Of the many blockchains on the market today, most of them offer a competitive yet incomplete solution. A different blockchain may be required to build the next-level infrastructure for decentralized finance and dApps. Several lesser-known ecosystems may offer the necessary tools to make that vision come true.
The State Of Top Blockchain Today
When developers look to build new products and services on a blockchain, they will often look for the most prominent options on the market. Blockchain ecosystems such as Polkadot, Cardano, Tezos and even TRON will become of great interest. Every ecosystem has its benefits and drawbacks, although none of them are perfect by design.
Despite receiving numerous upgrades over the years, neither Cardano nor Tezos can process thousands of transactions per second. If any serious developers want to build products and services on these blockchains, they will quickly run into these technical limitations. Raising the transaction throughput can be done through a network upgrade, yet there do not appear to be any on the horizon for either ecosystem.
Moreover, other than TRON, none of the aforementioned blockchains have over 100 working dApps today either. Considering how decentralized applications are among the more exciting developments in the blockchain space, the lack of such offerings can prove problematic. TRON has over 100 dApps, yet its ecosystem is not known for letting users have a say in governance, as there is always a trade-off of sorts.
How Telos Is Different
A different approach is necessary to build a competitive, versatile, and scalable blockchain. Borrowing elements from the ecosystems mentioned above and combining them into a more robust solution can prove beneficial to developers worldwide. Combining a higher transaction throughput with user governance, free user transactions and support for the Ethereum Virtual machine creates a compelling ecosystem for new and advanced developers.
What makes Telos appealing beyond its technical capabilities is the option to peg tokens to this blockchain for fee-less user transactions. More specifically, it is possible to peg Bitcoin, Ethereum or even USDT to this blockchain. Furthermore, the team recently unveiled a bridge to Binance Smart Chain, allowing developers to tap into another major blockchain with DeFi and dApp potential.
With native support for eosio C++ smart contracts, developers can benefit from a higher throughput than other blockchains. Moreover, the eosio infrastructure will soon receive an Ethereum Virtual Machine upgrade, making Telos the first blockchain to achieve this feat. Developers can run any application on the Ethereum blockchain through the TelosEVM to enhance the overall performance and scalability.
In the coming months, the team aims to introduce a decentralized cloud storage solution and zero-knowledge proof transactions for all users to enhance privacy. For blockchains to remain competitive, it is essential to provide many different infrastructure solutions for developers to experiment with. Ranging from privacy to DeFi and everything in between, there are numerous opportunities to explore.
There is a lot of competition in the blockchain space, yet not all ecosystems receive the same level of attention. Most people only care about the market capitalization of a project to determine whether they want to build applications for it. Although there is merit to that approach, one should never overlook the "undervalued" ecosystems either. There is always something to discover in every blockchain.
With ongoing support for interoperability between different blockchains and ecosystems, developers need to find the right building blocks. Having the ability to hook into multiple networks by building one application instead of multiple versions of it creates a compelling argument to explore blockchain ecosystems that may otherwise fly under the radar. It is equally essential to look at which upgrades may be on the horizon, be they privacy-oriented or otherwise.