Crypto has seen a steady increase in its adoption rate over the last few years as more people took to crypto trading and its several other use cases. The number of crypto owners hit a staggering 425 million in 2022, which is only expected to continue rising in 2023!
With web3 occupying a premier space amid emerging technologies of this era, several projects in the space have been working on exploring its potential. In this piece, we bring a list of Layer 1 crypto projects that could create a buzz in 2023.
In our crypto projects list, we have talked about each project’s key differentiators, roadmap, technical capabilities, and ecosystem!
List of Top Layer-1 Crypto Projects for July 2023
|2. Solar Network|
|4. Hedera Hashgraph|
|5. Secret Network|
|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)|
|29. Crypto.org Chain|
|36. BNB Chain|
|37. Hyperledger Fabric|
Top Layer-1 Crypto Projects
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 2023.
- 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.
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.
- Solar will be entirely run by SXP holders with no central company or management. It claims to be a truly decentralized autonomous organization (DAO)
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.
- 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
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 2023. 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.
- 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.
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.
- 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.
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.
- The users who certify each block are secretly and individually selected. The adversary does not know which users they need to corrupt.
- 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.
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.
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 2023.
- 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
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.
- 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.
Avalanche is a Layer 1 smart contract-based blockchain and one of the best Layer 1 crypto projects 2023. 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.
- 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.
Aurora is a virtual machine built on Ethereum (EVM) and one of the best Layer 1 crypto projects 2023. 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 2023.
- 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.
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.
- 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.
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.
- 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.
13. Bitcoin (BTC)
Bitcoin is undoubtedly one of the best Layer 1 crypto projects 2023. 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.
- 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)
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.
- 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)
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.
- 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 (ADA) is next on our list of layer 1 crypto projects in 2023. 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.
- 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 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 platform fees, as well as network security.
- 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)
Next on our list of layer 1 crypto projects in 2023 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.
- 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.
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.
- 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)
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.
- 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 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.
- 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 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.
- 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.
Next up in our list of layer 1 crypto projects 2023 is Meter, which is a high-performance infrastructure that enables smart contracts to scale and traverse heterogeneous blockchain networks. Meter is one of the best Layer 1 crypto projects. The California-based company, which aims to help decentralized businesses scale, plans to unify blockchains, allowing DeFi to take center stage and reach its full potential. There are two tokens in the Meter system: MTRG and MTR.
- Meter provides Ethereum with Frontrunning/MEV Resistance and instant finality. It supports 1000s of TPS at a stable and low cost, as well as 1000s of validators to safeguard your financial freedom.
- Meter builds a DeFi infrastructure that connects and scales Ethereum and other public blockchains, allowing tokens and other digital assets to be transferred between them.
- Meter’s metastable gas currency, MTR, can be mined by anyone in order to pay transaction fees and bid for MTRG on Meter. Its economic design ensures that PoW (Proof of Work) mining is more environmentally friendly than any fiat system and that it converges to a stable long-term equilibrium value.
Coming up next on our layer 1 crypto projects list is Velas, a full EVM/eBPF hybrid chain with high security, scalability, and performance while limiting transaction finality to 1.2 seconds and carbon emissions to a bare minimum. Velas’ native application model seeks high performance by distributing its modifiable state across multiple accounts. While this allows Velas to process transactions in parallel on a single shard, it also complicates things for regular DApps developers.
- Velas’ native application model seeks high performance by distributing its modifiable state across multiple accounts. While this allows Velas to process transactions in parallel on a single shard, it also complicates things for regular DApps developers.
- To compete with Ethereum 2.0, the Velas blockchain provides the fastest EVM chain.
- Velas includes a cutting-edge virtual machine for securely running smart contracts, as well as an efficient consensus protocol that allows any number of nodes to participate in transaction validation and thus maintain network integrity.
Hive is a blockchain-based social network of apps and services that allows you to connect, share, and discover. This entry in our layer 1 crypto projects 2023 list also includes a blockchain-based financial ledger based on the Delegated Proof-of-Stake algorithm (DPoS). While the Hive blockchain is a fork of the Steem blockchain, the community (also known as layer-zero) chose Hive, making it the premier social blockchain.
- Hive has been battle tested against attacks due to its unique distribution model and is a truly decentralized blockchain built for Web 3.0.
- Hive was designed to store massive amounts of data and make it available for time-based monetization. The blockchain’s performance is intended to scale with the goal of widespread adoption of the currency and platforms.
- The Hive blockchain now has a thriving ecosystem of over 126 popular dApps, communities, and projects, including the popular Splinterlands game.
Next up in our list of layer 1 crypto projects 2023 is Polkadot, a Layer 1 protocol and next-generation blockchain that combines multiple specialized blockchains into a unified, scalable network. Polkadot operates at a higher level than a blockchain like Ethereum—think of it as laying the groundwork for other crypto projects to build on.
