Comparison of popular public chains (21-30)

21. VET（VeChain）

1) Introduction

VeChain (VET) is a multi-functional enterprise-level L1 smart contract platform. VeChain started as a private consortium chain in 2015, cooperating with many enterprises to explore the application of blockchain. VeChain will begin its transition to a public blockchain in 2017 using the ERC-20 token VEN, before launching its own mainnet in 2018 using the ticker VET.

The platform uses two tokens, VET and VTHO, to manage and create value based on its VeChainThor public chain. VET generates VTHO and acts as a store of value and a value transfer medium. VTHO is used to cover the GAS cost and divides the VET when writing data without cost. This has the added benefit of ensuring that the cost of using the network remains stable by adjusting certain variables, such as the amount of VTHO required to service transactions, or increasing the rate of VTHO generation. Such action would first require a community vote of all stakeholders.

2) Cause

VeChain aims to leverage distributed governance and Internet of Things (IoT) technologies to create an ecosystem that addresses major data barriers across multiple global industries, from healthcare to energy, food and beverage, to sustainability and the SDGs. By harnessing the power of trustless data, VeChain is building the digital backbone that underpins the Fourth Industrial Revolution, which requires real-time and trustless data sharing among many participants.

3)Value

VeChain exists to disrupt traditional business models and is best known for its work in supply chains, an industry that hasn’t changed much in decades. Its work to provide a decentralized trust layer for a multi-party ecosystem has seen major success with high-profile clients and government agencies.

Using transparent technologies with no single point of weakness or control can improve the security, efficiency, and ease of tracking of all kinds of data, while reducing costs through the trustless automation of smart contracts. Carbon, supply chains, international logistics, incentivized ecosystems, automotive passports, and more all benefit greatly from the digitization of trust and collaboration it enables.

As such, VeChain's platform has very broad appeal to clients and many different clients in the industry.

VeChain’s official documentation states that its unique proposition lies in its dual-token setup and transformative protocols such as “fee delegation,” which is a one-stop “toolchain” platform, meaning crypto-conscious companies can VeChain’s blockchain-as-a-services are paid in fiat currency, while smart contracts handle gas payment costs, ensuring frictionless use of the network, even in strict jurisdictions.

4) Public chain comparison

Compared with other public chains:

a. One of the benefits of the dual token model is that the smart currency is decoupled from the gas fee used, so that developers on the VeChain blockchain can reduce the development cost without being too affected by the market price of the smart currency VET, thus Support large-scale development and strike a balance between the interests of developers and investors, but this is not an innovation of VeChain, it is a dual-token design model borrowed from NEO

b. VeChainThor Mainnet and Corresponding Infrastructure Services The four-layer technical architecture of the VeChainThor platform is shown in the figure above: Touchpoint: Digitize real-world information. We use NFC and RFID chips to digitize products and sensors that capture environmental, inertial, gas and location information. The touchpoints are VeChainThor's hands and eyes that connect the world and gather data feeds. Connection: The connection unit transmits the data captured by the sensor. Connected units and sensors together make up the IoT technology portfolio in the VeChainThor blockchain platform. Blockchain bottom layer: The bottom layer of the blockchain is responsible for conducting transactions and storing the data collected above. Deploying and running smart contracts on the blockchain can support multi-party collaborative activities. Applications and services: The applications and public services built into the blockchain can provide infrastructure services, simplify and standardize application development and common protocols and interfaces, such as VeVID for KYC, VeVOT for voting, VeSCC for smart contract authentication , VeSCL for smart contract libraries and a range of other technical protocols such as sidechains, cross-chains, data feeds, oracles, and more. The basic rules of this architecture are as follows: (1) Independent and derived technical layers; (2) Standardization, modularization, high flexibility, and rapid iteration; (3) Easy and fast development; (4) Transfer to other technologies and system open protocols.

c. The code update is normal, but it is still slightly worse than public chains such as eos and Ethereum.

22. FIL（Filecoin）

1) Introduction

Filecoin is a decentralized storage system designed to "store humanity's most important information." The project raised $205 million in an initial coin offering (ICO) in 2017 and was originally scheduled to launch in mid-2019. However, the Filecoin mainnet launch date was pushed back to block 148,888, which is expected to be mid-October 2020.

The project was first described in 2014 as an incentive layer for the peer-to-peer storage network Interplanetary File System (IPFS). Filecoin is an open protocol powered by a blockchain that records commitments made by network participants, and is transacted using the blockchain's native currency, FIL. Blockchain is based on Proof of Replication and Proof of Space and Time.

