The popularity of blockchain technology is continuously increasing since it was first introduced. Most industries are finding ways to benefit from its decentralized, distributed, and transparent nature. The rising demand for the technology certainly is increasing the demand for a number of blockchain protocols to exist. 

In order to build a robust blockchain ecosystem, it is necessary to have an in-depth understanding of emerging protocols. Thus, after researching thoroughly, we have come up with the top blockchain protocol list based on their ecosystem, tech stack, and solutions offered by them. 

So here is a blockchain network list that has well-positioned itself from other existing networks and is widely used in Blockchain development services nowadays. 

Top 10 blockchain protocol list 

There are thousands of protocols available on the market, so studying them all would take considerable time. However, some protocols are the most significant ones with distinguishing features. 

The following are the top 10 protocols widely used for application development, NFT support and more curated by their unique characteristics and blockchain rankings. 

1. Ethereum 

Ethereum is a decentralized platform that powers the cryptocurrency ether (ETH) and a wide range of decentralized applications. It is a technology that enables digital money, global payments, and various applications. The applications built on Ethereum are open-source and transparent. Ethereum has its native token, Ether, which is used to pay for the activities on the platform. 

Ethereum users can create agreements or conduct transactions without needing third-party intermediaries. It establishes a peer-to-peer network to securely execute and verify smart contract application code. The platform offers great flexibility for building decentralized applications, allowing users to conduct easy transactions, earn interest through staking, store non-fungible tokens (NFTs), trade cryptocurrencies, play games, and much more.

2. Klaytn 

In 2019, Kakao Corp developed Klaytn, an open-source, public blockchain platform. Its infrastructure is fast becoming the best choice for gaming, the metaverse, and creator economies. This business-oriented blockchain combines both public and private blockchain capabilities. Thus, allowing businesses to deliver a user-friendly blockchain experience. 

The platform is well-positioning itself in providing solutions like AAA games, play-to-earn games, NFTs and DeFi services, especially for the metaverse businesses. It combines performance, decentralization, scalability, and interoperability to build trustworthy metaverse platforms.  

3. Stellar 

Stellar is an open blockchain network developed for storing and transferring money. Stellar’s native currency, Lumens (XLM), allows cross-border financial transactions. The platform is fast, cheap and more efficient than other blockchain-based financial access. It makes it easy to create, send, and trade digital assets globally. Easy-to-use interface, API, and SDKsof Stellar blockchain help transform the finance world. Stellar is used to build global payment apps, asset exchanges and micropayment services. 

 The network implements a valid set of transactions using consensus protocols. There are Stellar core nodes that form the backbone of the network. They are responsible for verifying transactions using the consensus protocol. Stellar core also helps maintain a single ledger of balances and accounts and listens for incoming transactions. 

4. Polygon 

Polygon is an interoperable blockchain scaling framework used for building different decentralized platforms. It is a layer 2 scaling solution for Ethereum that was earlier known as the Matic network. Jayanti Kanani, Sandeep Nailwal and Anurag Arjun created Polygon back in 2017. It was developed mainly to address some of the limitations of the Ethereum network. 

It is a multi-chain system that provides solutions for slow transaction speed and high gas fees without comprising security. Polygon offers a growing set of modules for building custom networks in just one click. Further, acts as an interoperable protocol for exchanging information with Ethereum and other blockchain platforms. 

5. Tezos 

Arthur and Kathleen Breitman founded Tezos in August 2014. It is an open-source, decentralized platform for building dApps.The platform was designed to provide safety and ensure active community governance and participation. Features like low energy consumption and operating costs make it an ideal solution for building eco-friendly blockchain applications. 

Tezos is a blockchain-based on a Proof-of-stake mechanism and utilizes smart contracts to build decentralized applications. XTZ is the platform’s native coin users can utilize to vote on the network’s future direction. 

6. Avalanche 

Avalanche is an open, programmable smart contracts platform for launching decentralized applications. It is one of the largest blockchains developed by Ava Labs in 2020. The network promises to combine scaling capabilities and quick confirmation time through its consensus protocol. Features like high performance, security, scalability and interoperability are utilized to develop application-specific blockchains, scalable dApps, and customized digital assets. 

The native currency of Avalanche, AVAX, is used to pay transaction fees and secure the Avalanche network. Ethereum also uses the platform as the smart contracts for Avalanche are written in Solidity language. 

7. Polkadot 

Polkadot is a decentralized protocol that allows unrelated blockchains to connect securely, so that value or data can flow between blocks without any center part interventions. The network makes use of many parallel blockchains or parachains in order to maintain speed and scalability. Proof-of-stake consensus algorithm, relay chain and parachains help Polakdot facilitate a much more scalable blockchain ecosystem. 

DOT is the Polkadot’s native token and serves two main functions: It is a governance token through which the holder can participate in the decision-making process for the protocol’s future. Another function is to verify transactions by staking process. 

8. Hedera

Hedera Hashgraph is a proof-of-stake public network powered by its consensus algorithm, hashgraph. The working mechanism of the network is a graph-like structure where all the nodes are connected to communicate their information. It is widely used to build and deploy decentralized applications with the highest security grade, transaction speed and incredibly low bandwidth consumption. 

Developers can utilize Hedera for three primary services: Solidity-based smart contracts, consensus and token services. Hedera’s native token allows applications to configure, mint, and manage fungible and non-fungible tokens. Further, the network allows performing 10,000 transactions per second. High throughput, low fees, energy efficiency and security are some of the great advantages of this underlying technology. 

9. Elrond 

Elrond is an open-source blockchain protocol that aims to provide fast, secure, and scalable solutions for decentralized applications, enterprise-level use cases, and the future internet economy. It allows for the exchange, validation, and documentation of valuable data, making it useful for payment transactions, contract signing, and rights transfer. With Elrond, transactions are decentralized, removing the need for intermediaries such as governments, banks, and other third-party entities. 

The network is one of the fastest blockchains achieving up to 15,000 transactions per second. The native token of Elrond is eGOLD, represented as EGLD. It is a multi-purpose cryptocurrency used for staking, voting and transacting on the network and rewarding network participants. 

10. Algorand 

Launched in June 2019 by Silvio Micali, Algorand is an open-source, permissionless decentralized blockchain network. The network is a combination of proof-of-stake consensus and a two-tiered structure. This PoS mechanism helps Algorand increase transaction speeds, maintain high throughput and achieve finality. 

It is designed to be a payments-focused network that can facilitate rapid transactions. The network can process over 1,000 transactions per second (TPS) and complete transactions within five seconds. The native token of the network, ALGO, is used as block rewards and distributed to all the ALGO holders. The Algorand decentralized network primarily aims to resolve the blockchain trilemma of speed, security, and decentralization.

Conclusion 

When it comes to launching blockchain applications that are future-proof and highly efficient, choosing the right blockchain protocol becomes crucial. In the blockchain, protocols are key components that facilitate automatic, secure, reliable and instantaneous information sharing. We hope this article serves its purpose and that you found this top 10 blockchain protocol list useful.