5 min read · Aug 16, 2023
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To a newbie in the crypto space, the existence of hundreds of blockchains feels overwhelming and beyond puzzling. If you’re new to the crypto space, you may just be learning what a blockchain is, so discovering just how many there are to explore adds to the confusion.
But once you’ve dipped your toes into the incredible pool that is the cryptoverse, it becomes clear pretty quickly that multifaceted blockchains are what create so much opportunity in Web3.
Blockchains act as the foundations on which different corners of the crypto world are built, each serving a unique purpose, whether it’s facilitating crypto transactions or delivering you to the metaverse.
There are more than a thousand active blockchains in the Web3, crypto, and NFT universe. Each blockchain can be sorted into four primary categories: public, private, hybrid, or consortium. Within each of those primary categories, there are lots of subcategories where individual chains can be sorted, based on what their purpose or primary function is, from smart contracts and liquid staking to gaming and lending.
Further into the blockchain rabbit hole, each category of blockchains also has multiple residents, competing to be the best in their class. This competition, and the mere presence of so many chains in general, serves users well by creating a thriving ecosystem of blockchains where diversity, innovation, and performance can flourish for their benefit.
There are tons of blockchains in the Web3 space for the same reason there are multiple car manufacturers, grocery stores, clothing brands, or types of cheese. A little diversification and competition goes a long way to create a digital world where Web3 explorers can have their needs met in the best ways possible.
Whether you’re a gamer, a miner, or a collector of digital art, the existence of numerous blockchains improves the platforms, apps, and the way you interact with and manage your digital life.
Different blockchains have been created to cater to specific use cases or industries. For example, Ethereum was one of the first blockchains to offer smart contract functionality while other blockchains like Bitcoin focus primarily on digital currency transactions. New blockchains often emerge to address specific needs that existing blockchains might not fully accommodate.
One of the challenges with early blockchain networks like Bitcoin and Ethereum is scalability. As the number of users and transactions increases, these networks can become congested and slow. Newer blockchains aim to address this issue by implementing novel consensus algorithms and technical approaches that offer better scalability and performance.
Blockchain technology is still relatively new, and there’s a continuous drive for innovation and improvement. Developers and researchers experiment with different consensus mechanisms, governance models, security features, and interoperability solutions, leading to the creation of various blockchain projects.
Some projects require specific features or configurations that might not be available on existing blockchains. Creating a new blockchain allows developers to tailor the technology to their precise requirements.
Think of multiple blockchains the way you do social media platforms. Each platform has its own strengths, and things that make the platform unique. Blockchains work the same way. Each has its own exclusive features that appeal to various audiences or projects.
As the blockchain space evolves, there’s competition among projects to gain attention, users, and adoption. New projects often emerge as competitors or alternatives to existing ones, aiming to provide better solutions or capture a niche market.
At any given time, numerous blockchains are competing against one another to create the best gaming platform, dApps, or personal ID. While the competition heats up, those products are only getting better as new features and UX improvements go head to head to attract users.
The cryptocurrency boom led to the creation of numerous new blockchain projects, often associated with their own tokens or cryptocurrencies. These projects could raise funds through initial coin offerings (ICOs) or token sales, which created economic incentives for entrepreneurs and developers to launch new blockchains.
The world of crypto is all about community, and a good many blockchains are driven by specific communities with unique visions and goals. When a community disagrees with the direction of an existing blockchain project, they might decide to fork the code and create a new blockchain that aligns with their values and preferences.
Many blockchain projects are experimental in nature, exploring the boundaries of what’s possible with distributed ledger technology. Some of these experiments lead to successful projects, while others might fade away or merge with other initiatives.
Different regions and jurisdictions have varying regulations related to cryptocurrencies and blockchain technology. Some projects might emerge to comply with specific regulatory requirements or to address legal challenges faced by existing blockchains.
Overall, the astounding number of blockchains reflects the diversity of applications, technical advancements, and perspectives within the blockchain and cryptocurrency ecosystem. However, it’s important to note that while having multiple blockchains offers choice and innovation, it can also lead to fragmentation and interoperability challenges within the broader ecosystem.
That’s where Zelcore comes in.
Zelcore supports 70+ blockchains, which means you can explore and interact with digital assets, dApps, and other components of those chains from a single platform. Whether you’re swapping one asset for another, or you’re ready to invest in a new NFT collection, you never have to worry about taking your assets to a centralized exchange (where security is never prioritized) to get it done.
There’s no need to switch back and forth between different platforms or apps to manage your digital asset portfolio across multiple blockchains. View, store, and manage your entire portfolio in a secure, non-custodial wallet that gives you all of the tools you need to explore web3, one blockchain — or 70 — at a time.
