Try Quests to earn SOLFlow vs Other L1s Pt (II)
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What is layer 1, the network layer?
When something is a layer 1 project or blockchain, it relates to the foundation of the blockchain: the network of the blockchain and everything that goes with it. Bitcoin, for example, is a layer 1 blockchain, because it offers a network. The network that makes up the blockchain can have different functions. Developers can build their own applications on the Bitcoin blockchain. The same goes for Ethereum, for example. However, it is not the case that a layer 1 blockchain only offers a blockchain for applications. A crypto project can also focus on layer 1 by, for example, solving problems. That's also what Polkadot does. This project ensures that different blockchains can work together. Normally this is not possible at all, because blockchains use different programming languages, parameters and protocols, for example. However, Polkadot has managed to make blockchains work together. Because this relates to the core (i.e. the blockchain), it is a layer 1 blockchain. So the project does not only offer a smart contract function, but focuses on the blockchain and the network.
Flow is a recently launched blockchain from the same developers who developed CryptoKitties, among others. The Flow blockchain supports the Flow crypto and is built to create consumer applications that are crypto-compatible. For example, games and the digital resources used within the games. Understanding that these games could potentially have tens of millions of users, Flow focuses on creating a fast platform with high throughput. Now we hear you thinking
Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts. Smart contracts allow participants to transact with each other without a trusted central authority. Transaction records are immutable, verifiable, and securely distributed across the network, giving participants full ownership and visibility into transaction data. Transactions are sent from and received by user-created Ethereum accounts. A sender must sign transactions and spend Ether, Ethereum's native cryptocurrency, as a cost of processing transactions on the network.
What is Solana?
Solana is a highly functional open source project that implements a new, permissionless and high-speed layer-1 blockchain.
Created in 2017 by Anatoly Yakovenko, a former executive at Qualcomm, Solana aims to scale throughput beyond what is typically achieved by popular blockchains while keeping costs low. Solana implements an innovative hybrid consensus model that combines a unique proof-of-history (PoH) algorithm with the lightning-fast synchronization engine, which is a version of proof-of-stake (PoS). Because of this, the Solana network can theoretically process over 710,000 transactions per second (TPS) without any scaling solutions needed.
Solana’s third-generation blockchain architecture is designed to facilitate smart contracts and decentralized application (DApp) creation. The project supports an array of decentralized finance (DeFi) platforms as well as nonfungible token (NFT) marketplaces.
Solana blockchain was rolled out during the 2017 initial coin offering (ICO) boom. The project’s internal testnet was released in 2018, followed by multiple testnet phases leading to the eventual official launch of the main network in 2020
QUSTION
How does Flow compare to other L1s in terms of user retention? Is a user who made a transaction previously likely to make another transaction a week or a month later? Compare and contrast this type of activity vs other L1s like Solana and Ethereum.
Method
I have used the three data available in the flip site tables
((flow.core.fact_transactions
from solana.core.fact_transactions
from ethereum.core.fact_transactions ))
The time period I have chosen to find active users or wallets is every 19 days
((block_timestamp::date >= '2022-07-01' and block_timestamp::date <= '2022-07-19'))
Description
The pie chart above is a percentage comparison of the number of real users compared to the total number of users on the ETH blockchain
ACTIV USER :: 23.3%
ALL USER :: 76.7%
The graph on the left is a comparison of the number of real users and the total number of users on the ETH network in terms of numbers
ACTIV USER :: 892.90K
ALL USER :: 2.94M
ACTIV USER :: The number of active users who are continuously active in the ETH blockchain
ALL USER :: All users are those who have interacted with this blockchain only once
The time period I have specified to find active users is every 19 days
Description
The above graph is a comparison of the percentage of real users and total flow blockchain users.
ALL USER :: 99.8%
ACTIV USER :: 0.15%
The left chart on the comparison side is the number of actual active users and total flow network users
ALL USER :: 1.34M
ACTIV USER :: 2067
ACTIV USER :: The number of active users who are continuously active in the ETH blockchain
ALL USER :: All users are those who have interacted with this blockchain only once
The time period I have specified to find active users is every 19 days
Description
The graph above is a comparison of the percentage of real active users and total users of the solona network
ALL USER :: 92.4%
ACTIV USER :: 7.59%
The graph on the left is a comparison of the number of real active users and the total users of the solona network
ACTIV USER :: 1.42M
ALL USER :: 17,35M
ACTIV USER :: The number of active users who are continuously active in the ETH blockchain
ALL USER :: All users are those who have interacted with this blockchain only once
The time period I have specified to find active users is every 19 days
Conclusion
According to the data, tables and graphs we obtained, the Ethereum network has more real and active users than the other two blockchains, the second place belongs to the Solana network, and finally, the flow blockchain has less active and real users than the others. Yes, one of the reasons for the large number of active and real users in the eth network is its old, trending, high security, which has attracted many real and active users.