Over the past few years, we’ve seen new and exciting technologies that promise a more decentralized and secure economy. In this article, I have included some of the key players in this developing market.
Golem is an open source, decentralized computer network.
How Golem Works
The Golem Network is a market for computing power, where users can earn money by ‘renting’ their machines or by creating and selling software.
Within the network, users who hire computing power are called “providers” 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.
Work division means that tasks can be completed simultaneously, thus enabling shorter timelines for projects.
The cost of doing business is lower than cloud-based services.
The Ethereum blockchain token Golem Network Token (GTM) allows users to be instantly paid for their work.
Golem is building their entire stack from bottom to top, a process that usually results in great UX.
IExec is a decentralized market for blockchain-based distributed applications and cloud services focused on affordable, high-performance computing.
Unlike Golem, iExec (since its release v1) allows anyone to develop and run applications.
The iExecc Dapp Store has a variety of apps. Considering the experienced team behind iExec, the reason they chose the Dapp route is probably because there is less competition here. After establishing itself in the decentralized Dapp market, iExec plans to expand into decentralized computing operations.
RLC stands for ‘Runs on Lots of Computers’ and is a native token of iExec. There are currently 87 million ERC-20 tokens 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, which is located on all nodes connected to the network. Counting products are stored in blockchain.
Characteristics of Ethereum Blockchain
Ether is the currency of Ethereum blockchain. Cryptocurrency ETH (Ethereum Hard Fork) and ETC (Ethereum Classic) are the two values of Ether.
EVM is capable of implementing a “smart contact”, an algorithm that saves and automatically executes contract terms. Both parties to a transaction agree to the terms of the Smart Agreement.
Bitcoin vs. Ethereum platform
The Bitcoin blockchain focuses on a set of predefined activities, such as tracking bitcoin transactions, while Ethereum allows users to execute code of any complexity, making it suitable for any decentralized application, including cryptocurrency.
Due to the parallelism of computing, computing on Etherium networks is more expensive and takes more time than a standard computer. In order to maintain consensus, all participants must agree to the order of all transactions that occurred, whether they participated in the transaction or not.
Ethereum nodes store the latest status of each smart contract, including all ether transactions. Since EVM is an isolated system, the code runs without access to the network or file system. Thus, even smart contracts have limited accessibility.
4. Hyperlaser fabric
Hosted by the Linux Foundation, HyperLaser Fabric is an open source distributed laser technology (DLT) with a modular and configurable architecture that can be deployed at the enterprise level in a variety of industries.
Characteristics of hyperlaser fabric
Privacy, development, and performance
The fabric platform enables permitted, private activities where operators know each other and may be bound by rules such as legal agreements.
Fabric supports smart contracts written in plain language like Java and Go, so no additional training is required to create smart contracts.
Performance has improved because, unlike Ethereum, only the parties involved in the transaction have to reach a consensus.
Also different from Ethereum, fabric nodes have different roles and functions in the consensus process. Nodes can be ordering, client or co-worker.
Fabric does not have a native cryptocurrency. However, chaincodes can be used to develop a native currency.
Tendermint has a blockchain consensus engine, known as the tendermind core, and a generic application interface, known as the application blockchain interface (ABCI). The software enables secure and consistent copying of an application across multiple machines.
The Byzantine Fault Tolerant (BFT) middleware of the Consensus engine can safely replicate the state conversion machine. BFT can tolerate one-third failures, including middleware hacking attacks.
The goal of the tender was to provide a more secure and efficient consensus algorithm than Bitcoin’s PoW (proof of work). The software formed the basis of important research by Casper’s team on consensus protocols: a fault-tolerant chain, such as Tendermint, could make better decisions about who made the block when a less reliable chain turned into a chicken and egg problem.
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 apps and support them with customized blockchains.
Lisk’s consensus process
Lisk asks developers to follow the “rules” for the agreement to ensure consensus. For example, they tell developers to “do not use Math.random ().”
7. Corda (V 3.0)
Corda is an open source, distributed laser platform (DLT) catering for the financial industry.
Features of Corda
Corda’s network is an authorized network – it is not open to all node operators. The nodes move into Corda and CoDapps and communicate with each other point-to-point.
Each network’s ‘gatekeeper’ sets admission rules for the node of those who wish to join the network. Like Fabric, Corda offers more privacy because of its finer control over access to the record, and better permutation due to the limitations of the parties involved.
At Corda, contract developers also add legal prose to their contract. This feature consolidates the agreement by validating it with the relevant legal prose. The platform does not have a native token.
Rootstock (RSK) is an open source smart-contract platform built on the Bitcoin blockchain.
RSK is enabling smart deals on the Bitcoin network. It uses the Turing-Complete Rootstock Virtual Machine (RVM) for smart computing. A 2-way peg allows users to send bitcoin directly to the rootstock chain. RSK Coins can be used with Smart Deals and DAPs. RSK agreements replicate ‘proof-of-existence’, which is used to prove the existence (or property rights) of a document.
The RSK blockchain has merge-mining, giving it the same security as Bitcoin in terms of settlement finalities and double costs.
RSK is a sidechain of Bitcoin. Bitcoins in the rootstock blockchain are called SBTC.
RSK is filling the gap in the Bitcoin network by enabling faster transactions. In addition to being convenient for users, it also helps to limit the size of the bitcoin block.