Marketplace Blockchains

It is not necessary to know anything about blockchain technology to explore marketplaces or engage with NFTs. However, for those who want to know more, NFT Directory entries are built on these blockchains.

 

Most blockchains:

  • built with open-source technology
  • operate via smart contracts
  • managed by a Foundation
  • help developers build dApps for ecosystem
  • have their own native cryptocurrency
  • have their own native wallet

The Algorand blockchain was launched in 2019 by MIT professor and Turning-award winner, Silvio Micali. It was built as a green blockchain with a focus on minimizing any environmental impact. This is assisted by a special verification mechanism - a version of proof-of-stake - that drives electricity consumption to almost zero. Native crypto is ALGO.

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Arbitrum is a Layer 2 technology solution for the Ethereum blockchain known as an Optimistic Rollup. It drastically improves speed and efficiency by processing off-chain, which in turn reduces transaction fees. It is a genuine decentralized platform and does not have a native crypto token.

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Aurora is a Layer-2 protocol on the Near blockchain that uses Near’s proof-of-stake mechanism and its bridge (Rainbow Bridge) to the Ethereum blockchain. It has almost instantaneous transfers and extremely low fees.


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Avalanche lays claim to being the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. Transactions are confirmed instantly and it can process thousands of transactions per second. Native crypto is AVAX.

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Binance Chain is blockchain technology developed by Binance, which is the world's largest crypto exchange. Transactions go through a system of 21 validators with Proof of Staked Authority (PoSA) consensus. It is Ethereum compatible. Native crypto is BNB.

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Cardano is proof-of-stake blockchain technology. It was founded in 2015 by Ethereum co-founder Charles Hoskinson and its development was based on peer-reviewed research. Native crypto is ADA.

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Cronos is a blockchain network that interoperates with both the Ethereum and Cosmos ecosystems. It is Layer 1 technology that bridges to Crypto.org Chain, which is also an open-source blockchain. Native crypto is CRO.

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Ethereum is blockchain technology that is the foundation for a booming ecosystem and digital economy. It was the first to introduce smart contract functionality and over half of web3 applications are built for Ethereum. Native crypto is ETH.

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Fantom is a Layer1 blockchain that is compatible with Ethereum. Each application on the network has its own blockchain so its performance and stability are not affected by traffic or congestion. Each blockchain on Fantom can have its own custom tokens and governance rules but since they all use the same consensus mechanism, they can interact with each other. Native crypto is FTM.

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Flow blockchain was built by Dapper Labs, the team behind the CryptoKitties Ethereum-based blockchain game. The overwhelming success of the game in 2017 showed up the limitations of the Ethereum blockchain for the first time. Hence Flow was explicitly designed to support games and applications that wanted to scale to millions of active users. Native crypto is FLOW.

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Harmony is a Layer1 blockchain that is Ethereum compatible. Harmony’s mainnet blockchain is divided into four networks known as ‘shards,’ which run in parallel but are validated by separate groups of stakeholders, which makes it more efficient and reduces latency. Native crypto is ONE.

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ImmutableX is a Layer-2 technology solution for the Ethereum blockchain known as a ZK Rollup. It focuses on NFT trading, especially for games. It inherits the security of the Ethereum blockchain and offers zero gas fees for peer-to-peer trading by processing off-chain. It can do over 9,000 transactions per second (TPS). Native crypto is IMX.

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Jupiter blockchain is very focused on the security aspect of the software. Data is locally stored using military-grade encryption and is sent through the nodes using SSL to capitalize on their built-in encryption protocol. Native crypto is JUP.

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The Klaytn blockchain, released in 2019, is Ethereum compatible. It was built by Ground X, which is a subsidiary of South Korea’s largest mobile platform, Kakao. The focus has been on developing a reliable enterprise-grade platform for corporations. Native crypto is KLAY.

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LUKSO is a blockchain network specializing in digital fashion and lifestyle. It is Ethereum compatible and launched in 2022. Native crypto is LYX and LYXe is LYX on the Ethereum blockchain.

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Moonbeam is an Ethereum-compatible parachain on the Polkadot blockchain. This means users can move assets across multiple blockchains without using bridging software, so avoiding security challenges. It went live in 2022. Native crypto is GLMR.

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Moonriver is Moonbeam’s testing network. New code is deployed to Moonriver first, where it is tested and verified under real economic conditions. Once proven, the same code is deployed to Moonbeam on Polkadot. Moonriver has its own crypto MOVR.

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Near is a sharded, proof-of-stake, Layer 1 blockchain with a bridge (Rainbow Bridge) to the Ethereum blockchain for easy interoperability. It has human-readable addresses for both accounts and contracts rather than incomprehensible cryptographic addresses. Native crypto is NEAR.

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Optimism is Layer 2 scaling solution, known as an optimistic rollup, that inherits Ethereum’s security. It is low cost and lightning-fast because the processing of transactions is handled off-chain then they are rolled up into a large block and sent to Ethereum blockchain as one transaction.

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The Polygon network is a Layer 2 scaling solution, known as a sidechain, for the Ethereum blockchain. It connects blockchains to each other and to Ethereum, so it is sometimes called ‘Ethereum's internet of blockchains’. Polygon's goal is to become the Web3 equivalent of Amazon Web Services. There are thousands of dApps operating on Polygon. Native crypto is MATIC.

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Solana is a Layer 1 blockchain that is known for extraordinarily fast processing speeds. It also scales well, so there is not much need for off-chain solutions to speed up transaction processing or avoid bottlenecks. Native crypto is SOL.

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Stacks is a Layer 1 blockchain that is linked to Bitcoin by its Proof of Transfer consensus mechanism. This means it can leverage the security and capital of Bitcoin. Native crypto is STX.

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Telos is third-generation blockchain technology. It is Ethereum compatible and underpinned by delegated Proof of Stake. There are no fees for transactions as the speed is so fast at 10,000 Transactions Per Second (TPS). Native crypto is TLOS.

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Tezos is an energy-efficient and self-upgradable Proof of Stake blockchain. It is run by a community rather than a company and its’ corporate clientele list is growing quickly. Native crypto is XTZ.

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Theta is a blockchain that is designed as a decentralized video streaming platform, so it is suitable for broadcast events such as e-sports and music. Theta Network’s goal is to be Web3’s video streaming and media entertainment platform. Native crypto is THETA.

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Waves is based on proof-of-stake consensus, so it usually takes about 2 seconds to add a transaction to the block and there is minimal carbon footprint.

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WAX stands for Worldwide Asset eXchange™, which is an eco-friendly blockchain for NFTs, video games, and collectibles. It uses a Delegated Proof of Stake consensus mechanism and was also awarded Climate Care’s Carbon Neutral Certification in early 2021. Native crypto is WAXP.

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Zilliqa is a Layer 1 blockchain with a unique sharding technique that provides the ability to handle a large volume of transactions. The low fees mean that users can easily make micro-payments on the network. The native crypto is ZIL.

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