for occasional token swaps) has shielded me from such occurrences.
This isn't financial advice for SOL or any other token. I'm simply sharing my personal experience using popular blockchains. I only hold a small amount (a few dozen USD) in ETH, BNB, and SOL. These funds are primarily for transaction fees on DEXs, not long-term investments like BTC. In hindsight, I might have missed an opportunity by not accumulating more ETH and SOL during the recent crypto winter.
I would like to know your views on blockchains in the market:
- What is your favorite blockchain and why: speed, transaction fees, profits?
- How often do you use that blockchain and for what purpose?
- Do you hold and consider the native token of that blockchain as a long-term investment?
References:
[1] Analysis of the main consensus protocols of blockchain
[2] Consensus Algorithms in Blockchain
[3] Bitcoin Average Transaction Fee
[4] Solscan: Fee tracker
[5] The Security Trilemma and the Future of Bitcoin
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