Avalanche
Avalanche is built on a novel consensus mechanism called Avalanche Consensus Protocol, designed to enable high throughput and low latency. It has a custom-built virtual machine for smart contracts called EVM-AVAX-C-Chain and supports three blockchains: X-Chain, P-Chain, and C-Chain, each with a specific purpose.
Polkadot
Polkadot employs a "heterogeneous multi-chain" architecture that allows multiple blockchains to operate together seamlessly. It uses a relay chain for security and cross-chain communication, and para chains for individual projects. Nominated proof-of-stake (NPoS) ensures network security and governance.
Cardano
Cardano utilizes a unique two-layer structure, separating settlement from the computation. The Cardano Settlement Layer (CSL) manages transactions, while the Cardano Computation Layer (CCL) facilitates smart contracts. Its Ouroboros proof-of-stake consensus algorithm is academically peer-reviewed and energy-efficient.
Solana
Solana is designed for high-performance applications, using its innovative Proof of History (PoH) consensus mechanism for improved scalability. Key innovations include Tower BFT, a modified version of practical Byzantine fault tolerance (PBFT), and Sealevel, a parallel smart contract runtime.
Hedera
Hedera Hashgraph is built on the hashgraph consensus algorithm, which offers fast, secure, and fair transactions. Its unique directed acyclic graph (DAG) data structure bypasses traditional blockchain limitations, providing high throughput and low latency without sacrificing security or decentralization.
Algorand
Algorand employs a permissionless, pure proof-of-stake (PPoS) consensus mechanism known as Algorand Protocol. It offers a single-layer architecture that combines transaction processing and smart contracts. The Algorand blockchain is highly scalable, secure, and energy-efficient, with instant finality for transactions.
By understanding the unique architectures of these blockchains, we can better appreciate the wide range of applications they enable, from decentralized finance to supply chain management and beyond.