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Top Layer-1 Crypto Projects to Watch in 2022

According to a Chainalysis.com global cryptocurrency adoption report, crypto adoption increased by 880% in 2021! Less than 5% of the world population transacts in crypto as of December 2021, as per the latest reports. But that number will grow rapidly considering the potential of scalable Web 3.0 applications. And that’s why you can expect several new blockchain projects to be launched in 2022 and beyond.

The list below includes 22 promising Layer 1 blockchain/crypto projects to watch in 2022. We have summarized these projects in terms of technical capabilities, ecosystem, roadmap, and key differentiators. So, let’s have a look at the exclusive list of Layer 1 crypto projects.

Cryptocurrency adoption
Internet users vs Crypto users

List of Top Layer-1 Crypto Projects

1. Kadena
2. Solar Network
3. Shardeum
4. Hedera Hashgraph
5. Secret Network
6. Algorand
7. Cronos
8. Moonbeam
9. Avalanche C-Chain (Avalanche)
10. Aurora (NEAR Protocol)
11. Evmos (Cosmos)
12. Lucky Block (LBLOCK)
13. Bitcoin (BTC)
14. Ethereum (ETH)
15. Solana (SOL)
16. Cardano (ADA)
17. Fantom (FTM)
18. Harmony (ONE)
19. Elrond eGold (EGLD)
20. Monero (XMR)
21. Ripple (XRP)
22. Aptos (APT)

1. Kadena

Kadena was founded in June 2016 by Stuart Popejoy and Will Martino, both former JP Morgan executives. It enables businesses and organizations to efficiently transact and share data in a decentralized manner. It also seeks to address the issues that current-generation blockchains face – such as speed, scalability, and security.

Kadena ecosystem comprises Layer 1 public chain protocol called ‘Chainweb’ and a layer 2 permissioned protocol called ‘Kuro.’ Kadena is the only sharded and scalable Layer 1 Proof of Work (PoW) network in use today. Kadena is indeed one of the best Layer 1 crypto projects in 2022.

Differentiators

  • Bitcoin is a Proof of Work (PoW) blockchain; however, smart contracts and scalability are two issues it does not address. There are other PoW blockchains that do feature smart contracts. Ethereum is an example, but it has scalability issues. Kadena fixes this by being a scalable smart contracts platform.
  • Kadena has 20 braided chains running at the same time, significantly improving its capacity and security. Chains can add multiple blocks simultaneously while cross-referencing each other’s past. This makes it very difficult for bad actors to function against honest nodes.
Kadena
Source: https://kadena.io/ecosystem/

2. Solar Network

Next on our list of crypto Layer 1 projects is Solar Network. Solar Network is a fully decentralized energy-efficient blockchain that utilizes a Byzantine Fault Tolerance (BFT) consensus mechanism. The consensus is achieved through the Delegated Proof of Stake (DPoS) algorithm powered by its native token called SXP. It is secured by 53 voted-in delegates that produce blocks and validate transactions.

Differentiators

  • Solar’s value proposition enables plugins to be developed in Javascript and Typescript languages at layer 1. This allows for native smart contracts and scalability on the network
Solar Network SXP
Source: https://solar.org/roadmap

3. Shardeum

Shardeum is an EVM-compatible smart contract Layer 1 blockchain on which decentralized applications (DApps) can be deployed seamlessly. It is a dynamically sharded network with infinite scalability, true decentralization, and solid security. It will be the first network built to scale and accommodate billions of daily users by solving the scalability trilemma – this is considering almost all Web 3.0 networks today have issues either with decentralization or scalability.

Shardeum’s core principle is to build and operate the network in an open, collaborative, and community-driven way. The founders believe decentralization is the future for our common good and hope their efforts will eventually inspire other networks to bring decentralization across industries and communities. The platform is being developed using a unique distributed ledger project launched in early 2018, Shardus. It will be the protocol layer of Shardeum, and it has previously demonstrated proof of concept to solve the scalability trilemma. Shardeum is indeed one of the best crypto Layer 1 projects.

Differentiators

  • Asides from addressing scalability trilemma, the Layer 1 platform will be EVM compatible to make it easy to host and port DApps on its network with immediate finality and low latency.
  • Each node added to the network will increase its throughput, making it linearly scalable. The network will also use separate ‘archive nodes’ for storing data and ‘validator nodes’ to validate transactions. This enables low-configuration devices to participate in the network, earn incentives and keep the network truly decentralized.
  • The unique consensus mechanism and architecture in Shardeum help it to scale with very low and stable gas fees
Shardeum Layer 1 blockchain

4. Hedera Hashgraph

Hedera is at the forefront of 3rd generation public distributed ledgers. It is a smart contracts platform that currently functions with the help of its governing council comprising 39 institutions from various industries. The network presently operates on a permissioned model, with nodes managed by the governing council. It plans to transition to a permissionless network later in 2022. The network has throttled TPS of 10k with barely any fees and energy usage.

