The post Application-specific blockchains are the future of decentralization appeared on BitcoinEthereumNews.com.

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Blockchain is a cutting-edge technology in today’s digital world. It secures online ledgers for cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) across industries. Its global market is projected to soar from $5.88 billion in 2021 to $1,314.03 billion by 2030 at an 82.4% compound annual growth rate (CAGR). Blockchain technology market size | Source: Straits Research Enter application-specific blockchains. These platforms excel in performance, scalability, security, cost-efficiency, and governance compared to general-purpose applications, shaping the future of decentralization. As this industry segment expands, these specialized blockchains hold immense promise. This page explores the impact of application-specific blockchains. Read on to find out why they are the future of decentralization.  Top reasons why it is the application-specific blockchains Application-specific blockchains are the type of blockchains designed to operate a single application instead of building an app from an existing blockchain. They are new platforms created from the ground up with distinctive attributes, such as custom virtual machines and consensus processes. In short, they aren’t codes written on a general-purpose blockchain platform. Evidently, application-specific blockchains are designed for individual decentralized applications (dApps). DApps are software programs running on a blockchain or peer-to-peer network of computers instead of on a single computer.  There are two types of blockchains you can distinguish: layer-1 (L1 coordinating consensus and execution on the same layer) and layer-2 (L2 separating execution from consensus). Avalanche Subnets, Polygon Supernets, and Cosmos Zones are a few examples of how you can utilize these customized blockchains to advance decentralization. What’s great is that the blockchain industry has a long history of internal support among industry players and key developers. These internal blockchain investments provide talented developers with key opportunities…

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Filed under: News - @ June 9, 2024 12:10 pm