Lookout 4 Layer 1s
A layer-1 blockchain is ultimately the source of truth and is responsible for the settlement of transactions. All layer 1s have a native token that provides access to the network’s resources. You use a network’s native token to pay for network services like sending its cryptocurrency, minting a token, or calling a smart contract. Examples include Bitcoin, Ethereum, Binance Smart Chain (BNB), Polkadot and Avalanche.
First movers Bitcoin & Ethereum still remain the biggest, with their dominance in the cryptocurrency market amassing almost 60%. But as the scalability trilemma remains unsolved, more layer 1 solutions are being created with hopes of finally cracking the code.
Taking Solana for example, it had a phenomenal 2021 as many dubbed it to be a THE “ETH Killer”. It saw gains of over 15,000% as it made its way into the Top 10 Biggest Cryptocurrencies. Now imagine if you was lucky enough to get in at the earliest private round back in 2019, you’d be looking at 3300x ROI, with it at all time high being 6495x. That is $1000 to $3.3 Mil if you had diamond hands, crazy.
With that being said, let’s dive into 4 of the best upcoming layer 1 blockchains that have huge potential to take over in 2022 and the years to come.
Crypto Pays Capital made one of its very first strategic investments into 5IRE so it should be no surprise that it has made its way onto the list. Having raised over $10 Million in the last couple of months from many notable investors, I have no doubt that the team behind 5ireChain can pull off what they have envisioned.
5ire is the first-ever blockchain to conceptualise the for-benefit paradigm. And it is believed to provide sustainability and transparency to a non-profit sector worth over 2 trillion. The opportunity to make a difference with blockchain technology is definitely present in this underserved sector. And 5ire being a fifth-generation blockchain, will add a new human element along with other concepts like verifiability.
The 5ire team has been rapidly expanding their operations by growing their tech team and hiring twenty new full-time members. They are also onboarding new partnerships, advisory boards, and some other influential folks in the crypto space. 5irechain also acquired Coins91, a crypto exchange based in India, and this is expected to expand the 5ire ecosystem.
With its launch on Gate.io just around the corner, you should definitely keep an eye out for 5ire.
“I feel like I’m Davinci in 2013.” No but seriously, I’ve been telling my friends to get into $HTR from early and now its the biggest “I told you so” moment. I copped a big bag around $0.2 back in Dec 2020 and have taken profits on its way up (big regret) but I’ll definitely keep following Hathor to accumulate for a long term hold.
Hathor Network is easy to use and scalable blockchain for digital assets; it is a protocol that deploys blockchain data structures and DAG within an interoperative environment.
It uses the same Proof of Work (PoW) system as Bitcoin. PoW is a well-established, battle-tested mechanism, and coupled with merged mining, it enables miners to mine both Hathor and Bitcoin at the same time and without additional cost.
Some key features include:
- A feeless DEX in HathorSwap
- 200 TPS, similar to PayPal levels but has potential to reach unlimited TPS.
- Tokenization in seconds
- Codeless nano contracts
- Easy NFT minting
Moving onto ParallelChain, another layer 1 blockchain that I’ve privately invested in. What initially drew me towards $XPLL was the speed of it being 120,000 TPS. Yes, you read that correctly, 120,000. ParallelChain is five times faster than Visa’s capability of 24,000 TPS. It is also much faster than other blockchains such as Polkadot, Cardano and Cosmos.
TGE was initially set to be in Q4 2021 but the team decided to adopt a new launch plan for ParallelChain and release XPLL as a native token on the platform from the start instead of launching the token in ERC20, then migrating it to the ParallelChain platform some months after. As of now, mainnet is expected for Q2 2022 and I’m certain that my patience will be rewarded.
ParallelChain, developed by Hong Kong-based blockchain startup Digital Transaction Limited, says it is the only blockchain platform in the market that has successfully solved the three major pain points of first-generation blockchains with no compromise: Scalability, speed, and security.
It is your very own personal, enterprise and public blockchain all-in-one. It is the fastest, most scalable, most secure and private enterprise blockchain on the market today and is a game-changer for all companies, especially for the financial industry.
ParallelChain is underpinned by a unique algorithm called Proof-of-Immutability (PoIM) that is defined by not needing consensus at the time of record writing and guarantees no forking, no mining, real-time latency and no data-leaks for the public side of the blockchain.
Last but not least, we have Aleph Zero. Having conducted its public sale in the Q4 2021, the only way you can pick up some $AZERO is OTC as its another one that is still yet to launch. With people selling their tokens over 10x of the original price, the hype around the project is undeniable.
Aleph Zero is a peer-reviewed, public blockchain that prioritises privacy, scalability, and developer convenience through an integration with the Substrate stack. As one of the first decentralised Directed Acyclic Graph (DAG)-based layer 1, its consensus protocol can process up to 89,600 transactions per second (TPS) with a 416 millisecond confirmation time.
The Aleph Zero blockchain aims to solve privacy issues by offering the first hybrid privacy solution which will offer innovative security measures based on a unique combination of “zero-knowledge” proofs (ZKPs) and Secure Multiparty Computation (sMPC).
The ecosystem consists of:
- AlephBFT Consensus: A novel DAG protocol with a frequently rotating committee to ensure decentralization
- Aleph Zero Cloud: Decentralized file storage
- Private Smart Contracts: Scalable & self-executing
- Common: Decentralized exchange + trustless universal wallet (launching in 2022)
- Liminal: multichain privacy layer that will be usable on all major chains (launching in 2022)
At this point, I’m giving away too much free game, you guys are just gonna make it harder for me to buy low 😂. Imma need you to forget everything you just read.
About Crypto Pays
Crypto Pays is a cryptocurrency community that helps educate the next generation of traders and investors.
Crypto Pays Capital is a community-driven VC firm focusing exclusively on ventures related to blockchain technology and crypto-assets.