Best Web3 Layer 1s for Developers

Web3 technology has become a major trend over the last few years and the technology itself has progressed considerably since the inception of Bitcoin back in 2008. Today, the sector is a massive billion dollar industry where only the top web3 metaverse crypto networks have a cumulative valuation of $27 billion+  while experts predict that the web3 metaverse to become a trillion dollar opportunity soon.

Given the increasing awareness and interest in the technology, the efforts to ease user adoption and enable user onboarding has increased multifold. Various web3 layer 1 networks are focused on providing seamless options for building of decentralized applications (dApp) along with providing a holistic environment for implementation, scalability, and making the solution accessible to a vast user base.

Top 5 Web3 Layer 1 protocols to build the next generation dApp -

Ethereum

Starting with the second most popular layer 1 blockchain, Ethereum was founded back in 2015 by Vitalik Buterin and Gavin Wood. With its revolutionary smart contract technology, Ethereum had changed the web3 landscape and given way to a new era of web3 innovations and infrastructure. Additionally, with  the Ethereum Merge introduced in September 2022 where it shifted from a Proof of Work consensus to a Proof of Stake model, it has managed to reduce its scalability issues considerably along with significant reduction in its carbon footprint. Ethereum 2.0 is determined to improve the accessibility, scalability, transaction speed, and security of the blockchain.

Algorand

Algorand is another leading layer 1 network that aims to optimize the web3 ecosystem through its Pure Proof of Stake consensus, highly secure mechanisms, and community centric decision making process. Founded in 2017 by Silvio Micali, Algorand is infamous for its mission to solve the ‘blockchain trilemma’ and is focused on providing a secure, scalable, and decentralized environment. Through its smart contract platform, developers can build a next generation application on top of a fast, secure, scalable, cost -effective, and carbon negative platform.

MOI

A state of the art web3 solution that is changing the way blockchain networks function is MOI, a unique context aware peer-to-peer protocol that has humanized blockchain interactions through its native ISM (Interaction State Machine) technology. Focused on complete user ownership and user control and, MOI is a transformational technology that allows users to dynamically control their identity, storage, and digital assets based on their personalized needs. It also uses a pioneering Proof-of-Context (PoXt) consensus algorithm based on a participant-centric mechanism. By employing this novel consensus, MOI maintains data integrity, large-scale energy efficiency and allows simple, secure, scalable, and quick human-like digital interactions that can run in parallel without congesting the whole network.

The MOI ecosystem also includes an NFT and Metaverse platform, Mint Valley,  that allows users to create, customize, and sell digital assets with no transaction fees, easy wallet access, and a simple and fast user experience. MOI Bit is another web3 solution, powered by MOI, that provides adaptive data management through private clusters on public infrastructure. With advanced cryptography and blockchain technology, users have ownership and granular control over their enterprise data, network, cloud, and applications.

Solana

Founded in 2017, Solana is an innovative public open source blockchain that supports smart contracts, NFTs, dApps, and web3 projects. A fast, secure, energy efficient, and scalable solution, Solana employs a hybrid consensus model that combines Proof-of-History (PoH) and Proof-of-Stake (PoS), to provide high performance and fast adoption. It further allows multiple smart contracts to run concurrently, displaying considerable cost efficiency and has systems in place to prevent network disruption in case of node failures. Through a plethora of resources available on the platform that is easily accessible, developers can use this solution to build their futuristic applications in a fast and secure environment.

NEAR Protocol

Near Protocol is a secure, scalable, and sustainable blockchain platform providing a robust foundation for developers to build their dApps on. A smart contract capable, public Proof-of Stake (PoS) network, NEAR was designed to host dApps and is focused on becoming a developer and user friendly platform augmenting web3 adoption, user onboarding, accessibility, and scalability. Further, it employs mechanisms such as PoS, sharding, human readable account names, allowing users to explore web3 projects on its platform without wallet integration, to achieve its objectives and become one of the leading web3 developer tools. Along with this, NEAR ecosystem organizes various initiatives and accelerators to augment developer talent and provides resources to ensure developers receive the right knowledge and guidance.

The web3 sector has become a hub of innovation and creation with a number of startups coming out of the space. As a developer, with the help of web3 platforms that provide a holistic developmental environment and offer software tools and robust infrastructure, right guidance, and sustainable support can fastrack a product’s creation multifold. Hence, choosing a compatible L1 to build upon can surely enable faster adoption, market ready production, and user access that many early stage startups often struggle with.

Author Bio

Suzana Joel, Content Writer, Lumos Labs