With Filecoin, anyone relatively tech-savvy should be able to run a client node to interact with the network. As for running a storage miner node, that's not something everyone and their mom can do - you need to have hardware that meets certain specs.

2) Cause

Store data in a decentralized manner. Unlike cloud storage companies like Amazon Web Services or Cloudflare, which are prone to centralization issues, Filecoin leverages its decentralization to protect the integrity of data locations, making them easy to retrieve and difficult to censor.

3) Value

The Filecoin project is a decentralized storage system designed to meet these properties. First described in 2014, the Filecoin protocol was originally developed as an incentive layer for the peer-to-peer storage network Interplanetary File System (IPFS). Like IPFS, Filecoin is an open protocol that builds on the properties of its older sibling, leveraging the same underlying peer-to-peer and content addressing capabilities.

The Filecoin node network generates a decentralized storage market for file retrieval and storage. The network is powered by a novel blockchain that records the commitments made by network participants. Users conduct transactions on the network using the blockchain’s native cryptocurrency, FIL (⨎).

Search the market

In the retrieval market, nodes called retrieval miners compete to deliver files to clients as quickly as possible. Retrieval miners are rewarded with a small FIL fee. This provides incentives for nodes at key locations for content delivery to join the network and facilitates rapid distribution of files. It also encourages the establishment of a robust network for copying and preserving files in high demand.

storage market

In Filecoin's storage marketplace, nodes called storage miners are empowered to compete on various characteristics such as price and location in order to provide clients with file hosting for a specified length of time. Before accepting the contract, storage miners must stake FIL; this is used to automatically compensate clients if storage miners fail to meet their obligations to clients.

When a storage miner and their client make a deal, the client transmits their data to the storage miner. Storage miners add their data to sectors, the basic unit of storage in Filecoin. Miners then perform a computationally intensive operation called sealing to create a unique copy of that sector's data.

If a customer wants to store multiple unique copies of their data, the sealing process ensures that each copy has a unique fingerprint, and the computational work required to derive the fingerprint will prevent node cheating by regenerating the node from the underlying data. The sealed data is ultimately used to issue proofs of replication to the Filecoin blockchain.

During storage transactions, storage miners are required to periodically submit so-called proofs of space-time to the blockchain. Miners obtain these proofs using randomness (provided by the blockchain itself), sealed sectors, and proofs of replication posted to the blockchain. Proofs provide clients with a strong probabilistic argument that storage miners have a complete, unique copy of the data. That's a pretty strong guarantee - even modern cloud storage providers don't offer this to their customers.

Clients reward Filecoin storage miners with FIL as transaction fees. Storage miners also gain the opportunity to mine blocks for the blockchain, which requires both FIL rewards and the ability to charge transaction fees to others who wish to include messages in the mined blocks.

Filecoin's proof system means miners need some additional hardware, but the requirements are still low enough for tech-savvy individuals. The hardware requirements for participating in the network as a client are not high. Filecoin nodes also expose an API for programmatic interaction with the network, allowing third-party services to build on top of core network functionality.

4) Public chain comparison

Compared with BTC and ETH public chains:

a. The consensus mechanism of BTC is PoW (Proof of Work) mechanism. The PoW mechanism produces blocks through the competition of computing power. The advantages of PoW are that it is reliable and widely used, and it is a public chain consensus algorithm that has undergone sufficient practical tests. But its shortcomings are also more obvious: it consumes too much extra computing power, consumes a lot of energy, and is not environmentally friendly. ETH currently uses the "PoW+PoS" consensus mechanism, and is currently developing towards pure PoS, but the progress is relatively slow. The consensus mechanism of Filecoin is expected consensus, and the main proof mechanism is the Proof-of-Spacetime (PoSt) mechanism. On the basis of the equity consensus PoS (Proof-of-Stake), Filecoin improved the consensus mechanism to become PoSt, to replace the proof of work PoW.

b. The essence of a BTC/ETH mining machine is a data computing device. Regardless of the initial CPU mining, GPU mining, or later FPGA mining, ASIC mining, and large-scale cluster mining, the essence is mining that focuses on improving the data computing power of mining equipment. The essence of PFS mining machine is a data storage device, and its main purpose is storage. Neither too high computing power nor too high CPU performance is required, and the memory capacity is suitable. Only large-capacity storage space and data storage I/O performance and bandwidth channels need to be as high as possible. Due to the special requirements of data storage, the mining machine must be placed in a stable and safe place that is not easily damaged.