While other networks discussed here operate on blockchain, Hedera runs on a DAG-like blockless architecture called Hashgraph, which also extends itself as the consensus mechanism employed on the network. It is one of the very few networks that meet the Asynchronous Byzantine Fault Tolerance (aBFT) security standard. An aBFT is the most secure among consensus algorithms. Each transaction on the network is assigned a timestamp that is the median of the timestamps acquired by the nodes. Transactions are then committed according to the timestamps and not by the fees. Many features on the network will remind us of Shardeum, although the latter will be decentralized right from its launch.

Differentiators

  • Hedera aims to solve the scalability trilemma once it transitions to a permissionless network since it has demonstrated high throughput and security with low and stable gas fees.
  • Blockless consensus with timestamps ensures speed, fairness, and immediate finality of transactions.
  • Achieves aBFT security grade.
  • Key enterprise partners in the governing council can be attractive to Web 2.0 businesses.
  • Carbon negative blockchain.
Hedera Hashgraph
Source: https://hedera.com/

5. Secret Network

Secret Network is a Layer 1 blockchain with its own consensus and on-chain governance, built atop the Cosmos/Tendermint framework. It allows for privacy-focused smart contracts. Secret Network provides programmable smart contracts that protect user data by enabling encrypted inputs, outputs, and smart contract states.

Differentiators

  • Secret Network is designed to empower decentralized applications that demand a level of privacy not found on open-source blockchain networks generally
  • SecretSwap is Secret Network’s answer to popular DeFi platforms like Uniswap and PancakeSwap. On the Secret mainnet, it is a cross-chain decentralized exchange. It provides similar functionalities like other DEXs. SecretSwap charges fees in SCRT, which is said to be cheap.
Secret Layer 1 Network
Source: https://twitter.com/Coin98Analytics

6. Algorand

Algorand is another blockchain that attempts to solve the scalability trilemma and has become a notable name in our best Layer 1 crypto projects list. It runs on a Pure Proof of Stake (PPos) consensus and is BFT compliant. The transaction throughput is said to be on par with large payment and financial networks.

Smart contracts are written in a language called Transaction Execution Approval Language (TEAL) and Python using the PyTeal library. TEAL is similar to an assembly language and is Turing complete by supporting looping and subroutines. It also limits the amount of time a contract has to execute using a “dynamic opcode cost evaluation algorithm.”  Algorand Virtual Machine(AVM) runs on every node on the blockchain and interprets the TEAL programs to run smart contracts. AVM aims to make blockchain development more accessible.

The consensus protocol has 2 key features which can tolerate an arbitrary number of malicious users.

  1. The users who certify each block are secretly and individually selected. The adversary does not know which users they need to corrupt.
  2. By the time the adversary realizes the users selected, the selected users would have already certified a block. A new set of users are selected for every block.

Algorand also has a consensus mechanism for protocol upgrades. Proposed changes are posted on the blockchain, and the community votes to accept or reject the change using a consensus protocol. The community agrees on a block where the change happens and switches to the new protocol simultaneously.

Differentiators

Scalability: Selecting the user for validation takes microseconds. Once selected, the users need to send 1000 short, immediately compiled messages. The network has throttled thousands of transactions per second in 2021, however revalidating and re-propagating valid messages makes it theoretically slower than gossip protocols like Shardeum and Hashgraph. The network pledges to be a carbon-negative network.

Security: As long as the blockchain has a majority of fair nodes, it cannot be corrupted or forked. Random selection of nodes increases security. The validation committee for each block is selected by a lottery. These features make it BFT compliant, if not theoretically.

Decentralization: Proposers and committees are randomly chosen from the pool of all token holders however the likelihood of being chosen is proportional to the account’s stake in the network. Every node still has an equal chance of participating in the network theoretically.

Algorand Algo
Source: https://twitter.com/Coin98Analytics

7. Cronos

Cronos is an EVM-compatible sidechain running parallel to the Crypto.org Chain. It has established itself as a high-profile participant in the cryptocurrency industry. It gained exposure through celebrity sponsorships and the purchase of the naming rights to the former Staples Center in Los Angeles. Cronos works as a store of value and a payment token, similar to Bitcoin or Ether. It works essentially as a way to secure and expand the network and is truly one of the best Layer 1 crypto projects 2022.

