Who are the top 5 rival Blockchains?
The top 5 blockchains in the industry currently are: (Note: The below information is subject to rapid change in the cryptocurrency market and the data may be different at any given moment, this data is accurate as of Feb. 7, 2023.)
Bitcoin (BTC) - The first and largest cryptocurrency by market cap, it operates as a decentralized peer-to-peer network for digital transactions. It was created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto.
Here are some key statistics about Bitcoin:
Market Capitalization: As of February 7, 2023, the market capitalization of Bitcoin is approximately $925 billion USD.
Total Supply: The maximum supply of Bitcoin is capped at 21 million coins. As of February 7, 2023, there are approximately 18.7 million coins in circulation.
Transaction Volume: On average, Bitcoin processes approximately 300,000 transactions per day
Ethereum (ETH) - Is an open-source, blockchain-based decentralized platform that enables the creation of smart contracts and decentralized applications (dapps). It was founded in 2014 by Vitalik Buterin and has since become the second largest cryptocurrency by market capitalization.
Some key stats:
Market Capitalization (as of 7th Feb 2023): ~$120 Billion USD
Total Supply: 114,365,647 ETH
Block Time: ~15 seconds
Transaction per Second: 15
All-time high price: $1,432.88 (Jan 2018)
Binance Coin (BNB) - The native token of the Binance cryptocurrency exchange, it is used to pay for trading fees and other services on the Binance platform. Binance is one of the largest cryptocurrency exchanges in the world, founded in 2017 by Changpeng Zhao. It provides a platform for users to trade a wide variety of cryptocurrencies, including Bitcoin, Ethereum, and many others.
Some key stats:
Total Trading Volume (as of 7th Feb 2023): ~$45 Billion USD daily
Total Number of Users: Over 15 million
Total Number of Trading Pairs: Over 700
Headquarters: Malta
Tether (USDT) - A stablecoin is a type of cryptocurrency that aims to maintain a stable value relative to a specific asset or basket of assets, in this case, the US dollar. It is designed to allow users to transact with a stable asset rather than a highly volatile one like Bitcoin or Ethereum.
Some key stats:
Market Capitalization (as of 7th Feb 2023): ~$65 Billion USD
Total Supply: 65,000,000,000 USDT
Issued by: Tether Limited
Backed by: US dollars held in reserve
All-time high price: $1.00 (always pegged to $1.00)
Cardano (ADA) - A decentralized platform that uses proof-of-stake consensus and aims to provide a more secure and sustainable ecosystem for the development and execution of smart contracts. It was founded in 2015 by IOHK (Input Output Hong Kong) and was designed to address some of the scalability and sustainability issues that other blockchain platforms face.
Some key stats:
Market Capitalization (as of 7th Feb 2023): ~$38 Billion USD
Total Supply: 45,000,000,000 ADA
Block Time: ~20 seconds
Transaction per Second: 250
All-time high price: $2.11 (Jan 2018)
Each of these blockchains is different in terms of its architecture, consensus mechanism, use cases, and target audience. For example, Bitcoin and Ethereum have different approaches to scalability and security, and Binance Coin and Tether have different utility cases as compared to Bitcoin and Ethereum. Similarly, Cardano differentiates itself with its proof-of-stake consensus mechanism and focus on sustainability.