- Polkadot enables new business models, services, organizations, and even entire societies and economies to take shape and thrive in the future by laying the groundwork for a thriving ecosystem of layer-1 blockchains.
- Polkadot allows arbitrary data transfer across blockchains rather than just token transfer. Polkadot is thus a true multi-chain application environment, allowing for cross-chain registries and cross-chain computation.
Near Protocol is another significant addition in our list of Layer 1 crypto projects. It provides developers with a platform to create decentralized applications (DApps). Ethereum has shown what is possible, but with NEAR, you can start building Web3 apps that can scale for mass adoption right now.
- Near Protocol is both faster and less expensive than Ethereum. More importantly, it is expected to be faster than some of the other major competitors. Near is expected to be able to process up to 100,000 transactions per second once fully implemented (TPS).
- What distinguishes NEAR is how it uses sharding in its innovative new technology, Nightshade. In what NEAR refers to as a “fully sharded network,” Nightshade works by dividing the underlying blockchain into shards rather than just validator sets.
Next in our list of layer 1 crypto projects 2023 is Flow, a layer-1 blockchain with the goals of being fast, decentralized, and developer-friendly. It is intended to serve as the foundation for games, apps, and the associated digital assets. Dapper Labs, an NFT company, created the network.
- Flow, which is powered by Cadence, an original programming language designed specifically for digital assets, enables developers to innovate and push the boundaries that will bring the next billion to Web3.
- Flow starts with HotStuff. It is a proven Proof of Stake consensus mechanism. It adds a unique multi-node architecture to drive dramatic improvements in speed, throughput, and environmental friendliness without sharding or “layer two.”
- Developers can use Flow to create Decentralized Applications (DApps) and crypto-enabled businesses. Users on the Flow network can create new types of digital assets that are tradable on open markets, keep control and ownership of their data, and build open economies that are owned by their communities.
29. Crypto.org Chain
Crypto.org Chain is a permissionless, public, open-source Layer 1 blockchain. It is a fully decentralized network with high speed and low fees. This one of the crypto layer 1 projects mentioned here is designed to be a public good that drives mass adoption of blockchain technology through use cases such as Payments, DeFi, and NFTs.
- Crypto.org Chain makes use of the Cosmos SDK and the Tendermint Core consensus engine. The Cosmos SDK, in particular, is a framework that facilitates the development of secure state machines on top of Tendermint.
- Crypto.org Chain is an open-source project, and any validator partners or code contributors are welcome.
- Crypto.org Chain is built on cutting-edge blockchain technology and is fault-tolerant. Furthermore, transactions on the Crypto.org Chain are instant and deterministic and are confirmed with low fees.
Theta is a native Layer 1 blockchain with an open-source protocol, which means that it, like Ethereum, allows developers and partners to build decentralized applications on the network. This innovative platform offers both technical and economical solutions to the streaming industry’s problems. It was created to incentivize network bandwidth sharing.
- Global leaders such as Google, Samsung, Sony, Creative Artists Agency (CAA), Binance, Blockchain Ventures, DHVC, and gumi lead Theta’s enterprise validator and governance council.
- Theta Network aspires to be the next generation of entertainment technology by offering a decentralized video streaming infrastructure that is less expensive than competing centralized platforms.
- Theta increases the opportunity for anyone to build new applications and services on top of it.
Ravencoin is yet another of the significant crypto layer 1 projects. It is open-source software. It allows anyone to create tokens and transfer digital assets from one party to another. It was built on a fork of Bitcoin’s codebase. This means that the developers copied and adapted the Bitcoin code to add new features in pursuit of a slightly different goal.
- The Ravencoin blockchain, like its namesake, is being developed to be a repository of honest and incorruptible data. To accomplish this, it is focusing on improving Bitcoin’s code in areas related to decentralization and security.
- Ravencoin employs a variant of the Proof of Work consensus mechanism known as KAWPOW to lower the barriers to entry for mining on its network.
- The block time on the Ravencoin blockchain is one minute, which means that a new block is mined every minute. This effectively makes Ravencoin ten times faster than bitcoin, which has a block time of ten minutes.
The next on our Layer 1 crypto projects list is Nano. It is intended to make cryptocurrency transactions free of charge. Nano, which was created to provide simple peer-to-peer value transfer, provides individuals with the most efficient and accessible digital money available, connecting them to the global economy with minimal impact.
- Nano operates differently than other platforms that rely on the Proof-of-Work (PoW) of a large mining network. Nano employs an open representative voting system. Users can select an ORV representative who will work to securely confirm blocks of transactions. This explains why Nano consumes so little energy.
