Topic: What is your favorite blockchain? (Read 220 times)

I know you are really serious, Tron is a network that was once very popular because of its high speed and low cost, it is the favorite blockchain platform for entertainment and gambling Dapps. USDT on Tron is extremely popular, especially when the USDT transaction fee on Ethereum is very high. Recently, Tron also introduced a plan to develop Bitcoin Layer-2 solution, I am waiting for more information about it. Justin Sun always knows how to follow the trend in the market effectively.

Although the TRX token price did not create a new ATH in 2021, its recovery over the past year has been really impressive and is about to reach its ATH of 2021. This is something that many top coins have not been able to achieve such as DOT, ADA, ATOM, DOGE, XRP... From an investment perspective, TRX is also a potential investment for those who believe in the future of Tron.

I am not even kidding, TRC20 is my favourite one right now. It is almost instant and it is nearly free, in some cases it's literally instant and it's free. I understand that Tron as a coin itself is not a good one, and I have never really invested into Tron before, and because it is nearly free, people do not need to buy Tron and that means the price of Tron doesn't really go high because of it.

However, that doesn't change the fact that if you want to move money around, it is by far the best one. It is also as decentralized as it can get, maybe not as much as bitcoin, but it is not centralized like xrp or bnb neither so it's somewhere in between. Never seen any big security questions about it neither, so for me that is still the best one out there.

Well am most certain with bnb because of it's transactions speed and transaction fee but when you talk about a more decentralized blockchain Ethereum is the answer but the transaction fee is what discourages most users. The are other Blockchains Which are often use by individuals based on a specific purposes.

Op all that long and bogus thread is boiled down to one question that the Blockchain we like to use. Yah Eth is one of the best chain in the ecosystem. But the Blockchain which I like to use is BSC (BEP20) because the transaction fee is very cheap and the network is very fast within seconds. Though there are other networks that also good to use but everyone use the one that is good for them at the time of the transaction.

Solana network is good but these days Solana network is congested like the bitcoin network and there is no way to send or make a transaction in the Solana network.

I have used several blockchains, although not as many as you have used. And I personally prioritize low transaction fees as a priority, followed by transaction speed. I often carry out many transactions on a small scale, such as participating in pre-sales, airdrop contests, or sending small amounts of tokens to my friends. And therefore I think I need low costs. Of course it would be funny if you sent $7 and then you paid a gas fee of $10. So for now I choose BNB/BSC and LTC networks as my favorites. Both have very, very low costs. I use the BSC network more often because it supports sending across many layer-2 tokens/projects.

 my favorite blockchain is ethereum reason is because there are some other projects under ethereum that is still doing absolutely well till now.that is why a lot of people keep  investing on ethereum, without considering the traffic and higher fees they charge in every transactions.

I have never tried Matic before, but I usually use ETH for a long time until the fees became super high, around 1-5 dollars per transaction. So, for me, the BSC fee now is still acceptable.

It seems you have good experience and deep observation of crypto networks and their potential for scalability and adoption. You made a valid point that scalability is an important factor  for Ethereum's success. The Ethereeum Duncen upgrade  is already underway and it is likely to be completed within few days, the main aim of this upgrade is to enhance scalability. ThAs a result, it is anticipated to lead to reduced transaction fees not only on Ethereum main network but also on layer2 chains built on Ethereum.

https://www.binance.com/en/ethereum-upgrade

One of my favorite networks is the BSC network, it is fast and the fees are very cheap. Apart from that, projects that provide Layer 2 services on the Eth network attract my attention. If scalability can be adjusted for Eth in a better way, many people will enter the ecosystem with more transactions and it will rise to higher volumes in the market. For people to love Ethereum and get more adoption, it definitely needs to scale gas prices

For layer 1 BTC and ETH. Dot is also doing well, but it's a bit complicated to store for newcomers. For layer 2 matic, Manta is the best project in my opinion. While BTC and ETH have great value in the industry, on the other hand ETH layer 2 is making the vast ecosystem dapps of ETH available to the masses by providing high scalability and lower transaction fees. I think the importance of BTC and ETH is unquestionable in the industry but the necessity of ETH layer 2 is also important for innovation.

potential profit is also one reason why i hold some projects for long term such as EOS and i'm even thinking of holding the ADA for a long time as well because of the potential profit and earnings while holding it for the long term.  the prices are not so attractive in the bear market which i guess that's the time for selling it all and just moving away from crypto for more than a year.  but its still BTC that wins them all.