Differentiators

  • If you hold CRO in your Crypto.com account, you may qualify for lower trading fees. This is particularly helpful for large-volume traders.
  • TPS on Cronos is higher than that of Ethereum, which makes it faster and cheaper to execute smart contracts
Cronos network CRO
Source: https://twitter.com/NewsCronos

8. Moonbeam

Moonbeam is a parachain on layer 0 network, Polkadot. It allows cross-chain integration between other protocols through bridges and parachain connectivity. Moonbeam also has a smart contract platform that is Ethereum-compatible.

Moonbeam is built in Rust programming language with a substrate framework. Rust is similar to C++ in syntax and additionally has built-in memory features during compilation which prevents bugs and security issues. Substrate framework is a blockchain development framework with multiple modules on Rust. Smart contracts can be implemented using Solidity, Vyper, or any other language compatible with EVM.

Moonbeam’s blockchain works on Polkadot’s Proof of stake model. Collators collect transactions on the Moonbeam parachain and produce state transition proofs for validators on the relay chain at the protocol level. The top stakers are selected as collators, and a part of the block reward goes to them.

Moonbeam also has an additional layer for consensus called Nimbus. The parachain stakers form the active collator pool. Nimbus applies a filter and chooses candidates who are subsets of the parachain staking pool as collators. These collators are changed every 600 blocks.  A second filter is applied to a random subset of these selected candidates for each block.

Differentiators

  • Moonbeam is designed to provide entry points for DApps to scale from/to Ethereum and Polkadot parachains which in turn provide bridges to other blockchain protocols.
  • Moonbeam uses a Polkadot collator and validation network with an additional layer of the filter. Security has been a point of discussion for cross-chain protocols. According to Vitalik, “Cross-chain activity has an anti-network effect” with a focus on security risks. Polkadot claims to solve this by moving the economic incentives to the relay chain.
Moonbeam Polkadot DOT
Source: https://twitter.com/DotMarketCap

9. Avalanche C-Chain (Avalanche)

Avalanche is a Layer 1 smart contract-based blockchain and one of the best Layer 1 crypto projects 2022. It aims to address some of the industry’s most difficult issues. These issues include high transaction fees and scalability. Dr. Emin Gun Sirer founded Avalanche in 2019. He aimed to achieve the shortest ‘time to finality’ for blockchain transactions from the start. The time it takes for a crypto transaction to be considered permanent and irreversible is referred to as the time to finality.

It offers low latency block times of around 1 second. Contract Chain (C-Chain) is 1 of the 3 blocks used by Avalanche. It enables the creation of smart contracts via the C-API. The C-Chain is a type of Ethereum Virtual Machine powered by Avalanche. Avalanche C Chain allows Avalanche to provide one of the best user experiences of any Layer 1 blockchain.

Differentiators

  • The main difference between Avalanche and other blockchains is that it is made up of three blockchains rather than one. The Primary Network validates and protects all three blockchains. As a result, Avalanche can achieve a high throughput of 4,500 transactions per second while maintaining adequate decentralization.
  • Snowman is the name of the Avalanche blockchain’s consensus model. It is a fast, secure, and decentralized model for reaching consensus between nodes.
  • Avalanche is an Ethereum-compatible blockchain platform that also makes it simple to migrate your ERC-20 tokens using the Avalanche Bridge. Avalanche gains automatic exposure to billions of dollars of token liquidity by having a bridge for users who are interested in trying Avalanche with their existing Ethereum tokens.
  • Avalanche provides the tools for creating customized blockchains known as subnets or subnetworks. A subnet is a self-contained blockchain on the Avalanche network, each with its own set of validators.
Avalanche ecosystem
Source: Cryptoseq | Avalanche ecosystem

10. Aurora (NEAR Protocol)

Aurora is a virtual machine built on Ethereum (EVM) and one of the best Layer 1 crypto projects 2022. Aurora is based on the NEAR Protocol, one of the highest-performance third-generation Layer 1 protocols from one of the industry’s most highly regarded teams. It aspires to be a scaling solution compatible with Ethereum. This allows developers to run their apps on an Ethereum-compatible, high-throughput, scalable, and future-proof platform while charging their users lower transaction fees.

