The crypto space woke up and chose growth in 2021, and ever since, there has been no looking back. The groundbreaking global success reflects how the right technology can transform the world.
Speaking of historical references, the earlier development in fields always gave the west an upper hand. The global approach sets the crypto space apart from this conventional wave of change. It is seeped in so deep that tech advancements are on the run even in tier two and tier three cities of South Asian countries.
Several Asian countries have developed mind-boggling blockchain networks that contribute a lot to the space. Here is a list of emerging blockchain networks in Asia that you need to know:
Binance Smart Chain
Binance Smart Chain (BSC) started in China but was later moved to Japan in 2017. As the name suggests, BSC is a smart contract-enabled sidechain for Binance Chain. It was launched in September 2020 as an EVM-compatible blockchain that can support smart contracts and staking.
The idea to launch a sidechain was to upgrade and deliver to the market’s expectations in terms of speed and gas fees. This enabled developers to build dApps and their assets cross-chain with lower latency and higher volume. Binance Smart Chain’s transaction per second is about 4.3 times faster than Ethereum. Enabling efficiency is making BSC a preferred chain amongst the developers.
Avalanche
Avalanche, launched in 2020, finds its origin in Singapore. It is a flexible smart contract platform with three blockchains on its mainnet: C-Chain, X-Chain, and P-Chain.
Avalanche enables developers to create dApps and custom blockchain networks on its platform. The platform caters to developing comprehensive, customisable, and interoperable DeFi applications. One hundred times faster than Ethereum, the Avalanche network aims to attain decentralisation by improving scalability.
Also Read: 13 years on since the birth of Bitcoin, it’s now blockchain’s time to shine
Terra
Theta blockchain is a decentralised peer-to-peer video streaming network that aims to provide economic and technical solutions to the streaming industry faces. Theta launched back in 2018. Although Theta is not originally from Asia, the platform’s founders Mitch Liu and Jieyi Long, are Asian.
An open-source protocol enables developers to partner with dApps on the network, just like Ethereum. The network aims to conquer the next-gen entertainment tech through decentralisation. The idea is to build a video streaming infrastructure that is affordable and truly decentralised.
KardiaChain
Announced in October 2018 and launched on mainnet in 2020, KardiaChain is a public blockchain that focuses on interoperable blockchain infrastructure.
The network took three years of extensive research to develop a hybrid blockchain solution for government and enterprises in South Asian countries. The blockchain allows linking any private or public blockchain with decentered applications built on those blockchains.
KardiaChain can handle 6000 TPS and the validation time is less than five seconds, with a meagre transaction fee. It is nearly 400 times faster and 10,000 times cost effective than other networks like Ethereum.
Theta
Theta launched back in 2018. Although Theta is not originally from Asia, the platform’s founders Mitch Liu and Jieyi Long, are Asian. Theta blockchain is a decentralised peer-to-peer video streaming network that aims to provide economic and technical solutions faced by the streaming industry.
Being an open-source protocol, it enables developers to partner with dApps on the network just like Ethereum. The network aims to conquer the next-gen entertainment tech through decentralisation. The idea is to build a video streaming infrastructure that is not only affordable but also truly decentralised.
Final thoughts
With networks like these coming from Asian countries, the dialogues about innovations from Asian countries have indeed changed. These emerging blockchain networks are remoulding the blockchain space by addressing the existing shortcomings and drawing solutions around them. To the moon, right?
–
Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic
Join our e27 Telegram group, FB community, or like the e27 Facebook page
Image Credit: ipopba
The post Crypto and beyond: A guide to blockchain networks in Asia appeared first on e27.