- Nano’s main breakthrough is a new data architecture called Block Lattice. Each account has its own blockchain in this design, allowing users to update their accounts without waiting for the rest of the network. Individual blockchains are referred to as “account chains.”
Everscale is one of the best Layer-1 cryptos created by community members and developers based on Telegram’s Telegram Open Network’s whitepaper and open-source code (TON). Everscale aims to address flaws in Ethereum’s current architecture. It scales its network by combining data sharding (via “work chains”) and execution sharding (via “threads”).
- Everscale is a proof-of-stake (PoS) blockchain that exists to help achieve the lofty goal of eliminating the blockchain trilemma.
- Givers are a special smart contract in Everscale. These smart contracts are intended to distribute EVERs to validators and other ecosystem contributors. Developers, distributors, advertising agents, and administrators of various user groups are among those who contribute.
- Everscale’s master chain and main work chain employ a one-of-a-kind virtual machine known as the TON Virtual Machine (TVM). It can compile code written in Solidity, C, and C++. The TVM supports zk-SNARK implementation and some of Everscale’s unique features, such as distributed programming.
Filecoin is a blockchain-based decentralized peer-to-peer digital storage marketplace, and one of the top layer 1 crypto projects 2023 to watch out for. It is based on the InterPlanetary File System (IPFS) and allows users to rent out unused hard disc space in exchange for FIL tokens. Each file in this peer-to-peer protocol is indexed with a cryptographic hash, allowing for the efficient distribution of large volumes of data while also creating a more decentralized and resilient web.
- Filecoin is sometimes referred to as an incentive layer built on top of IPFS. This simply means that users are encouraged to rent out their storage space by receiving payment in FIL tokens.
- The Filecoin Virtual Machine (FVM) aspires to be a polyglot VM, drawing inspiration from the Hypervisor concept to create a multi-VM design.
- The FVM adds computation capabilities to the Filecoin network in addition to the existing storage capabilities.
Celo is a fully EVM-compatible proof-of-stake layer-1 protocol with a fast, ultralight mobile client and the ability to pay transaction fees with tokens or stablecoins. Celo’s goal is to enable anyone with a smartphone anywhere in the world to access financial services, send money to phone numbers, and pay merchant users through a decentralized platform run by a user community.
- Many platform features, such as ERC-20 stable currencies, KYC, proof-of-stake, and governance capabilities, are provided by a set of smart contracts running on the Celo Blockchain. Celo’s decentralized governance manages and upgrades these smart contracts.
- The Celo blockchain was created to connect all of the world’s mobile phones into a single decentralized framework.
- Celo also removes the complexity barrier for new users by allowing you to use your phone number as your public key. Celo employs an on-chain public key infrastructure that connects phone numbers to public keys, making it simple to send money to contacts on your phone.
36. BNB Chain
Out of the layer 1 crypto projects 2023, this is definitely one of the brightest. Binance merged the Binance Smart Chain and the Binance Chain in February 2022 to form the new BNB Chain. Binance’s layer-1 or base blockchain is being relaunched as part of a plan to link it to the protocol’s governance token—BNB—in order to expand and build on decentralization. BNB Chain aims to assist and support projects that want to expand beyond their current blockchain and build on BNB Chain.
- The platform’s goal is to enable developers to build decentralized applications (DApps) and to help users manage their digital assets cross-chain in a high-capacity, low-latency manner.
- BNB Sidechain is an infrastructure that was introduced to assist developers and the application community in building and running their dedicated blockchain as a focused value system for a large number of users while remaining closely linked to the BNB Chain.
37. Hyperledger Fabric
The Hyperledger Fabric platform is an open-source platform for developing distributed ledger solutions with a modular architecture that provides high levels of confidentiality, flexibility, resiliency, and scalability. This enables fabric-based solutions to be tailored to any industry. The Linux Foundation manages this private and confidential blockchain framework.
- The Hyperledger Fabric blockchain framework is a permissioned blockchain framework with a modular architecture (plug-and-play). It hosts smart contracts (Chaincode) that contain application logic using container technology.
- Using the fabric certificate authority, each member of the fabric can configure one or more authorized peers to participate in the network. All of these peers must be properly authorized.
Next up in our list of layer 1 crypto projects 2023 is Kusama (KSM), an unfinished, experimental proof-of-stake network built on the Polkadot codebase. Polkadot’s canary network is Kusama. It is a testing network for developers who want to test their blockchains or decentralized applications (DApps) before deploying them on the Polkadot ecosystem.
- Kusama safeguards Polkadot by acting as its warning system. It warns users for any issues or updates that may jeopardize the network’s stability.
- Kusama processes transactions and manages network activity using two types of blockchains.