Aurora’s governance will take the form of a hybrid Decentralized Autonomous Organization—the AuroraDAO. It will be supplemented by a traditional entity that will hold one of the AuroraDAO’s seats. Aurora was founded by the founders of the NEAR protocol with the goal of creating an interoperable future in which the gaps between blockchains, developers, and users are bridged. Aurora achieved its goal by allowing assets to flow seamlessly between the Ethereum and NEAR blockchains. As a result, it successfully merges economies and promotes the growth of creator communities, making it one of the best Layer 1 crypto projects 2022.

Differentiators

  • Aurora combines two technologies to provide a seamless experience: a full-featured Ethereum Virtual Machine (EVM) and a powerful cross-chain bridge. By linking to other Ethereum contracts and assets, developers can launch their Ethereum decentralized applications (dApps) on Aurora in minutes.
  • The Aurora Bridge, which is part of the NEAR Rainbow Bridge, is the Ethereum industry’s only fully trustless asset bridge.
  • Aurora limits gas prices so that they do not continue to rise indefinitely. This helps to keep transaction costs to a few cents on average. Aurora manages to reduce costs while drastically speeding up transactions, which reach completion in less than two seconds.
Aurora ecosystem
Source: Twitter.com | Aurora ecosystem

11. Evmos (Cosmos)

Evmos is next on our list of Layer 1 crypto projects. It is a scalable, high throughput proof of stake blockchain that is fully compatible with Ethereum. It is based on the Cosmos SDK and runs on top of the Tendermint Core consensus engine. It aims to improve Ethereum and Cosmos interoperability. Evmos’ modular EVM authoring makes it simple to develop and deploy apps across the Ethereum and Cosmos ecosystems.

Evmos is an evolution of Ethermint. Ethermint was a proof of concept introduced in 2016 as a way to deploy EVM-based smart contracts on Tendermint and use the proof of stake consensus model.

Differentiators

  • Evmos enables the use of vanilla Ethereum as a Cosmos application-specific blockchain. This enables developers to have all of the desired Ethereum features while also benefiting from Tendermint’s PoS implementation.
  • Making Evmos EVM-compatible will make it easier for Ethereum-native developers to launch apps on the chain without incurring additional costs.
  • It should also make Ethereum users’ lives easier because they won’t have to give up familiar tools like MetaMask.
  • AAVE is set to be deployed on Evmos, with 95% of users in favor. The deployment of Aave on Evmos will allow for an increase in user activity while also filling the need for a reliable lending protocol on Cosmos.
  • Cosmos’ Inter-blockchain Communication Protocol has also been enabled by Evmos (IBC). IBC is a protocol that enables direct token and data sharing among Tendermint-based chains that use it. This means that EVM applications deployed on Evmos can be accessed by participants in networks throughout the Cosmos ecosystem.
evmos
Source: evmos.org | Ethermint is now Evmos

12. Lucky Block (LBLOCK)

Lucky Block comes at number 12 on our Layer 1 crypto projects list. Lucky Block aims to revolutionize the global lottery sector by utilizing two emerging technologies: blockchain and smart contracts. The Lucky Block project was founded in 2015 and is built on the popular Binance Smart Chain network. It aims to provide end-to-end transparency, absolute protection against manipulation, and guaranteed profit distribution to its users.

Each one-of-a-kind Lucky Block NFT collection is accompanied by a Lucky Block NFT competition. When an NFT collection sells out, Luckyblock conducts a random draw and announces an eligible winner of the NFT collection-related competition. The prize package includes everything from a PS5 to a private island. 

Differentiators

  • Lucky Block provides a platform for people all over the world to participate in lottery games. This means that stakeholders are no longer restricted to participating in lottery games only in their own country.
  • Using distributed ledger technologies, Lucky Block enables faster and more transparent payouts while maintaining complete monitoring and documentation, regardless of the magnitude of the win (DLTs).
  • Lucky Block is a low-cost cryptocurrency with enormous growth potential. Daily prize draws are also available. This increases each entrant’s chances of winning and makes Lucky Block an appealing alternative to these legacy systems.
  • Only on the Lucky Block NFT Competitions platform can you compete for prizes and be rewarded for holding Lucky Block NFTs.
  • Lucky Block is a community-driven open-source project. Companies, particularly young and innovative start-ups, are granted free access to the blockchain.
Lucky Block NFT competitions
Source: luckyblock.com | Lucky Block NFT competitions

13. Bitcoin (BTC)

Bitcoin is undoubtedly one of the best Layer 1 crypto projects 2022. Bitcoin is the first digital currency. It operates independently, without any central control by banks, governments, or any other organizations. The Bitcoin blockchain is a database of transactions that are encrypted and validated by peers. Bitcoin was introduced to the public in 2009 by an anonymous developer or group of developers going by the name Satoshi Nakamoto.