c. ETH belongs to the public chain. Although BTC also belongs to the public chain, ETH has created a precedent for smart contracts, which is called blockchain 2.0. The industry generally believes that the bull market in the digital currency market in 2017 was led by ETH. Filecoin is a storage project. It is an IPFS incentive layer for IPFS and adopts the Token system of the blockchain. IPFS is likely to become the cornerstone of building the next-generation Internet, and the decentralized storage market built by Filecoin will play an important supporting role. At the same time, Filecoin's expected consensus based on the Proof of Space-Time (PoSt) mechanism is a useful consensus, so it is also known as representing Blockchain 3.0.

d. Ethereum provides smart contracts, successfully expanding the application scope of blockchain. The file storage responsibility of Filecoin expands the development of blockchain, especially the support for Dapp.

23. ETC（ETC）

1) Introduction

Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) that was launched in July 2016. Its main function is as a smart contract network with the ability to host and support decentralized applications (DApps). Its native token is ETC.

Since its launch, Ethereum Classic has tried to differentiate itself from Ethereum, and the technical roadmaps of the two networks have grown further and further over time.

Following a major hack that resulted in the theft of 3.6 million ETH, Ethereum Classic first set out to protect the integrity of the existing Ethereum blockchain.

2) Cause

Ethereum Classic (Ethereum Classic) is the original Ethereum chain with unrolled block data formed by a hard fork after a large amount of funds from the Ethereum ICO project THE DAO was stolen to recover the loss of funds. It retains the original code rules of Ethereum. and features. Vitalik and the Ethereum Foundation support the new chain ETH after the fork.

3) Value

The main goal of Ethereum Classic is to keep the Ethereum blockchain as it is, not to artificially fight against the DAO hack.

It first attracted those who disagreed with Ethereum’s response, but the traditional network has since gained a wider fan base that includes major investors such as Barry Silbert, CEO of investment firm Grayscale.

As a voluntary organization, the developers of ETC do not intend to turn the network into a for-profit entity. Users pay transaction fees as they would with Ethereum, and miners are charged based on the work done by a proof-of-work (PoW) mining algorithm.

Unlike Ethereum, Ethereum Classic has no plans to switch to a proof-of-stake (PoS) mining algorithm, while multiple developers continue to work on future improvements, such as scaling solutions.

The Ethereum Classic network is secured using proof-of-work, but as a minority chain, it is itself subject to frequent attacks. These include several 51% attacks to control mining power and perform fake transactions and double spends, the most recent of which occurred in August 2020.

4) Public chain comparison

Compared with the ETH public chain:

a. Consensus algorithm: In the evolution of ETC’s technical route, it will increasingly part ways with ETH, including consensus algorithm: Ethereum seems to be turning to PoS, while the ETC community believes that PoS technology is far from mature, and believes that PoS will cause serious problems The phenomenon that the rich get richer is not in line with the public chain spirit of ETC. ETC will still adhere to a safe and proven PoW.

b. Circulation: ETC announced a new monetary policy on March 1, 2017, setting the upper limit of the total amount of currency at about 210 million, not exceeding 230 million, and will dig out 99% of ETC around 2059. When the block height is 5,000,000 in December 2017, the first block reward will be increased by 20%, and then every 5,000,000 blocks will be reduced by 20%.

c. There are many innovations in Ethereum, in addition to Turing-complete and general scripting languages, in Fees, Mining algorithms, GHOST, about shorter blocks Time technology) and other aspects put forward a concept different from Bitcoin. ETH is essentially "blockchain + smart contract". The Ethereum platform allows users to build various distributed applications (DAPPs). The applications on the platform are actually smart contracts.

24. THETA（Theta）

1) Introduction

Theta (THETA) is a blockchain powered network built for video streaming. Launched in March 2019, Theta mainnet operates as a decentralized network where users share bandwidth and computing resources on a peer-to-peer (P2P) basis. The project was advised by YouTube co-founders Steve Chen and Justin Kan, co-founders of Twitch.

Theta has its own native cryptocurrency token, THETA, which performs various governance tasks within the network and has Google, Binance, Blockchain Ventures, Gumi, Sony Europe, and Samsung as enterprise validators, as well as thousands of community-run guardians Consists of Guardian network nodes.

2) Cause

The project aims to transform the video streaming industry in its current form - centralization, weak infrastructure and high costs mean end users often get a poor experience. Their revenue is also reduced due to barriers between content creators and end users.

