Hello guys, welcome back to the blog. Today I will be explaining what a crypto network is and the different kinds of crypto networks.
(1) What is a Crypto Network?
A Crypto Network is a blockchain that other tokens can be built on, for example, the Ethereum network. The Ethereum network has its own native token, Ether, with which people can stake to verify transactions on the network. However, people can make their own coins and add them to the Ethereum network. This is very helpful if someone wants to make their own coin, but doesn't want to make a new blockchain. A good example of this is Sushi Swap. Sushi Swap, aka Sushi, is a token built on the Ethereum network which utilizes the Ethereum blockchain, so instead of having to run their own blockchain they just add it to Ethereum's.
(2) What are the most popular Crypto Networks?
Ethereum right now is the most popular crypto network. Erc-20 tokens are the tokens used on the Ethereum network. There are currently 493,206 different Erc-20 tokens. Even though the Ethereum network is the most popular based on volume, the BINANCE network has way more tokens. Right now there are 1,926,639 different Bep-20 tokens. This is most likely because fees on the Binance network are way cheaper than the fees on the Ethereum network. However, if Ethereum 2.0 does what it promises it will do and lowers transaction fees, we might see a lot of new tokens being built on the Ethereum network.
Conclusion
If you want to make your own token without having to make your own blockchain, add it to a pre-existing network. If you want to use a network where the users will pay cheaper fees, you should build on the Binance network over the Ethereum network. But if you want to use a network that has more overall volume, you should build on the Ethereum network.
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