All Bitcoin transactions are recorded in a public ledger, and copies are kept on servers around the world. Anyone with a spare computer can set up a node or server. Although Bitcoin is entirely digital, it meets every traditional definition of what constitutes money. Rather than relying on physical properties (such as gold and silver), Bitcoin relies on the world’s most powerful computer network to mathematically enforce the rules that distinguish it as the first truly digital form of currency.

Differentiators

  • The total supply of Bitcoin will never be more than 21 million. The creation of new bitcoins is mathematically defined and strictly enforced by the Bitcoin network.
  • Bitcoin has the largest network and benefits from the network effect. As a result, other coins are essentially playing a massive game of catch-up.
  • Unlike other cryptocurrencies, Bitcoin is immune to censorship. In 2016, the Ethereum blockchain was hacked via a decentralized autonomous organization (DAO). It resulted in the theft of $150 million and the hard-forking of the code in order to pretend the hack never happened. However, the Bitcoin network has never been hacked.
  • Another key distinction between Bitcoin and altcoins is security in terms of the amount of hashing power directed at a specific crypto asset network. Bitcoin is truly decentralized and offers top-level security to its users. 

14. Ethereum (ETH)

ethereum
Source: Freepik | Ethereum is one of the most popular layer 1 crypto projects

Next on our list of layer 1 crypto projects is Ethereum. Ethereum (ETH) is so far the second most popular cryptocurrency, right after Bitcoin. Back in 2015, Vitalik Buterin and Gavin Wood founded it. Ethereum is powered by the Ether (ETH) token. It enables users to make transactions, earn interest on their holdings through staking, use and store non-fungible tokens (NFTs), trade cryptocurrencies, play games, use social media, and so much more.

Ethereum 2.0 was introduced very recently on September 15 with the Merge. The Merge is a technical enhancement that converted Ethereum’s previous proof-of-work consensus mechanism to a proof-of-stake model. With this move, Ethereum hopes to significantly reduce its carbon footprint while also laying the groundwork for future scalability improvements. 

The Ethereum Merge was the integration of Ethereum’s original execution layer or the Ethereum Mainnet with its new proof-of-stake consensus layer, the Beacon Chain. It removed the need for energy-intensive mining and allowed the network to be secured with staked ETH.

Differentiators

  • Ethereum implements the EVM or the Ethereum virtual machine, a decentralized computer for developers to communicate with when creating smart contracts. The EVM executes smart contracts and updates the state of the Ethereum network after the addition of each new block to the chain.
  • The goal of Ethereum 2.0 is to increase the network’s scalability, accessibility, and security. Mining rewards are no longer to be distributed after the switch to PoS. Due to this reason, the annual issuance of ETH will be reduced by approximately 90%.
  • Ethereum began with a supply of 72 million ether (ETH). This contributes to the increasing demand for the token.
  • Ethereum 2.0 also includes sharding. Once implemented, Ethereum sidechains will allow multiple transactions to run in parallel throughout the network.
  • The Merge has reduced Ethereum’s energy consumption by as much as 99.95%.
  • With the completion of the Ethereum Merge, the staking process will now replace the mining process for transaction verification.

15. Solana (SOL)

solana
Source: Binance Academy | Solana emerged as an Ethereum killer

Our layer 1 crypto projects list would be incomplete without Solana. Solana is a public, open-source blockchain. It supports smart contracts, non-fungible tokens (NFTs), and a variety of decentralized applications (DApps). Yakovenko proposed the innovative blockchain in 2017, and Solana went live in March 2020. Yakovenko, now the CEO of Solana Lab, has a background in system design and wanted to apply his knowledge to a new blockchain paradigm that allowed for faster processing speeds.

The Solana team is currently supported by top organizations around the world. These include Apple, Qualcomm, Intel, Google, Microsoft, Twitter, Dropbox, and others. Many investors have also taken notice of Solana’s impact. Multicoin Capital, Foundation Capital, SLOW Capital, CMCC Global, and Abstract Ventures are only a few of them.

