The last few years have seen new and exciting technologies that promise a more decentralized and safer 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 the golem works
The Golem Network is a computing power market that users can earn by ‘renting’ machines or developing and selling software.
Users who rent computing power within the network are called “providers” and users who receive power are called “requests”. Respondents use Golem for a variety of purposes, including graphics processing, data analysis, microservices, and machine learning.
The division of labor means that tasks can be completed at the same time, thus allowing shorter periods for projects.
Trading finance is less than cloud-based services.
Users can immediately pay for their work with the Golem Network Token (GTM), a token of the Ethereum blockchain.
The golem builds the whole stack from the bottom up, and this is an approach that generally results in a large UX.
IExec is a decentralized marketplace for cloud services focused on blockchain-based distributed applications and affordable, high-performance computing.
Unlike Golem, iExec (since the release of v1) allows anyone to develop and run applications.
There are various programs in the IExecc Dapp store. Given the experienced team behind IExec, the reason they chose the Dapp path is probably because there is less competition. Once established in the decentralized Dapp market, iExec plans to expand to decentralized computing tasks.
RLC ‘Runs on Multiple Computers’ is short and is a local feature of iExec. Currently, 87 million ERC-20 brands are in circulation.
Ethereum is an open source, blockchain-based platform that allows users to build decentralized applications. Calculations are performed in an isolated environment called Ethereum Virtual Machine, which is located on all nodes connected to the network. The product of the calculations is stored in a blockchain.
Features of Ethereum Blockchain
Ether is the currency of the Ethereum blockchain. The ETH (Ethereum Hard Fork) and ETC (Ethereum Classic) cryptocurrencies are the two values of Ether.
A computer can execute a “smart connection”, an algorithm that stores the terms of contracts and implements them automatically. Both parties to a transaction agree to the terms of the smart contract.
Bitcoin and Ethereum Platform
The Bitcoin blockchain focuses on a number of predefined transactions, such as tracking Bitcoin transactions, while Ethereum allows users to process code of any complexity, making it suitable for any decentralized application, including cryptocurrencies.
Computing on the Ethereum network costs more and takes longer than a standard computer due to the parallelism of the computer. In order to maintain consensus, all participants must agree on the sequence of all transactions, whether or not they participate in the transaction.
Ethereum nodes, along with all Ether operations, maintain the latest status of each smart contract. Because the computer is an isolated system, the code works without access to a network or file system. Thus, there is limited access between smart contracts.
4. Hyperledger Piece
Hosted by the Linux Foundation, Hyperledger Fabric is an open source distributed book technology (DLT) with a modular and configurable architecture that can be used at the enterprise level in various fields.
Features of Hyperledger Fabric
Privacy, Development and Performance
The fabric platform provides special operations that allow operators to know each other and be bound by rules such as a legal agreement.
Fabric supports smart contracts written in common languages such as Java and Go, so no additional training is required to create smart contracts.
Performance is enhanced because, unlike Ethereum, only the parties involved in the transaction must reach a consensus.
Also, unlike Ethereum, fabric nodes have different roles and responsibilities in the consensus process. Knots can be customers, clients or peers.
The piece does not have a local cryptocurrency. However, the chain code can be used to develop a local currency.
5. Tender summary
Tendermint has a blockchain consensus engine known as Tendermint Core and a common application interface known as Application Blockchain Interface (ABCI). The program allows you to safely and consistently replicate an application on multiple machines.
The Byzantine Error Tolerance (BFT) medium program of the consensus engine can reliably reproduce state switching machines. The BFT medium program can withstand a third of failures, including hack attacks.
Tendermint aimed to offer a more reliable and efficient consensus algorithm than Bitcoin’s PoW (Proof of Work). The program formed the basis of significant research with the consensus protocol Casper team: A defect-resistant chain like Tendermint can make good decisions about who produces the block, while a less reliable chain results in chicken and egg problems.
The program is user-friendly, replicates applications written in any language and has many applications.
Lisk is a centralized and distributed platform that allows users to develop applications and support them with custom blockchains.
Lisk’s Consensus Mechanism
Lisk asks developers to follow “rules” for contracts to ensure consensus. For example, developers ask “Do not use Math.random ().”
7. Corda (V 3.0)
Corda is an open source, distributed book platform (DLT) for the financial industry.
Features of Jordan
The Corda network is an allowed network – it is not open to all node operators. The nodes work on Corda and CoDapps and communicate point-to-point with each other.
The ‘gatekeeper’ of each network determines the acceptance rules of the nodes that want to connect to the network. Like Fabric, Corda offers more privacy thanks to sensitive access to records and better reputation due to limited consensus with stakeholders.
Corda’s contract developers are also adding legitimate prose to their contracts. This feature combines the contract with the relevant legal prose. There is no local sign on the platform.
8. Root tree
Rootstock (RSK) is an open source smart contract platform built on the Bitcoin blockchain.
RSK provides a smart deal on the Bitcoin network. Uses Turing-complete Rootstock Virtual Machine (RVM) for smart contracts. The 2-way nail allows users to send Bitcoin directly to the Rootstock chain. RSK coins can be used with smart contracts and Dapps. RSK contracts increase the ‘Proof of Existence’ used to prove the existence of a document (or property right).
The RSK blockchain has a merger culture, which provides the same level of security as Bitcoin in terms of billing and double spending.
RSK is a side chain of Bitcoin. Bitcoins in the Rootstock blockchain are called SBTC.
RSK eliminates loopholes in the Bitcoin network by providing faster transactions. In addition to being user-friendly, Bitcoin helps limit block size.