The last few years have seen new and exciting technologies that promise a more decentralized and secure economy. I have included in this article some of the key players in this emerging market.
Golem is an open source, decentralized computer network.
How does the Golem work
The Golem network is a market for computing power where consumers can make money by “renting” their machines or developing and selling software.
In the network, consumers who lease computing power are called “providers” and consumers who receive power are called “requesters”. Applicants use Golem for a variety of purposes, including graphics processing, data analysis, microservices, and machine learning.
- Division of labor means that tasks can be completed simultaneously, thus giving shorter deadlines to projects.
- The cost of doing business is lower than for cloud-based services.
- Users can be paid immediately for their work using the Golem Network Token (GTM), an Ethereum blockchain.
- Golem builds their entire pile from the bottom up, which usually results in great UX.
IExec is a decentralized market for cloud services focused on blockchain-based distributed applications and affordable, high-performance computing.
Unlike Golem, iExec (since v1) allows anyone to create and manage applications.
The IExecc Dapp store has a variety of applications. Given the experienced iExec team, their reason for choosing the Dapp path is that there is probably less competition here. With its presence in the decentralized Dapp market, iExec plans to expand its decentralized computing tasks.
RLC is a short word for “Works on many computers” and is a trademark of iExec. There are currently 87 million chips in circulation.
Ethereum is an open source blockchain platform that allows users to create decentralized applications. The calculations are performed in an isolated environment called the Ethereum Virtual Machine on all nodes connected to the network. The calculation product is stored in the blockchain.
Features of Ethereum Blockchain
Ether is the currency of the Ethereum block chain. The cryptocurrency ETH (Ethereum Hard Fork) and ETC (Ethereum Classic) are two ether values.
A smart contract
EVM can make a ‘smart contact’, an algorithm that stores and automatically enforces contract terms. Both parties to the transaction agree to the terms of the smart contract.
Bitcoin vs Ethereum platform
The Bitcoin blockchain focuses on a set of predefined operations, such as tracking Bitcoin operations, and Ethereum allows users to run code of any complexity, making it suitable for any decentralized program, including cryptocurrency.
Due to computational parallelism, computing on the Ethereum network costs more and takes longer than a standard computer. To maintain consensus, all participants must agree on the order of all transactions that have taken place, whether or not they have participated in the transaction.
Ethereum nodes keep the latest status of each smart contract together with all Ether transactions. Because EVM is an isolated system, the code works without access to the network or file system. Thus, even among smart contracts, there is limited availability.
4. Hyperledger fabric
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 a variety of industries.
Hyperledger fabric features
Privacy, development and performance
- The Fabric platform allows for a private transaction with permits where operators know each other and can 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 advanced contracts.
- Efficiency is better because, unlike Ethereum, consensus only needs to be reached between the parties to the transaction.
Fabric knots, unlike Ethereum, play different roles and tasks in the consensus process. Nodes can be customers, clients or peers.
The fabric does not have a local cryptocurrency. However, the chain code can be used to create a native currency.
Tendermint has a blockchain consensus engine called the Tendermint Core and a common application interface called the Application Blockchain Interface (ABCI). The software allows you to repeat the program safely and consistently across multiple machines.
Consensus Engine Byzantine Fault Tolerance (BFT) can safely replicate state transition machines. BFT middleware can tolerate one-third of failures, including hacking attacks.
Tendermint’s goal was to offer a safer and more efficient consensus algorithm than Bitcoin’s PoW (proof of work). The software has formed the basis of important research by the Casper team on the consensus protocol: a fault-tolerant circuit such as Tendermint can make good decisions about who makes a block, and a less reliable circuit causes a chicken and egg problem.
The software is easy to use, reproduces programs written in any language, and has multiple applications.
Lisk is a decentralized and distributed platform that allows users to build applications and support them with customized block circuits.
Lisko consensus mechanism
Lisk asks developers to follow the “rules” of contracts to ensure consensus. For example, they ask developers to “not use Math.random ()”.
7. Strings (V 3.0)
Corda is an open source, distributed book platform (DLT) that provides services to the financial sector.
The Corda network is a network that is allowed to be used – it is not open to all node operators. Nodes run Corda and CoDapps and communicate with each other.
The “doorman” of each network sets reception rules for nodes wishing to connect to the network. Like Fabric, Corda offers more privacy due to its precise access control and better penetration by limiting the consensus of the parties involved.
On the Corda website, contract developers also include legal prose in their contract. This function consolidates the contract by legitimizing it with legal prose. The platform does not have its own token.
Rootstock (RSK) is an open source smart contract platform built on the Bitcoin blockchain.
RSK enables smart contracts in the Bitcoin network. For smart contracts, it uses a virtual Rootstock (RVM) machine from Turing. The two-way pin allows users to send Bitcoin directly to the Rootstock chain. RSK coins can be used with smart contracts and Dapps. RSK contracts repeat “Proof of Existence” used to prove the existence of a document (or title).
RSK’s blockchain has merger mining, giving it the same level of security as Bitcoin in terms of settlement completeness and double the cost.
RSK is a Bitcoin chain. The bitcoins of the root block chain are called SBTC.
RSK fills the gaps in the Bitcoin network by enabling faster operations. In addition to being user-friendly, it also helps maintain the size of the Bitcoin block.