Differentiators

  • Solana employs an innovative hybrid consensus model that combines a novel proof-of-history (PoH) algorithm with a lightning-fast synchronization engine based on proof-of-stake (PoS).
  • Solana’s TPS is on a par with Visa and Mastercard, reaching around as much as 65,000. This makes solana an industry leader when it comes to agility and scalability. 
  • The BFT (Byzantine Fault Tolerance) system is the safety net for the Solana ecosystem. It ensures that a single node failure does not disrupt the operation of the entire system. It further allows the nodes to continue operating even after multiple failures.
  • Solana allows multiple smart contracts to run concurrently. Due to this, Solana successfully became a more cost-effective blockchain network. The technology that allows Solana to run multiple smart contracts at once is known as ‘sealevel.’
  • Solana divides different blockchain nodes into smaller packets with the goal of increasing transaction speed.

16. Cardano (ADA)

cardano
Source: Investopedia | Cardano is a layer 1 blockchain for changemakers

Cardano (ADA) is next on our list of layer 1 crypto projects in 2022. The blockchain platform was founded by Charles Hoskinson in 2015, but it was truly introduced to the public only in 2017.

Cardano is a decentralized proof-of-stake (PoS) blockchain. It was created to be a more efficient alternative to proof-of-work (PoW) networks. As the team puts it, “Cardano is a blockchain platform for changemakers, innovators, and visionaries”. 

Cardano intends to build a platform for developing decentralized applications (DApps). Developers can create smart contracts using Cardano’s blockchain, which can then be used to create decentralized applications (DApps) and protocols. 

Differentiators

  • Cardano’s energy efficiency and scalability make mining simple and ensure fast transaction times on the platform. Cardano allows you to send and receive funds instantly while charging minimal transaction fees.
  • Cardano is the first blockchain to implement Ouroboros. It is the first peer-reviewed, verifiably secure blockchain protocol. Ouroboros enables the Cardano network’s decentralization. It also allows the network to scale sustainably to global demands without compromising security.
  • Cardano is known as an ‘updated version of Ethereum’. It has designated itself as a ‘third-generation’ platform, as opposed to Ethereum’s ‘second-generation’ credentials.
  • The separation of the accounting and computational layers is one of Cardano’s strengths. The platform is being built in this manner with the regulations in mind.
  • The astonishingly high level of energy demanded by PoW blockchains such as Bitcoin has always been a source of concern to environmentalists. To solve this issue, Cardano uses a PoS or proof-of-stake consensus algorithm and as a result consumes as much as 99% lesser electricity than your average PoW blockchains.

17. Fantom (FTM)

fantom
Source: Fantom | Fantom is a new layer 1 crypto project

Fantom is one of the most innovative crypto layer 1 projects. Fantom is a DAG or directed acyclic graph smart contract platform that brings decentralized finance products and services to DApp developers. The network intends to be open-source, allowing anyone to use it and customize it to their specific needs. Fantom is a DApp development platform that is highly scalable, decentralized, permissionless and open source. 

Fantom also deploys DAG- which is a data modeling and structuring technology whose networks, unlike blockchains, are made up of vertices and edges. As a result, cryptocurrency transactions on Fantom are represented as vertices that are stacked on top of one another.

Fantom’s native token is FTM. FTM’s design has been optimized to address the challenges of decentralizing many services at scale. It is used for payments, governance, staking, and as platform fees, as well as network security.

Differentiators

  • Fantom’s aBFT consensus protocol is unrivaled in terms of speed, security, and dependability. Fantom is 300 million times cheaper and 15 to over 300 times faster for money transfers than Ethereum.
  • On the FTM network, a transaction takes 1-2 seconds to complete. Furthermore, transaction costs are much lower than the likes of Bitcoin.
  • Fantom Opera, Fantom’s mainnet deployment, is based on Fantom’s consensus mechanism, Lachesis. Fantom is able to provide fast transaction speeds, low transaction costs, and deterministic finality with the help of Lachesis. Fantom achieves these while remaining permissionless, decentralized, and open-source.
  • Fantom also provides exceptionally high levels of security by securing the network with a leaderless proof-of-stake protocol.
  • It was announced at the Fantom Developers Conference 2021 that Fantom was developing a Binance Cloud-powered exchange for Fantom tokens. With a familiar UI and greater liquidity, this centralized exchange will make it easier for users to trade Fantom-based tokens.

18. Harmony (ONE)

harmony
Source: Chaindebrief | Harmony is one of the best layer 1 crypto projects

Next on our list of layer 1 crypto projects in 2022 is Harmony. Harmony is a layer 1 blockchain that achieves scalability, security, and decentralization through sharding and Effective Proof-of-Stake. Harmony (ONE) debuted in May 2019 as part of the Binance Launchpad’s initial exchange offering (IEO). Stephen Tse founded it in 2018, with a mainnet launch in 2019. 

