Top 10 List of Layer 1 in Blockchains (Update 2024)

The rise of Blockchain Technology has revolutionized various industries by providing solutions for transaction efficiency, security, and decentralization. The core building block of this innovation is Layer 1 technology, which forms the base protocol of any blockchain network. Let’s delve deeper into this exciting digital world by exploring the top Layer 1 in blockchains today.

The Layer 1 protocol is an integral part of a blockchain’s architecture. It lays down the rules for transaction verification, network consensus, and data storage. With numerous layer 1 blockchains available, understanding their unique characteristics can help you recognize their potential implications on the future of digital transactions and decentralized applications.

What is Layer 1 Blockchain?

Layer 1 in blockchain refers to the base layer of a blockchain protocol where all the network operations take place. This includes transaction processing, consensus mechanisms, and data storage. Layer 1 blockchains provide the foundational structure upon which additional layers or ‘Layer 2’ solutions can be built to enhance scalability and speed.

The design of Layer 1 blockchains often dictates the level of decentralization, security, and speed that a blockchain can offer. Notable examples include Bitcoin and Ethereum, which have shaped the blockchain space with their groundbreaking Layer 1 designs. These networks offer different balances between speed, security, and decentralization, demonstrating the versatility of Layer 1 blockchain technology.

Also Read: Hela Labs: What is Hela? A Comprehensive Insight 

Moreover, Layer 1 blockchains are vital for the development of decentralized applications (DApps). These base protocols provide the environment needed for DApps to run, shaping the functionality, security, and user experience of these applications.

Top 10 List of Layer 1 Blockchains in 2024

As of the present date, these remarkable Layer 1 blockchain networks continue to shape the future of finance, governance, and various other industries, driving innovation and pushing the boundaries of what’s possible. As the blockchain and cryptocurrency ecosystem continues to evolve, let’s explore the top 10 Layer 1 blockchains that are leading the charge in revolutionizing the future of finance, technology, and beyond.

1. Hela

Hela Labs has developed Hela, a next-generation layer 1 blockchain protocol with the mission of bringing Web3 to the real world. Blockchain technology has rapidly evolved, and despite its advancements, mass adoption still seems distant. Hela aims to bridge this gap by introducing innovative features that address the challenges of scalability, interoperability, privacy, and user experience.

Key Features:

• Modular Design
• Stablecoin as Gas Fee
• Decentralized Identity (DID)
• EVM Compatibility

Consensus Mechanism:

• Uses the Tendermint protocol based on Byzantine-Fault-Tolerant (BFT) and Proof-of-Stake (PoS).

Notable for:

• Asset Integration Layer
• Partnership with A*STAR: Collaborates with A*STAR’s Institute of High Performance Computing to co-develop Hela Chain.

2. Bitcoin (BTC)

Bitcoin, introduced in 2009 by the enigmatic Satoshi Nakamoto, revolutionized the financial landscape by pioneering the concept of decentralized digital currency. As the first cryptocurrency, it opened the doors to a new era of blockchain technology and transformed the way people perceive and use money globally.

Key Feature: 

• Pioneer of decentralized digital currency.

Consensus Mechanism: 

• Proof-of-Work (PoW)

Notable for:

• Being the first cryptocurrency and its robust security.

3. Ethereum (ETH)

Ethereum, founded in 2015 by Vitalik Buterin and his team, significantly expanded the potential of blockchain technology by introducing smart contracts, which enabled the development of decentralized applications (DApps). By offering a platform for developers to create and deploy programmable applications, Ethereum played a crucial role in fostering innovation and driving the growth of the broader blockchain ecosystem.

Key Feature: 

• Smart contract functionality.

Consensus Mechanism: 

• Evolving towards Ethereum 2.0: Shifting from PoW to PoS.

Notable for: 

• Introduction of smart contracts and DApps.

4. Cardano (ADA)

Cardano, founded by Ethereum’s co-founder Charles Hoskinson, distinguishes itself by providing a research-centric blockchain platform that emphasizes rigorous academic review. This approach ensures a high level of robustness and scalability for the network, making Cardano an attractive option for individuals and enterprises seeking a secure and technologically advanced blockchain solution.

Key Feature:

• Research-driven approach.

Consensus Mechanism: 

• Ouroboros PoS.

Notable for: 

• Strong academic backing and peer-reviewed processes.

5. Polkadot (DOT)

Polkadot, conceived by Dr. Gavin Wood, who is also an Ethereum co-founder, is designed to facilitate seamless communication and value transfer between different blockchains, promoting interchain operability. By establishing a scalable and interconnected network, Polkadot seeks to overcome the limitations of isolated blockchain systems and foster a more inclusive and collaborative decentralized ecosystem, driving innovation in the blockchain space.

Key Feature: 

• Interoperability between chains.

Consensus Mechanism: 

• Nominated PoS.

Notable for: 

• Connecting multiple chains in a single network.

6. Solana (SOL)

Solana has gained a reputation as one of the fastest blockchains in the cryptocurrency ecosystem, providing a high-performance platform that caters to the needs of decentralized applications and crypto projects that require rapid data processing. With its innovative architecture and consensus mechanism, Solana aims to deliver low-latency and scalable solutions, attracting developers and businesses looking to leverage the benefits of a high-speed blockchain network.

