Over the past few years, we have seen exciting new technologies that promise a more decentralized, secure economy. In this article, I have included some of the key players in this emerging market.
Golem is an open source, decentralized computer network.
How does Golem work?
Golem Network is a computing marketplace where users can earn money by “renting” their cars or developing and selling software.
Users who rent computer power are called “suppliers” and users who buy power are called “suppliers”. Applicants use Golem for a variety of purposes, including graphic design, data analytics, microservices, and machine learning.
Division of labor means that tasks can be completed at the same time, thus allowing for shorter project deadlines.
Doing business costs less than cloud-based services.
Users can be instantly paid for their work through the Golem Network Token (GTM), which is a token of the Ethereum blockchain.
Golem builds his entire package from the bottom up, an approach that usually results in great UXs.
IExec is a decentralized marketplace for cloud services focused on blockchain-based distributed applications և affordable, high-performance computing.
Unlike Golem, iExec (since the release of its v1) allows anyone to develop and run applications.
The iExecc Dapp Store contains a number of applications. Given the experienced team behind iExec, the reason they chose the Dapp path is because there is probably less competition. Once established in the decentralized Dapp market, iExec plans to expand to decentralized computing tasks.
RLC is abbreviated “Works on multiple computers” – this is the original iExec logo. There are currently 87 million ERC-20 tokens in circulation.
Ethereum is an open source, blockchain-based platform that allows users to create decentralized applications. The calculations are performed in an isolated environment called an Ethereum virtual machine, which is located on all nodes connected to the network. The result of the calculations is stored in the blockchain.
Features of Ethereum Blockchain:
Ethereum is the currency of the Ethereum blockchain. ETH (Ethereum Hard Fork) և ETC (Ethereum Classic) cryptocurrencies are the two values of Ether.
EVM is able to implement “smart contact” – an algorithm that maintains և automatically fulfills the terms of contracts. Both parties to the transaction agree to the terms of the smart contract.
Bitcoin vs. Ethereum platform
Bitcoin blockchain focuses on a number of predefined actions, such as tracking bitcoin transactions, while Ethereum allows users to run code of any complexity by customizing it to any decentralized application, including cryptocurrencies.
Computing on an Ethereum network is more expensive and takes longer than a standard computer due to the parallelism of the meters. In order to maintain an agreement, all participants must agree on the sequence of all transactions made, whether they participated in the transaction or not.
Ethereum nodes maintain the latest status of each smart contract, along with all Ether transactions. Because EVM is an isolated system, the code works without access to the network or file system. Thus, even in smart contracts, access is limited.
4. Hyperledger Fabric:
Hosted by the Linux Foundation, Hyperledger Fabric is an open source distributed technology (DLT) technology with a modular, customizable architecture that can be used across a wide range of enterprise-level industries.
Features of Hyperledger Fabric:
Privacy, development և performance
The Fabric platform allows for authorized, private operation where operators know each other և may be bound by rules, such as a legal agreement.
Fabric supports smart contracts written in common languages, such as Java և Go, so no extra training is required to create smart contracts.
Performance is improving because, unlike Ethereum, only the parties to the transaction need to reach a consensus.
Also, unlike Ethereum, Fabric nodes have different roles and tasks in the consensus process. Nodes can be clients, customers or peers.
Fabric has no native cryptocurrency. However, the chain code can be used to generate local currency.
Tendermint has a blockchain consensus engine known as the Tendermint Core, a common application interface known as the Application Blockchain Interface (ABCI). The program enables secure and backup of the application on multiple machines.
The Byzantine fault tolerance (BFT) medium of the consensus engine can safely replicate the transition mechanisms. The average BFT program can tolerate one-third of failures, including hacker attacks.
Tendermint aimed to offer a more secure, efficient consensus algorithm than Bitcoin’s PoW (proof of performance). The software was the basis for a significant study of the Casper’s team consensus protocol. A faulty chain such as Tendermint can make good decisions about who manufactures the block, while an unreliable chain leads to a chicken-egg problem.
The program is user-friendly, copies applications written in any language և has many applications.
Lisk is a decentralized, distributed platform that allows users to develop applications and support them with custom blockchains.
Lisk consensus mechanism
Lisk asks developers to follow the “rules” of contracts to ensure consensus. For example, they ask developers not to “use Math.random ()”.
7. Corda (V 3.0)
Corda is an open source distributed logging platform (DLT) serving the financial industry.
Features of Corda:
Corda’s network is an authorized network. it is not open to all node operators. Nodes working on Corda և CoDapps են communicate with each other point by point.
The “gatekeeper” of each network sets the rules for accepting nodes that want to join the network. Like Fabric, Corda offers more privacy because of its fine-grained logging controls, with “better transparency due to consensus” between parties involved.
At Corda, contract designers also add legal prose to their contract. This feature consolidates the contract, legalizing it with the related legal prosecution. The platform has no native sign.
Rootstock (RSK) is an open source smart contract platform built on the Bitcoin blockchain.
RSK enables smart contract in Bitcoin network. It uses Turing’s complete Rootstock Virtual Machine (RVM) for smart contracts. Two-way communication allows users to send Bitcoin directly to the Rootstock chain. RSK coins can be used with smart contracts և Dapps. RSK contracts repeat the “Proof of Existence” used to prove the existence of a document (or property right).
The RSK blockchain has merger-mining, giving it the same level of security as Bitcoin in terms of final settlement և double the cost.
RSK is a side chain of Bitcoin. Rootstock blockchain bitcoins are called SBTC.
RSK fills the gaps in the Bitcoin network, enabling faster transactions. In addition to being user-friendly, it also helps keep the bitcoin block size within bounds.