Harmony (ONE) aims to provide decentralized app (DApp) creators and users with decentralization and scaling. Harmony increases overall efficiency, scalability, and interoperability by introducing innovation and a combination of technologies to its platform. This allows the platform to achieve maximum functionality. 

ONE is the name of the native token on the Harmony platform. All platform activities and amenities, including voting, transaction fees, gas fees, staking, and earning rewards, are paid for with this very ONE token.

Differentiators

  • The mainnet of Harmony runs Ethereum applications with a 2-second transaction finality and a hundred times lower fees.
  • Harmony provides investors with access to a blockchain ecosystem. This allows the platform to be adopted across a wide range of industries, with a focus on data sharing, decentralized marketplaces, supply chain monitoring, ad exchanges, credit rating systems, and gaming.
  • Another key feature of the Harmony platform is its Cross-Chain Finance model. The blockchain connects BNB Smart Chain (BNB), Ethereum (ETH), Bitcoin (BTC), and other networks.
  • The Harmony network uses Fast BFT. It is a variant of the Byzantine Fault Tolerance protocol. By processing transactions in parallel, FBFT improves speed and efficiency on the Harmony network.
  • Harmony lowers communication costs by signing transactions with an aggregate signature. This allows 250 or more validators to reach a consensus in less than two seconds.

19. Elrond eGold (EGLD)

elrond
Source: Cryptoslate |Elrond is a layer 1 crypto project focused on DeFi

Elrond is rightfully the next one on our list of layer 1 crypto projects. Elrond aims to incentivize a distributed network of computers to run a smart contract platform with a focus on scalability and low transaction fees. Elrond capitalizes on the potential of successful scaling of blockchain environments. This is to enable the development of decentralized applications for a variety of use cases, as well as the creation of a novel internet economy with new digital assets.

Elrond uses smart contracts to support the issuance of digital assets, as well as fast transactions. Elrond has positioned itself as an ideal blockchain for decentralized finance (DeFi) developers to use for their apps, along with other types of decentralized apps, owing to its speed and scalability (DApps). Elrond eGold (EGLD) is the Elrond network’s native coin. The token is used for all platform functions, such as governance, transactions, staking, validator rewards, and smart contracts.

Differentiators

  • Bitcoin is able to process a maximum of seven transactions per second. Meanwhile, Elrond claims to be able to handle 15,000 transactions per second at $0.001 each, with instant finality. 
  • The platform uses sharding to ensure practical scalability, reducing computational waste and energy. Elrond is made up of a dynamic sharding mechanism that allows for reorganization based on active network nodes.
  • By enabling parallel transaction processing, Adaptive State Sharding, Elrond improves throughput 1000x over most contemporary blockchain platforms.
  • Elrond proposes a new consensus approach called Secure Proof-of-Stake that is fast, secure, and fair while eliminating the need for energy-intensive PoW algorithms.
  • The Elrond Integrated Development Environment will be used by developers to write and launch customizable programs that replicate goods and services on its platform.
  • Elrond has integrated a WASM VM engine and built a useful abstraction layer. It also supports multiple smart contract languages. This provides its users with quick testing and deployment.

20. Monero (XMR)

monero
Source: CoinGape | Monero is a privacy-focused layer 1 crypto project

This layer 1 crypto projects list would be incomplete without Monero. Launched in 2014, Monero is an open-source and privacy-focused cryptocurrency platform. Monero first appeared under the name ‘BitMonero.’ This was a combination of the words ‘bit,’ short for Bitcoin, and Monero, the Esperanto word for coin. The ‘bit’ was dropped five days later in favor of the current name. 

XMR is the native token of Monero. It may be appealing to any user who wants to push the boundaries of cryptography in cryptocurrencies, paving the way for monetary systems that allow people all over the world to save up and make payments on their own terms without fearing oppression.

Differentiators

  • Monero’s blockchain is purposefully designed to be opaque, so that it can hide transaction details like the identities of senders and recipients and also the amount transferred in each transaction. Monero never discloses the addresses used by the participants in a transaction.
  • Monero (XMR) was one of the first cryptos to implement cryptography. This provided significant improvements in privacy and fungibility over existing alternatives.
  • Monero’s software is set to update every six months. This is a regular schedule that has allowed the platform to add new features more aggressively.
  • Monero’s Ring Signatures technology l combines the digital signature of an individual making an XMR transaction with the signatures of other users before recording it on the blockchain. This makes it hard to trace any user’s data.
  • Monero’s Stealth addresses provide additional privacy. This is due to the fact that they are generated at random for each transaction on behalf of the recipient.

