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8 COMPUTING SOLUTIONS AT THE FOREFRONT OF THE NEW ECONOMY

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 developing market.

1. Golem

Golem is an open source decentralized computer network.

How golem works

The Golem sell ethereum in Nigeria Network is a computing power market where users can make money by “renting” their machines or by developing and selling software.

Within the network, users who rent computing power are referred to as “providers” and users who purchase computing power are referred to as “requesters”. Requesters use Golem for various purposes including graphics processing, data analysis, microservices, and machine learning.

Advantages

  • The division of labor means that tasks can be completed simultaneously, which enables shorter project times.
  • Business costs are lower than cloud-based services.
  • Users can be instantly paid for their work using the Golem Network Token (GTM), a token on the Ethereum blockchain.
  • Golem builds its entire stack from the bottom up, an approach that usually results in great UXs.

2. iExec

IExec is a decentralized cloud services marketplace focused on blockchain-based distributed applications and affordable high-performance computing.

iExecc Dapps

Unlike Golem, iExec (since v1 release) allows anyone to develop and run applications.

The iExecc Dapp Store contains a variety of apps. Considering the experienced team behind iExec, the reason for choosing the dapp path is that there is likely to be less competition here. Having established itself in the decentralized dapp market, iExec plans to expand into decentralized computing tasks.

RLC

RLC is short for Runs on Lots of Computers and is iExec’s native token. There are currently 87 million ERC-20 tokens in circulation.

3. Ethereum

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 resides in all nodes connected to the network. The result of the calculations is stored in the blockchain.

Features of the Ethereum blockchain

Ether

Ether is the currency of the Ethereum blockchain. The cryptocurrencies ETH (Ethereum Hard Fork) and ETC (Ethereum Classic) are two values of Ether.

Smart Contract

The EVM is capable of running “smart contact”, an algorithm that stores and automatically executes contract terms. Both parties involved in a transaction agree to the terms set out in the smart contract.

Bitcoin vs. Ethereum platform

The Bitcoin blockchain focuses on a set of predefined operations, such as: B. tracking Bitcoin transactions, while Ethereum allows users to run code of any complexity, making it suitable for any decentralized application, including cryptocurrencies.

Consensus mechanism

Calculations on the Ethereum network cost more and take longer than on a standard computer due to the parallelization of data processing. 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 store the latest state of each 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, even with smart contracts, accessibility is limited.

4. Hyperledger Fabric

Hosted by the Linux Foundation, Hyperledger Fabric is an open-source distributed ledger technology (DLT) with a modular and configurable architecture that can be deployed at an enterprise level across multiple industries.

Hyperledger Fabric features

Privacy, development and performance

  • The Fabric platform allows for permissioned, private operations where operators can know each other and be bound by rules, e.g. B. to a legal agreement.
  • Fabric supports smart contracts written in popular languages like Java and Go, so no additional training is required to create the smart contracts.
  • Performance is improved because, unlike Ethereum, only the parties involved in the transaction need to reach consensus.

Fabric node

Also unlike Ethereum, fabric nodes have different roles and duties in the consensus process. The nodes can be orderers, clients or peers.

Local currency

Fabric does not have a native cryptocurrency. However, Chaincode can be used to develop a native currency.

5. Mint

Tendermint features a blockchain consensus engine known as Tendermint Core and a generic application interface known as Application Blockchain Interface (ABCI). The software enables secure and consistent replication of an application on multiple machines.

Delicate mint core

The consensus engine’s Byzantine Fault Tolerant (BFT) middleware can safely replicate the state transition machinery. BFT middleware can tolerate a third of failures, including hacking attacks.

Tendermint aimed to offer a safer and more efficient consensus algorithm than Bitcoin ‘s PoW (Proof of Work). The software formed the basis of important research by the Consensus Protocol Casper team: a fault-tolerant chain like Tendermint can make good decisions about who produces a block, while a less-reliable chain leads to a chicken-and-egg problem.

The software is easy to use, replicates applications written in any language and has multiple applications.

6. List

Lisk is a decentralized and distributed platform that allows users to develop apps and power them with customized blockchains.

Lisk functions

Developers can use Lisk’s JavaScript-based Software Development Kit (SDK) to build both the backend and frontend of their app. However, Lisk offers no protection against non-deterministic behavior. In addition, the platform cannot prevent infinite loops and measure memory consumption.

Lisk’s consensus mechanism

Lisk asks developers to follow “rules” for contracts to ensure consensus. For example, they tell developers not to use Math.random( ) .

7. Corda (V3.0)

Corda is an open source distributed ledger (DLT) platform for the financial industry.

Characteristics of Corda

Corda’s network is a permitted network – it is not open to all node operators. The nodes run on Corda and CoDapps and communicate point-to-point with each other.

Each network’s “gatekeeper” sets the admission rules for nodes wishing to join the network. Like Fabric, Corda offers more privacy due to its fine-grained access control to datasets and better permeability as consensus is narrowed down to the parties involved.

On Corda, contract developers also add legal prose to their contract. This feature solidifies the contract by legitimizing it with accompanying legal prose. The platform does not have a native token.

8. Rootstock

Rootstock (RSK) is an open source smart contract platform built on top of the Bitcoin blockchain.

Characteristics of the rootstock

Smart Contracts

RSK enables smart contract on the Bitcoin network. It uses the Turing-complete Rootstock Virtual Machine (RVM) for smart contracts. A 2-way peg allows users to send Bitcoin directly to the Rootstock chain. The RSK coins can be buy or sell ethereum used with smart contracts and dapps. RSK contracts replicate the “proof of existence” used to prove the existence of a document (or title).

Security

The RSK blockchain features merge mining, giving it the same level of security as Bitcoin in terms of settlement finality and double spend.

SBTC

RSK is a sidechain of Bitcoin. The bitcoins on the Rootstock blockchain are called SBTC.

RSK fills the gaps in the Bitcoin network by enabling faster transactions. Aside from being convenient for users, it also helps keep bitcoin block size within bounds.

Uneeb Khan
Uneeb Khan
Uneeb Khan CEO at blogili.com. Have 4 years of experience in the websites field. Uneeb Khan is the premier and most trustworthy informer for technology, telecom, business, auto news, games review in World.

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