Key Feature: 

• Scalability and speed

Consensus Mechanism: 

• Proof-of-History (PoH).

Notable for:

• High throughput capabilities.

7. Avalanche (AVAX)

Avalanche is a highly scalable blockchain platform that stands out for its capacity to create custom blockchains and decentralized applications featuring intricate rulesets. By providing developers with the flexibility to tailor their networks and DApps, Avalanche fosters innovation and experimentation in the blockchain space, making it an attractive choice for projects seeking a versatile and adaptable blockchain infrastructure.

Key Feature: 

• Custom blockchain networks.

Consensus Mechanism: 

• Avalanche consensus.

Notable for: 

• Speedy consensus without forking.

8.Sei Labs

Sei is an innovative Layer 1 blockchain platform with a bold vision to drive the mass adoption of digital assets. Its architecture is built to scale seamlessly with industry demands, offering unmatched speed, security, and user-centric features. By enabling lightning-fast transactions and prioritizing robust security measures, Sei ensures a trustworthy and efficient environment for users to engage confidently with digital assets. At the heart of Sei’s mission is democratizing access to cryptocurrencies and other digital tokens, making them accessible to individuals and enterprises alike. 

Key Features: 

• Unparalleled Speed
• Carbon Neutral:

Consensus Mechanism: 

• Sei uses a Proof of Stake consensus mechanism.

Notable for: 

• Achieving a transaction finality of 500ms and supporting 20,000 orders per second.
• Having completed over 100M+ total testnet transactions with 4M testnet users.

9. Binance Smart Chain (BSC)

Binance Smart Chain (BSC) is an initiative by the prominent cryptocurrency exchange, Binance. It is designed to function as a parallel blockchain to Binance Chain, providing compatibility with Ethereum-based applications. By incorporating the Ethereum Virtual Machine (EVM), BSC enables developers to port their existing Ethereum projects seamlessly and enjoy faster and cheaper transactions, making it an attractive option for those seeking a more cost-effective and efficient platform for decentralized applications.

Key Feature: 

• Parallel chain to Binance Chain.

Consensus Mechanism: 

• PoS.

Notable for: 

• Enabling the rapid development of DeFi projects.

10. Shardeum

Shardeum represents a smart contract platform built on the EVM (Ethereum Virtual Machine) with a unique focus on linear scalability. The primary goal is to maintain consistently low gas fees while upholding authentic decentralization and robust security through dynamic state sharding mechanisms.

Key Feature: 

• EVM based layer 1 network
• Dynamic state sharding

Consensus Mechanism: 

• Shardeum employs a leaderless Proof-of-Quorum (PoQ) consensus algorithm combined with Proof-of-Stake (PoS) with slashing. This combination, along with features like standby nodes and node rotation, ensures a secure network.

Notable for: 

• Being the first linearly scalable L1 blockchain network that increases TPS by adding more nodes.

Comparing Layer 1 Blockchains

When comparing Layer 1 blockchains, it’s essential to consider their scalability, security, and level of decentralization. While Bitcoin provides unparalleled security, it struggles with scalability, causing slower transaction times and higher fees. In contrast, Ethereum offers a balanced mix of security and scalability but faces criticism over its level of decentralization.

In the quest for improved scalability without compromising security, Layer 1 blockchains like Cardano, Polkadot, and Solana offer innovative solutions. Cardano’s academic approach aims to solve many of the problems faced by first-generation blockchains, while Polkadot’s interoperability offers a unique perspective on scalability. Solana’s impressive transaction speed has made it a favorite for many DApp developers.

The Future of Layer 1 Blockchains

Layer 1 blockchains will continue to play a pivotal role in the development of the digital world. As blockchain technology becomes more mainstream, the need for scalable, secure, and decentralized Layer 1 solutions will only grow.

With the rapid advancement of technology, newer Layer 1 blockchains are emerging with innovative solutions to existing challenges. Avalanche and Algorand, for instance, offer fast and secure consensus mechanisms, while NEAR Protocol provides a developer-friendly platform to build DApps.

Also Read: What is a Layer 1 Chain?

Layer 1 blockchains also hold promise for the future of finance. The concept of decentralized finance (DeFi) has gained significant attention, with many of these protocols relying heavily on Layer 1 solutions. As more financial institutions and services adopt blockchain technology, the importance of robust Layer 1 protocols will be highlighted even more.

Additionally, the rise of NFTs and metaverses is set to propel Layer 1 blockchains into the spotlight, as these applications require secure, scalable, and efficient base layers to function optimally.

Conclusion

The exploration of the top Layer 1 in blockchain highlights the remarkable evolution of this foundational technology. Each Layer 1 blockchain presents a unique blend of features and potentials, shaping the landscape of decentralized applications and digital transactions.

As we move further into the era of blockchain and decentralization, the influence of Layer 1 protocols will continue to grow. These networks will undoubtedly play a critical role in shaping the future of digital economies, making them an exciting realm to watch in the years to come. Understanding these top Layer 1 blockchains today, could well provide a glimpse into the future of tomorrow.