Navigating the Landscape of Blockchain Network Selection
Blockchain technology has become a popular tool in the arsenal of technology solutions, but choosing the right blockchain network for a project can be a daunting task. Understanding the metrics and considerations that define the right blockchain network is crucial in making an informed decision. In this article, we will explore some useful metrics to help establish the widespread adoption of blockchain networks and navigate the complex landscape of blockchain network selection.
When considering the right blockchain network for a project, it is important to first determine whether a public or private blockchain deployment is the target. Additionally, compatibility with the Ethereum Virtual Machine (EVM) plays a significant role in narrowing down the potential candidate platforms. The majority of blockchain activity takes place on public networks, so deciding on a private network will significantly narrow down the potential candidate list.
For those interested in public networks, EVM compatibility is an important consideration. The EVM is the dominant platform on which the majority of smart contracts are deployed, and it serves as a universal standard for smart contracts. However, there are alternative options such as using the programming language Rust, as is used by Solana and Polkadot’s Substrate. The choice between EVM compatibility and alternatives depends on the desire to be tied closely with a specific ecosystem or to have optionality and support for a wide number of blockchains.
The Hyperledger Foundation, specifically Besu, is a compelling option for private blockchain deployments. However, for public networks, it’s important to consider the developer and user communities, traction, costs, and the presence of other well-known projects on the network.
The developer community is crucial in keeping a project running and moving forward. Metrics on development activity, such as those provided by the Electrical Capital annual report, can provide insights into the developer communities around various blockchain networks. Understanding the user community, on-chain data points demonstrating real activity on the network, and the costs associated with the network are also important considerations.
Finally, the presence of other well-known projects on the network, such as stablecoins and popular DeFi projects, can indicate the presence of real users using the network. Understanding these different metrics and considerations can help in making an informed decision when selecting a blockchain network for a project.
Navigating the landscape of blockchain network selection can be complex, but by understanding the various metrics and considerations, project owners can make informed decisions about which blockchain network is the right fit for their specific use case. By carefully assessing the community, traction, costs, and other assets of a blockchain network, project owners can make strategic decisions that align with their project’s goals and requirements.