In recent years, we 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 market, where users can make money by ‘renting’ their machines or by developing and selling software.
Within the network, users who rent computer power are called “suppliers,” and users who receive power are called “seekers.” Applicants use Golem for a variety of purposes, including graphics processing, data analysis, microservices, and machine learning.
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- Division of labor means that tasks can be executed simultaneously, allowing for shorter deadlines for projects.
- Operating costs are lower than cloud-based services.
- Users can pay instantly 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 great UXs.
IExec is a decentralized market for cloud services focused on distributed blockchain-based applications and affordable high-performance computing.
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Unlike Golem, iExec (since the release of v1) allows anyone to develop and run applications.
The iExecc Dapp store contains various applications. Considering the experienced team behind iExec, their reason for choosing the Dapp path is that there is probably less competition here. Once established in the decentralized Dapp market, iExec plans to expand to decentralized computational tasks.
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RLC stands for “Runs on Lots of Computers” and is the original iExec character. There are currently 87 million ERC-20 tokens in circulation.
Ethereum is an open source blockchain-based platform that allows users to build 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 budget product is stored on the blockchain.
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Features of Ethereum Blockchain
Ether is the currency of the Ethereum blockchain. The cryptocurrencies ETH (Ethereum Hard Fork) and ETC (Ethereum Classic) are two values of Ether.
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A smart contract
EVM is able to make a “smart contact”, an algorithm that stores and automatically executes the terms of the agreement. Both parties involved in the transaction agree to the terms written in the smart contract.
Bitcoin vs Ethereum platform
The Bitcoin blockchain is focused 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 costs more and takes longer than a standard computer due to parallel computing. In order to maintain consensus, all participants must agree on the order of all transactions that have occurred, regardless of whether they participated in the transaction or not.
Ethereum nodes store the latest status of each smart contract, along with all Ether transactions. As EVM is an isolated system, the code works without access to the network or file system. Thus, availability is limited even among smart 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.
Hyperledger fabric characteristics
Privacy, development and performance
- The Fabric platform enables permitted, private work 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.
- Performance has improved because, unlike Ethereum, only the parties involved in the transaction need to reach a consensus.
Knots of fabric
Unlike Ethereum, Fabric nodes have different roles and tasks in the consensus process. Nodes can be clients, clients, or peers.
The fabric does not have the original cryptocurrency. However, the chain code can be used to develop the domestic currency.
Tendermint has a blockchain consensus mechanism, known as the Tendermint Core, and a generic application interface, known as the Application Blockchain Interface (ABCI). The software enables secure and consistent replication of the application on multiple computers.
The Byzantine fault tolerance (BFT) software of the consensus engine can safely replicate the state transition machinery. BFT proxy software can tolerate one-third of failures, including hacking.
Tendermint’s goal was to offer a more secure and efficient consensus algorithm than Bitcoin’s PoW (Proof of Work). The software was the basis of important research by consensus protocol Casper’s team: a fault-tolerant chain, like Tendermint, can make good decisions about who produces a block, while a less reliable chain results in a chicken and egg problem.
The software is easy to use, replicates applications written in any language and has multiple applications.
Lisk is a decentralized and distributed platform that allows users to develop applications and support them with custom blocks.
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 platform, a distributed book (DLT), used by the financial industry.
Characteristics of the Corde
The Cord network is a permitted network – it is not open to all node operators. Nodes run on Corda and CoDapps and communicate with each other from point to point.
The ‘gatekeeper’ of each network sets the reception rules for the nodes that want to join the network. Like Fabric, Corda offers more privacy because of its finely controlled record access control and better throughput due to limiting consensus to the parties involved.
At Corda, contract developers also add legal prose to their contract. This feature consolidates the contract by legitimizing it with associated legal prose. The platform does not have a source token.
Rootstock (RSK) is an open source smart contract platform built on the Bitcoin blockchain.
RSK enables a smart contract on the Bitcoin network. It uses Turing-complete Virtual Machine (RVM) for smart contracts. The two-way wedge allows users to send Bitcoin directly to the Rootstock chain. RSK coins can be used with smart contracts and Dapps devices. RSK contracts replicate “Proof of Existence”, which is used to prove the existence of a document (or property right).
The RSK blockchain has a mining merger, providing it with the same level of security as Bitcoin in terms of settlement finality and double spending.
RSK is secondary bitcoin. Bitcoin on the Rootstock blockchain is called SBTC.
RSK fills the gaps in the Bitcoin network by enabling faster transactions. In addition to being convenient for users, it also helps to keep the size of the Bitcoin block within limited limits.