According to a Chainalysis.com global cryptocurrency adoption report, crypto adoption increased by 880% in 2021! Less than 5% of the world population transacts in crypto as of December 2021, as per the latest reports. But that number will grow rapidly considering the potential of scalable Web 3.0 applications. And that’s why you can expect several new blockchain projects to be launched in 2022 and beyond.
The list below includes 13 promising Layer 1 blockchain/crypto projects to watch in 2022. We have summarized these projects in terms of technical capabilities, ecosystem, roadmap, and key differentiators. So, let’s have a look at the exclusive list of Layer 1 crypto projects.
Algorand
Algorand is another blockchain that attempts to solve the scalability trilemma and has become a notable name in our best Layer 1 crypto projects list. It runs on a Pure Proof of Stake (PPos) consensus and is BFT compliant. The transaction throughput is said to be on par with large payment and financial networks.
Smart contracts are written in a language called Transaction Execution Approval Language (TEAL) and Python using the PyTeal library. TEAL is similar to an assembly language and is Turing complete by supporting looping and subroutines. It also limits the amount of time a contract has to execute using a “dynamic opcode cost evaluation algorithm.” Algorand Virtual Machine(AVM) runs on every node on the blockchain and interprets the TEAL programs to run smart contracts. AVM aims to make blockchain development more accessible.
The consensus protocol has 2 key features which can tolerate an arbitrary number of malicious users.
- The users who certify each block are secretly and individually selected. The adversary does not know which users they need to corrupt.
- By the time the adversary realizes the users selected, the selected users would have already certified a block. A new set of users are selected for every block.
Algorand also has a consensus mechanism for protocol upgrades. Proposed changes are posted on the blockchain, and the community votes to accept or reject the change using a consensus protocol. The community agrees on a block where the change happens and switches to the new protocol simultaneously.