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Algorand is a decentralized financial network and cryptocurrency platform. Designed for low environmental impact, its pure proof-of-stake (PPoS) consensus mechanism enables high transaction speeds and instant settlement, without sacrificing security or decentralization. Algorand nodes reach consensus about what should appear in the blockchain through this PPoS consensus based on a staking system (instead of a Proof of Work mining system like Bitcoin’s) to verify new transactions and produce new crypto tokens. The ALGO cryptocurrency is used to participate in transaction processing and network governance.
Launched in 2022, ApeCoin is the official token for the APE ecosystem, a new decentralized community built around the Bored Ape Yacht Club brand. ApeCoin’s aim is to empower the community to propose, vote on, and contribute to new projects and services within the ecosystem across art, gaming, and culture.
Avalanche is a blockchain platform for building decentralized applications (Dapps) and smart contracts. Its unique architecture features separate blockchains for token swaps, Dapps, and validators, which enables greater scalability.
Cardano is a blockchain built on the groundbreaking Ouroboros proof-of-stake consensus protocol, and developed using the Haskell programming language: a functional programming language that enables Cardano to pursue evidence-based development, for unparalleled security and stability.Cardano is well-known for its high transactions-per-second and for its energy efficiency. ADA is the native token of Cardano.
Originally launched in 2016, Cosmos is one of the first proof-of-stake blockchains. It focuses on improving ease-of-use and compatibility between different blockchains. The ATOM native token is staked by validators in order to process transactions.
EOS is a unique blockchain platform and cryptocurrency that is designed for developers to build decentralized applications (DApps). To maintain its network, validators are rewarded with newly-issued EOS tokens, rather than receiving transaction fees. This means that the EOS network is essentially fee-free for participants and developers. EOS tokens are also used to vote on proposed upgrades to the network.
The Filecoin network is a decentralized peer-to-peer file storage network that is used to store and retrieve data. FIL is the currency of the Filecoin network. Think of it as traditional cloud storage but instead of having one provider, it is a network made up of many individual providers. Due to its distributed infrastructure, Filecoin is secure and more reliable than a traditional cloud storage solution. FIL tokens are used to pay for these services.
Internet Computer (ICP)
Internet Computer Protocol is a decentralized internet architecture running on a blockchain instead of traditional web servers. The ICP utility token is used to pay for computation power on the network, and is used in governance proposals.
Created by a former co-founder of Ethereum, Polkadot is a platform that seeks to connect multiple blockchain networks into an 'Internet of Blockchains'. It accomplishes this with its unique use of a main 'Relay Chain' where transactions are agreed upon. The native token DOT has three key functions in the platform – governing the network, operating the network, and creating ‘parachains’ by bonding DOT. Its value is growing because DOT connects several chains in a single network, allowing transactions in parallel and data exchange between chains with security guarantees.
Solana is a platform for building blockchain-based products and services. Its unique consensus mechanism, known as ‘proof-of-history’, enables high transaction speed and low settlement times. The SOL cryptocurrency is involved in transaction processing, and provided as a reward to validators who help maintain the network. It is also a governance token, permitting holders to vote on changes to the protocol.
Tezos (XTZ) uses a proof-of-stake protocol which creates strong incentives for users to actively participate in the development process. Tezos' consensus model permits the platform to upgrade rapidly without the risk of a 'hard fork'.