- Kusama can provide a working market and testnet conditions that other chains cannot. Kusama also benefits from modified governance parameters, which allow it to run up to four times faster than Polkadot.
Stellar is among the crypto layer 1 projects that is open source. It is designed to be used for payments and asset issuance. Transactions on the Stellar network, like those on other blockchain-based networks, are added to a publicly distributed ledger.
- Stellar allows you to create, send, and trade digital representations of any type of value, including US dollars, Argentine pesos, Bitcoin, real estate, and pretty much anything else.
- It employs the Stellar Consensus Protocol (SCP). It is a consensus mechanism. It is based on the Federated Byzantine Agreement (FBA).
- Stellar is a fast, efficient network for trading, saving, and spending digital money for end users. It is an open financial infrastructure for developers and institutions. Anyone can gain access to Stellar and the network’s digital assets.
EOS is a high-performance Layer 1 blockchain with no transaction fees. EOS blockchain, a competitor to Ethereum, is designed for both public and private use cases. EOS, also known as an “Ethereum Killer,” is a smart contract platform that supports commercial-scale DApps (decentralized applications). The EOS network is powered by the cryptocurrency EOS.
EOS’s architecture enables fast and cheap transactions, as well as the hosting and execution of smart contracts in a secure environment.
Unlike some other blockchain platforms, developers can easily upgrade and extend their EOS-deployed smart contracts. The network behavior on the EOS platform is defined by system contracts that are highly configurable and make system upgrades simple without affecting the core consensus.
EOS has a half-second block time, which is extremely fast when compared to other blockchain platforms, where average block times range from 2 to 10 minutes.
The Casper Network is a Proof-of-Stake decentralized blockchain based on the Casper CBC specification. The Casper Network offers smart contracts that can be upgraded, developer-friendly features, and lower transaction costs than most Layer-1 blockchain offerings.
- The Casper Network offers smart contracts that can be upgraded, developer-friendly features, and lower transaction costs than most Layer-1 blockchain offerings.
- Casper, as a highly scalable network, is optimized with relevant blockchain-based features to assist developers and enterprises in truly permissionless growth.
- Casper enables smart contracts that have already been deployed on-chain to be upgraded, reducing the need for complex and costly migration processes while also streamlining the process of quickly patching smart contract vulnerabilities detected within a system.
Next on our list of top Layer 1 crypto projects 2023 is Corda. Corda is a permissioned peer-to-peer (P2P) distributed ledger technology (DLT) platform developed by R3. It makes it possible to create applications that foster and deliver digital trust between parties in regulated markets.
- Corda only shares transaction data with the parties involved, as opposed to public blockchains and DSL-based solutions, which broadcast transaction data to the entire network.
- Corda enables the maintenance of identities across all Corda-based networks and ensures that all CorDapp identities are linked to a legal entity, thereby reducing security risks.
- Corda can be integrated with existing payment rails to enable Business Network Operators to conduct transactions with peers on other networks.
And that was our list of Layer 1 crypto projects that you should watch out for in 2023! Each of the 42 top Layer 1 crypto projects of 2023 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.
Frequently Asked Questions(FAQs)
1. What is the Next Big Cryptocurrency to Explode in 2023?
Polygon (MATIC) could be the next big crypto to explode in 2023, and there are several reasons for this. Firstly, Polygon is out to solve the problem of multi-chain interoperability, scalability, and high gas fees. Decentralized Applications (dapps) on Ethereum can use Polygon’s side chains to improve its scalability. Moreover, various dapps are also built on the Polygon network for better integration and transactions.
2. What is the Best Layer 1 Crypto to Consider?
Shardeum is the best smart contract Layer 1 blockchain. It allows for the seamless deployment of decentralized applications (DApps). It is a dynamically sharded network with limitless scalability, true decentralization, and strong security. The core principle of Shardeum is to “build and operate the network in an open, collaborative, and community-driven manner.”
There are also some features of Shardeum that make it unique from the rest in our list of layer 1 crypto projects. In place of applying consensus at the block level, Shardeum does consensus separately on each transaction. Secondly, Shardeum also uses dynamic state sharding, allowing for linear scaling.
3. Which Crypto Coin will Launch in 2023?
2023 might see a lot of coin launches that could create a buzz in the web3 space. Some of the upcoming crypto coin launches of 2023 include:
- Doge Rush
4. What are the Layer 1 Cryptocurrencies?
Layer 1 blockchains serve as the foundational protocol layer of a blockchain network where all the important functions like consensus mechanism, network security, and transaction execution occur. A Layer 1 crypto runs on its own network without requiring a secondary network. Examples of such Layer 1 crypto tokens include Bitcoin, ETH, DOT, etc.
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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
Last Updated on October 19, 2023