Absolutely, you made a valid point that we prefer to use the block chain that aligns with iour specific needs and fulfills our criteria transaction speed and cost. Additionally,  there are numerous layer2 projects within the Ethereum network, such as Matic, Manta, Optimism and Arbitrum. Among these options, Matic stands out for providing most cost effective transactions, making it my preferred choice for funds transfer purpose.

1. Tron (USDT), i do like to use non complicated blockchain like L2 evm. As long it offers pretty small fees and i have no problem with it all. I said no to the solana caused by it was also very often getting shortage.
2. Very often, in using L2 blockchain to work on the incentivized testnet and airdrop. It is mostly becoming a successful result for me.
3. Native token has a very strong foundation and it was also influencing altcoins too. I do hold some native token for long-term investment. There's no better thing than getting profit from holding your asset in your wallet.

Vanry chain does it very well since it was traded at the bottom price at the early of this year. I think that any blockchain can also give us an advantage but native blockchain sometimes considerabl haing non sense marketcpap.

When I used their smart chain, I had no problem with it until they became popular and NFT games used their smart chain for their platforms that began the worst journey of my life using their Smart chain because the transaction fees where became high to the point it has no decent income anymore when playing NFT games using their blockchain and to make it worse, they can't seem to find any other way to reduce it and that's their huge problem which makes other competitors like Matic to create their own and fixed that problem on their platforms which will not gonna be the same to theirs.

BSC - Binance Smart Chain has many tokens on it, and the best thing I like is the cheap fees and fast speed. With a big ecosystem like games, NFTs...

I still prefer Bitcoin overall blockchain technologies. I was disappointed with Ethereum before because of its extremely high gas fees. I haven't explored the new blockchain networks much yet, but I am interested in how they address scalability and offer transaction speeds and lower fees that earlier blockchains face. The first things I really look at are speed and fees because I often use the blockchain for online transactions.

Despite of the traffic and a higher fees, ETH Network still preferred by many for some reason.

There's a lot of good projects under ETH network that until now is doing great, I'm into this network too because of some projects though every time I withdraw my funds, I opted to used XRP or LTC network because it's cheaper and faster.

I guess, your favorite blockchain technology should depend on your usage and satisfaction as well.

My preference is Ethereum the most secure and decentralized among all other chains, despite the fact that BSC and Solana offer relatively relatively lower transactions fees and faster confirmation times compared to, however both of them are controlled by a central authority, makes it more vulnerable to issues like what happened with LUNA.

Ethereum's strong focus on security and decentralization is why I stuck with it.

I used to like Ethereum and we all know why but then when fees have gone higher, good thing that other projects and chains have looked for solutions to at least lower the fees. So far, what I like right now is BSC(BEP20). It's actually cheap and it's like the older and early days of Erc20 tokens when most of the transfers were very cheap. But unlike today with Ethereum, the first thing that will be said by someone who are into it is about how crazy the fees are.

Of course, for transactions, choose a cheap network such as the BSC network as a reference and Binance is also able to provide many of the services needed for crypto traders and investors and has proven to be the king of coin exchange, but Ethereum is my favorite and I also set it as a long-term investment later, just for now. Waiting for performance improvements through projects like Ethereum 2.0, which will hopefully increase speed and reduce transaction costs significantly and I believe that the growth of the Ethereum ecosystem and increased adoption can drive and increase the value of Ether (ETH) tokens.

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:

• 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?

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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