21. Ripple (XRP)

ripple
Source: Analytics Insight | Ripple is pre-mined layer 1 crypto project

Ripple is the next on our crypto layer 1 projects list. Ripple is a blockchain platform acting as a payment protocol processing international money transfers. It has partnered with hundreds of financial institutions that use its technology; features of the platform include low transaction fees and extremely fast processing times. Unlike Bitcoin and Ethereum, which are open to the public and seek to disrupt legacy finance, Ripple focuses on improving the existing and fragmented traditional banking system.

Jed McCaleb and Chris Larsen founded Ripple in 2012. XRP is the native crypto token for Ripple Labs. The goal of XRP has always been to act as a middleman in the exchange of two currencies or networks.

Differentiators

  • XRP is pre-mined. It uses a less complicated mining method than popular cryptocurrencies like Bitcoin.
  • Instead of using the blockchain mining concept, the Ripple network validates transactions using a unique distributed consensus mechanism. In this, participating nodes conduct a poll to verify the authenticity of a transaction. This provides users with almost instant confirmations.
  • The Ripple network is somewhat centralized and employs an unusual consensus protocol. Ripple’s validation software might be available to anyone, but the platform keeps unique node lists. Users can choose to verify their transactions from these node lists based on which participants they believe are least likely to defraud them.
  • On-Demand Liquidity, a Ripple-powered solution, assists network members in processing payments with a real-time settlement. This improves payment efficiency and certainty. XRP is used to source liquidity on demand and charge even lesser than the amount required in Nostro accounts to make global payments. Every 3-5 seconds, the ledger reaches a consensus on the outstanding transactions, and the ledger is updated.
  • The transaction fee on Ripple is 0.00001 XRP. It is less than a fraction of a cent even at the token’s all-time high price

22. Aptos (APT)

aptos
Source: Medium | Aptos is a new layer 1 crypto project

Aptos is one of the news in our layer 1 crypto projects list. It employs the Move programming language. Users can expect increased scalability, reliability, security, and usability from its native cryptocurrency, APT. Avery Ching and Mo Shaik founded Aptos. They previously worked on Diem’s Novi wallet. Aptos uses a technique called ‘parallel execution’ that claims to speed up transactions while keeping them cheap.

Differentiators

  • Aptos makes use of key components of the former Diem blockchain as well as Move. Move is a Rust-based programming language developed independently by Meta.
  • The Aptos network is expected to be able to process over 130k transactions per second. This will be achieved by its parallel execution engine (Block-STM). It will further result in low transaction costs for users.
  • The Aptos modular architecture design promotes client flexibility and allows for frequent and immediate upgrades. Furthermore, the Aptos blockchain includes embedded on-chain change management protocols to enable the rapid deployment of new technological innovations and the support of new web3 use cases.
  • The Aptos blockchain uses a pipelined and modular approach for the key stages of transaction processing to achieve high throughput and low latency.
  • The Aptos data model supports flexible key management as well as hybrid custodial options. This, combined with transaction transparency prior to signing and practical light client protocols, results in a more secure and trustworthy user experience.
  • Unlike other parallel execution engines that require upfront knowledge of the data to be read and written, the Aptos blockchain does not impose such constraints on developers.

Conclusion

And that was our list of layer 1 crypto projects that you should watch out for in 2022! Each of the 22 top layer 1 crypto projects of 2022 are already popular among crypto investors, and each stands out for unique reasons. Do keep in mind though that no matter which one from this layer 1 crypto projects list you choose, it is important to take security measures to survive the volatility of the crypto market. Further, conduct your own research to understand which crypto layer 1 projects suit your investment needs the best.

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Disclaimers : This opinion piece was originally published by the author on medium.com which is edited and re-published here. Opinions expressed in this publication are those of the author(s). They do not necessarily purport to reflect the opinions or views of Shardeum foundation.

About the Author(s) :

Shuwam Rana is a Technical Analyst, Digital marketer and SEO expert with a passion to help businesses grow. He also has an engineering background. You can follow him on Twitter

Harsha Karanth has been in the energy and e-commerce industries before he came across web 3.0. He is enthusiastic about building impact projects on web 3, particularly in the sectors of environment, animal care and education. You can follow him on Twitter

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