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 a decentralized open source computer network.
How Golem works
The Golem network is a computing power market where consumers can benefit from “renting” their machines or developing and selling software.
Within the network, users who employ computing power are called “suppliers” and users who acquire power are called “requesters”. Applicants 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 performed simultaneously, which allows for shorter project deadlines.
The cost of doing business is less than cloud services.
Users can be paid instantly for their work with the Golem Network Token (GTM), a token in an Ethereum blockchain.
Golem builds his entire stack from the bottom up, an approach that usually results in great UX.
IExec is a decentralized cloud services market 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 contains various applications. Given the experienced team behind iExec, their reason for choosing Dapp’s path is that there is probably less competition here. Once established in Dapp’s decentralized market, iExec plans to expand into decentralized computing tasks.
RLC stands for “Running on Many Computers” and is the natural token of iExec. There are currently 87 million of the ERC-20 token in circulation.
Ethereum is an open source platform based on blockchain that allows users to create decentralized applications. The calculations are performed in an isolated environment called Ethereum Virtual Machine, which is located in all nodes connected to the network. The product of the calculations is stored in the blockchain.
Features of Ethereum Blockchain
Ether is the currency of the Ethereum blockchain. The cryptocurrencies ETH (Ethereum Hard Fork) and ETC (Ethereum Classic) are two Ether values.
EVM is able to perform “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 against the Ethereum platform
The Bitcoin blockchain focuses on a set of predefined operations, such as tracking bitcoin transactions, 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 takes more time than a standard computer due to parallel computing. In order to maintain consensus, all participants must agree on the order of all transactions, whether or not they have participated in the transaction.
Ethereum nodes keep up-to-date on every smart contract, along with all Ether transactions. Because EVM is an isolated system, the code runs without access to the network or file system. So there is limited access even among smart contracts.
4. Hyperledger Fabric
Hosted by the Linux Foundation, Hyperledger Fabric is an open source distributed registry (DLT) technology that has a modular and configurable architecture that can be used at the enterprise level in a variety of industries.
Hyperledger Fabric features
Confidentiality, development and productivity
The Fabric platform allows an authorized private operation in which 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.
Efficiency is improving because, unlike Ethereum, only the parties involved in the transaction need to reach a consensus.
Also, unlike Ethereum, Fabric nodes have different roles and tasks in the consensus process. Nodes can be guarantors, customers or partners.
Fabric does not have its own cryptocurrency. However, the chain can be used to develop local currency.
Tendermint has a blockchain consensus engine known as the Tendermint Core, and a common application interface known as the Application Blockchain Interface (ABCI). The software allows secure and consistent copying of an application on multiple machines.
Byzantine fault-tolerant (BFT) consensus engine intermediate software can reliably replicate the transition machine. The BFT middleware can tolerate one-third of failures, including hacker attacks.
Tendermint aimed to offer a more secure and efficient consensus algorithm than Bitcoin’s PoW (Proof of Work). The software forms the basis of important research by the Casper consensus protocol team: a fault-tolerant circuit, such as Tendermint, can make good decisions about who makes a unit, while a less reliable circuit leads to a chicken and egg problem.
The software is easy to use, copies 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 custom blockchains.
Features of Lisk
Lisk’s consensus mechanism
Lisk asks developers to follow “rules” for 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 serving the financial industry.
Features of Corda
The Corda network is an authorized network – it is not open to all node operators. The nodes work on Corda and CoDapps and communicate from point to point with each other.
The “gatekeeper” of each network sets the admission rules for nodes that want to join the network. Like Fabric, Corda offers more privacy due to its fine control of access to records and better permeability due to limited consensus between the parties involved.
At Corda, contract developers also add legal prose to their contract. This function consolidates the contract by legitimizing it with the related 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 activates a smart agreement in the Bitcoin network. It uses the complete Turing virtual machine (RVM) for smart contracts. A two-way peg allows users to send bitcoin directly to the Rootstock chain. RSK coins can be used with smart contracts and Dapps. RSK contracts copy “proof of existence”, which is used to prove the existence of a document (or title).
The RSK blockchain has a digging pool that gives it the same level of security as Bitcoin in terms of settlement finality and double spending.
RSK is a side chain of bitcoin. The bitcoins in the Rootstock blockchain are called SBTC.
RSK fills 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 limits.