A growing number of blockchains allow users to deploy smart contracts, each with a different set of features and characteristics that suit the needs of each user to differing degrees. FeverTokens already support the most popular chains, including Ethereum, Polygon, Avalanche, and Binance Smart Chain.
In this guide, we go over the considerations that users should take into account when deciding which one to use.
Blockchains and their characteristics
First, let us analyze the profiles of the blockchains that users can choose from on FeverTokens.
Ethereum is the oldest and best-known blockchain for Web3 applications. It is a Layer 1 blockchain, which means that it is highly secure but more costly to deploy and transact on.
At the same time, Ethereum still uses the Proof-of-Work concensus mechanism, which entails high usage of electricity and computing power—ultimately, this means high impact on the environment.
Polygon is a Layer 2 sidechain based on the Ethereum network. As such, it trades security for a much lower (105 times) cost.
To achieve this, Polygon uses the Proof-of-Stake (POS) concensus mechanism. Some devoted to the ideal of decentralization may, however, question whether POS compromises decentralization to some degree.
Polygon is EVM-compatible (Ethereum Virtual Machine-compatible). This means that the smart contracts deployable and/or deployed to Polygon are exactly the same as those for Ethereum.
As a result, it is possible to move NFTs from Polygon to the Ethereum mainnet.
Binance Smart Chain
Binance Smart Chain is the second blockchain by Binance, one of the largest cryptocurrency exchanges in the world today. Whereas Biance Chain, the exchange's first attempt, did not support Ethereum-based apps, Binance Smart Chain is EVM-compatible.
Binance Smart Chain combines elements of Proof-of-Stake and Proof-of-Authority consensus mechanisms into Proof-of-Staked-Authority (PoSA). It is meant to work together with Binance Chain, which offers fast transaction speeds.
Users may legitimately question the level of decentralization on a network led by the world's largest exchange. Still, it is a strong contender for users to deploy their NFT projects on.
Avalanche is a Layer 1 Proof-of-Stake blockchain that is nevertheless cost-effective to use. Transactions are also faster than on the Ethereum network.
At the same time, Avalanche is secure and throughput is high. The network is also highly scalable. It is EVM-compatible.
Some considers Avalanche Ethereum 2.0.
Considerations in choosing your blockchain
While ultimately it is your own decision to make, here are some considerations that we like to highlight to help you reach an informed decision.
- Do you need your NFT to be highly secure? We recommend Ethereum for high-valued, high-prestige NFTs.
- Do you need high transaction speeds? Polygon may be worth a look.
- Do you expect frequent transactions? Some blockchains are cheaper to transact on and to deploy to.
- Do you care about the environmental impact of the transactions? Ethereum, though more prestigious and theoretically more robust, is worse in environmental terms at the moment.