The last few years have seen new and exciting technologies that promise a more decentralized and secure economy. In this article, I have included some of the major players in this emerging market.
Golem is an open source decentralized computer network.
How the Golem Works
Golem Network is a market for computing power, where users can earn money by “renting” their machines or developing and selling software.
In the network, users who rent computing power are called “providers”, and users who purchase power are called “requesters”. Questionnaires use Golem for a variety of purposes, including graphics processing, data analysis, microservices, and machine learning.
Separation of work means that tasks can be performed simultaneously, which reduces deadlines for projects.
The cost of doing business is less than cloud services.
Users can instantly pay for their work using the Golem Network Token (GTM), a token on the Ethereum blockchain.
Golem builds his entire stack from the bottom up, an approach that usually results in excellent UX.
IExec is a decentralized market for cloud services focused on distributed blockchain-based applications and high-performance computing available.
Unlike Golem, iExec (since the release of its v1) allows anyone to develop and run applications.
The iExecc Dapp store contains many applications. Given the experienced team behind iExec, their reason for choosing Dapp’s path is that there’s probably less competition here. After gaining a foothold in the decentralized market, Dapp iExec plans to move to decentralized computing.
RLC is short for “Runs on a large number of computers” and is a native token iExec. There are currently 87 million ERC-20 tokens in circulation.
Ethereum is a blockchain-based open source platform that allows users to build decentralized applications. The 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 computations is stored in the blockchain.
Features of the Ethereum blockchain
Ether is the currency of the Ethereum blockchain. Cryptocurrencies ETH (Ethereum Hard Fork) and ETC (Ethereum Classic) are two values of ether.
A reasonable contract
EVM is capable of performing “smart contact,” an algorithm that stores and automatically executes the terms of agreements. Both parties involved in the transaction agree to the terms written in the smart contract.
Bitcoin vs. Ethereum platform
The Bitcoin blockchain focuses on a set of predefined operations, such as tracking Bitcoin transactions, while Ethereum allows users to run code of any complexity, making it suitable for any decentralized application, including cryptocurrencies.
Computing on the Ethereum network is more expensive and takes longer than on a standard computer, due to computational parallels. To maintain consensus, all participants must agree on the order of all transactions that have taken place, regardless of whether they participated in the transaction or not.
Ethereum nodes maintain the most recent status of each smart contract along with all Ether transactions. Because EVM is an isolated system, code runs without network or file system access. Thus, availability is limited even among smart contracts.
4. Hyperledger fabric
Hyperledger Fabric is an open source distributed book (DLT) technology that has a modular and customizable architecture that can be used at the enterprise level in a variety of industries.
Hyperledger fabric features
Privacy, development and performance
The Fabric platform authorizes private transactions 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 smart contracts.
Productivity is increased because, unlike Ethereum, only the parties involved in the transaction need to reach consensus.
Also unlike Ethereum Fabric nodes have different roles and tasks in the consensus process. Nodes can be customers, clients or analogues.
Fabric has no native cryptocurrency. However, Chaincode can be used to develop a native currency.
Tendermint has a consensus blockchain engine known as the Tendermint Core, and a common application interface known as the Application Blockchain Interface (ABCI). The software allows you to securely and consistently replicate an application on multiple machines.
The Byzantine Fault Tolerant (BFT) consensus engine middleware can safely replicate the state transition mechanism. BFT middleware can withstand one-third of failures, including hacker attacks.
Tendermint aimed to offer a more secure and efficient consensus algorithm than PoW (Proof of Work) Bitcoin. The software has become the basis of important research by Casper’s consensus protocol team: a negative chain, such as Tendermint, can make the right decisions about who produces a unit, while a less reliable chain leads to chicken and egg problems.
The software is user-friendly, replicates applications written in any language, and has multiple applications.
Lisk is a decentralized and distributed platform that allows users to develop applications and maintain them with customized blockchains.
Liska 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 book (DLT) platform that works for the financial industry.
The Corda network is an allowed network – it is not open to all node operators. The nodes run on Corda and CoDapps and communicate point-to-point with each other.
The “doorman” of each network sets admission rules for nodes wishing to join the network. Like Fabric, Corda offers more privacy because of its tight control over access to records and better strength because of limited consensus among participants.
At Corda, contract developers also add legal prose to their contract. This feature consolidates the treaty by legitimizing it with related legal prose. The platform does not have its own token.
8. The rootstock
Rootstock (RSK) is an open source smart contract platform built on the Bitcoin blockchain.
Features of the rootstock
RSK allows a smart contract in the Bitcoin network. It uses a virtual virtual machine (RVM) with a Turing kit for smart contracts. Two-way binding allows users to send bitcoin directly to the Rootstock chain. RSK coins can be used with smart contracts and Dapps. RSK contracts repeat the “proof of existence” used to prove the existence of a document (or title).
The RSK blockchain has a mining merger that gives it the same level of security as bitcoin in terms of finality of calculations and double costs.
RSK is a bitcoin sidechain. The bitcoins in the Rootstock blockchain are called SBTC.
RSK fills in the gaps in the Bitcoin network by allowing faster transactions. In addition to being user-friendly, it also helps keep the size of the Bitcoin block within.