In recent years, we have seen new and attractive technologies that promise a more decentralized and 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 Golem works
The Golem Network is a marketplace for computing power, where users can earn by ‘renting’ their machines or developing and selling software.
Within the network, IT lease users are called “providers” and power users are called “seekers”. Researchers use Golem for a variety of purposes, including graphic processing, data analysis, microservices, and machine learning.
Division of labor means that tasks can be completed simultaneously, thus enabling shorter timeframes for projects.
The cost of doing business is less than cloud-based services.
Users can be instantly paid for their work with the Golem Network Token (GTM), a token in the Ethereum blockchain.
Golem is building their entire pile from the bottom up, an approach that usually results in excellent 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 its v1) allows anyone to develop and run applications.
The iExecc Dapp Store features a variety of applications. Given the experienced team behind iExec, their reason for choosing the Dapp path is that there is less competition here. Once deployed in Dapp’s decentralized marketplace, iExec plans to expand into decentralized computerized tasks.
RLC stands for ‘Runs on Loot of Computer’, and is the native trademark of iExec. There are currently 87 million ERC-20 mark in circulation.
Ethereum is an open source, blockchain-based platform that enables users to build decentralized applications. The calculations are performed in an isolated environment called the Ethereum Virtual Machine that resides on all nodes connected to the network. The product of the calculations is stored in the blockchain.
Ethereum Blockchain Features
Ether is the currency of the Ethereum chain block. Encrypted coins ETH (Ethereum Hard Fork) and ETC (Ethereum Classic) are two Ether values.
EVM is capable of executing a “smart contact”, an algorithm that automatically stores and executes agreement terms. Both parties involved in a transaction agree to the terms written in the intelligent contract.
Bitcoin vs Ethereum platform
Blockchain Bitcoin focuses on a range of predefined operations, such as Bitcoin transaction tracking, while Ethereum allows users to execute code of any complexity, making it suitable for any decentralized application, including cryptocurrencies.
Computing on the Ethereum network costs more and requires more than one standard computer due to computing parallelism. To maintain consensus, all participants must agree on the order of all transactions that have taken place, regardless of whether they have participated in the transaction or not.
Ethereum nodes maintain the latest status of each intelligent contract, along with all Ether transactions. Since EVM is an isolated system, the code works without access to the network or file system. So there is limited access even between intelligent contracts.
4. Hyperledger fabric
Hosted by the Linux Foundation, Hyperledger Fabric is an open source distributed book (DLT) technology that has a modular and configurable architecture that can be used at the enterprise level in a variety of industries.
Characteristics of Hyperledger fabric
Privacy, Development and Performance
The Fabric platform enables allowed private operation, where operators know each other and may be bound by rules, such as a legal agreement.
Fabric supports intelligent contracts written in common languages, such as Java and Go, so no additional training is required to create intelligent contracts.
Performance is enhanced because, unlike Ethereum, only the parties to the transaction need to reach consensus.
Knots of fabrics
Also unlike Ethereum, fabric knots have different roles and tasks in the consensus process. Nodes can be clients, clients or colleagues.
The fabric does not have a local cryptocurrency. However, the code can be used to develop a local currency.
Tendermint has a consensual blockchain engine, known as the Tendermint Core, and a generic application interface, known as the Application Blockchain Interface (ABCI). The software enables secure and stable replication of an application on many machines.
The consensus engine Middleware Business Fault Tolerant (BFT) can safely copy the state transition machine. The medium-sized BFT company can tolerate a third of failures, including piracy attacks.
Tendermint aimed to offer a more secure and efficient consensus algorithm than Bitcoin’s PoW (Proof of Work). The software formed the basis of important research from the consensus protocol Casper team: a defect-tolerant chain, such as Tendermint, can make good decisions about who manufactures a block, while a less reliable chain results in a chicken problem, and veze.
The software is user friendly, replicates applications written in any language and has many applications.
Lisk is a decentralized and distributed platform that allows users to develop applications and support them with personalized blockchain.
Lisk Consensus Mechanism
Lisk urges developers to follow the “rules” for contracts to secure consensus. For example, they ask developers to “not use Math.random ().”
7. Corda (V 3.0)
Corda is an open source, distributed book platform (DLT) serving the financial industry.
Features of Corda
The Corda network is an authorized network – it is not open to all node operators. Nodes run on Corda and CoDapps and communicate point by point with each other.
The ‘gatekeeper’ of each network sets acceptance rules for nodes that want to join the network. Like Fabric, Corda offers more privacy due to tighter log entry control and better penetration due to consensus constraint on the parties involved.
In Corda, contract developers also add legal prose to their contract. This feature consolidates the contract by legitimizing it with related legal prose. The platform does not have a native sign.
Rootstock (RSK) is an open source intelligent contract platform that is built on the Bitcoin blockchain.
RSK is enabling intelligent contract in Bitcoin network. Use the complete Rootstock Virtual Machine (RVM) for intelligent contracts. A two-way peg allows users to send Bitcoin directly to the Rootstock chain. RSK currencies can be used with smart contracts and Dapps. RSK contracts repeat the ‘Proof of Existence’, which is used to prove the existence of a document (or property right).
Blockchain RSK has the mining merger, giving it the same level of security as Bitcoin in terms of solution completion and double costs.
RSK is a Bitcoin side chain. Bitcoins in the Rootstock blockchain are called SBTC.
RSK is filling in the gaps in the Bitcoin network by enabling faster transactions. In addition to being user-friendly, it also helps to keep the Bitcoin block size within bounds.