#blockchain protocols

[techy-hub]

7 Key Blockchain Protocols You Need to Know

Discover 7 key blockchain protocols like Bitcoin, Ethereum, and Polkadot. Learn their features, use cases, and role in shaping the future of

[scortik]

Compare Blockchain Protocols with Scortik

Making the right choice when it comes to blockchain protocols can be challenging. That's why Scortik is here to help! With our compare protocols page, you can now easily compare different protocols based on key metrics and features that matter most to you.

[techtrickszone]

What Are The Different Types of Blockchain Consensus Protocols? - WazirX Blog

It is absolutely crucial to take a good look at the different consensus protocols powering different blockchain systems. Read this article to know more.

[blockchaintaco]

“We’re not PoW or PoS Fans” – Co-founder of Geeq Discusses Consensus Protocols

There has been a lot of hustle relating to hash rates and consensus algorithms since ETCs chain got attacked. The 51% attack was monitored from a single source and double spending activity was obse…

[techcocktail]

Sharding Blockchain Technology Could Process Transactions Faster

[kunaljethwani]

A gentle introduction to smart contracts

Smart contracts can be thought of as “automated trustworthy workflow between parties without a central specific co-ordinator.”. Here’s how I think about them.

[kunaljethwani]

What Are All These Different Blockchain Protocols?

There are various differences between the front runners in blockchain protocols. Leading to what’s been called the fourth industrial revolution, these protocols, and the institutions behind them, collaborate to create the many iterations of blockchain. Moreover, the applications of their work have just begun to be implemented with far reaching consequences for the financial sector.

Bitcoin – The Origial Blockchain

Bitcoin has been an open source project since 2009, and it is a first-mover with an ardent group of enthusiasts. The native currency of Bitcoin is BTC, which is used to record transactions on the blockchain. Bitcoin uses Proof of Work (via miners) to validate transactions on the ledger, however of late Bitcoin has become a victim of its own success. Theoretically, each transaction on the blockchain is recorded as movement on the ledger through the combined processing power of the miners. Every 1-10 minutes each block is confirmed and the miners receive a payout in freshly “minted” bitcoins. The ecosystem around bitcoin is diverse, ranging from remittance to merchant payments.

Ripple – The Blockchain for Financial Payments

Ripple started as a project by Ryan Fugger in 2003, and was adapted by OpenCoin (now Ripple) after the creation of Bitcoin. Ripple has grown into a strong contender in the fintech scene. Focusing on removing friction from international payments, Ripple has positioned itself as a SWIFT 2.0. In addition to being consumed by transactions the network, its native currency XRP is positioned as a bridge currency among asset pairs on the Ripple protocol to save financial institutions money. Transactions are confirmed every 3-5 seconds on the Ripple network, through consensus among validators. Furthermore, validators on Ripple are not rewarded for their part in achieving consensus, a process which requires the agreement of each node (run by each validator) in the network. Since Ripple does not use Proof of Work or Proof of Stake it is able to achieve a much shorter timeframe for each confirmation round in the ledger.

Ethereum – A Blockchain Programming Language

Ethereum is widely considered the most ambitious and complex of protocols in the blockchain space. Currently Ethereum uses a proof of work system for validation, however the protocol will rely on Proof of Stake at some point in the near future. This method of validation requires holders of Ether to prove how much they hold, provided they meet the 1500 Ether quota set by the Ethereum Foundation. Using a method of what’s known as weak subjectivity consensus the nodes validate the network and are paid out a percentage of newly created Ether in return for holding the currency. Potential use cases for Ethereum range from Decentralized Autonomous Organizations (DAO), to Crowd prediction markets such as Augur. Ethereum’s trajectory may see it become a Decentralized App store (Dapps) of sorts. The native currency ETH is required for inscribing the ledger, or in other words fuel for Dapps.

Hyperledger – The Community Coming Together

Hyperledger is a protocol that has undergone many changes over the past year as succinctly explained by Tim Swanson. The current implementation of Hyperledger uses the Bitcoin UTXO transaction model and was created in early 2016. Similarly to Bitcoin, the UTXO model ensures that unspent transactions remain uncompromised while travelling to their destination, through a system of private and public keys. This system ensures that Hyperledger does not have any instances of double spending, by controlling outputs. Unlike its counterparts, Hyperledger in its current state has no native currency. Discussion about what Hyperledger might be used for is ongoing however syndicated loans and capital markets infrastructure are among the top use cases for the technology.

The future of blockchain is only beginning to come into view. However it seems likely the Internet of Value will not be comprised of one blockchain, but rather a plethora of competing public and private blockchains. Together, these parts will form the infrastructure for a new, more efficient and equitable marketplace for everyone.

Originally posted at Bluezelle By Kai Charette