3) Value

Theta's main business idea is to decentralize video streaming, data transfer and edge computing, making it more efficient, cost-effective and fair to industry players.

The network runs on a native blockchain with two native tokens called Theta (THETA), Theta Fuel (TFUEL) that power the internal economy.

Theta's appeal is reflected in three aspects: viewers get higher-quality streaming services, content creators increase revenue, middlemen (video platforms) save money on infrastructure construction, and increase advertising and subscription revenue.

Users are incentivized to watch network content and share network resources as rewards come in the form of TFUEL tokens.

The platform is open source, and token holders gain the same governance powers as many proof-of-stake (PoS)-based blockchain ecosystems.

In addition to video, data, and computing, Theta also caters to developers looking to launch decentralized applications (DApps) on its full-featured EVM-compatible smart contract platform.

Theta uses a financial incentive program to ensure users participate in governance activities, so its network is secured by its own users.

The network relies on Proof of Stake (PoS) and employs a multi-level Byzantine Fault Tolerant (BFT) consensus mechanism to balance security and high transaction throughput.

With the launch of the Guardian node in June 2019, Theta ensures that no single entity can control the majority of the THETA tokens being staked at any one time.

4) Public chain comparison

Compared with other public chains:

a. Theta ecological miners can get Theta token rewards for caching and relaying video streams. Users can encourage video creators and video stream providers by gifting Theta tokens. Advertisers use Theta tokens to sponsor video creators and video stream providers. , viewers can also receive Theta tokens from advertisers as compensation

b. We can see that creators, content distributors, advertisers, and users in the ecosystem are all included in Theta's ecosystem, forming a closed loop. Every entity can benefit from the Theta network, which is in line with the concept of blockchain win-win ecology.

c. POE reputation consensus mechanism, mining in Theta ecology is not based on pow nor pos, but a poe mechanism based on reputation mining. The mining revenue of a node is related to the reputation of the node. In order to obtain the reputation, the node not only needs to mine, but also needs to spread the content to the users who watch it. Reputation increases or decreases based on node performance, thus guaranteeing node and content quality. The project looks beautiful but it is cruel. theta is still in the air currency stage, the Theta project has not yet landed, and everything is in a state of yearning for a better future. The ideal is beautiful, but the reality is cruel.

d. At present, Theta will face some thorny problems: the underlying technical bottleneck: the video has very high requirements on the processing efficiency of the public chain. At present, there is no public chain on the market that can process transactions at the level of one million per second.

25. XMR（Monero）

1) Introduction

Monero was launched in 2014 with a simple goal: to allow transactions to be conducted privately and anonymously. Although BTC is widely believed to hide a person's identity, because the blockchain is transparent, it is often easy to trace payments back to their original source. On the other hand, XMR is designed to obscure senders and recipients by using advanced encryption techniques.

The team behind Monero says that privacy and security are their top priorities, with ease of use and efficiency second. It is designed to protect all users - regardless of their technical abilities.

Overall, the goal of XMR is to allow payments to be made quickly and cheaply without fear of censorship.

2) Cause

Allows transactions to be conducted privately and anonymously.

3) Value

There are several things that make Monero different. One of the biggest goals of the project is to achieve the greatest possible decentralization, which means that users don’t need to trust anyone else on the network.

Privacy is achieved through some unique features. While every bitcoin in circulation has its own serial number, meaning cryptocurrency usage can be monitored, XMR is fully fungible. By default, details about senders, recipients, and the amount of cryptocurrencies being transferred are obscured — an advantage Monero advocates say over rival privacy coins such as Zcash, which are " selective and transparent".

Obfuscation is achieved by using ring signatures. Here, past transaction outputs are picked from the blockchain and act as decoys, meaning an outside observer cannot tell who signed it. If Ian sends 200 XMR to Susan, this amount can also be divided into random blocks to increase the difficulty.

To ensure transactions cannot be linked to each other, create stealth addresses for each transaction that is only used once. All of these unique characteristics have led to XMR being increasingly used for illicit transactions rather than Bitcoin — especially on darknet markets. Governments around the world, especially the U.S. government, also gave hundreds of thousands of dollars to anyone who could crack the Monero code.

4) Public chain comparison

The three most important technologies of Monero are one-time address, ring signature technology, and ring confidential transaction. The one-time address is implemented using the classic non-interactive DH protocol; the ring signature technology has developed rapidly in recent years, which has greatly improved the signature size and verification speed; the ring confidential transaction adopts the homomorphic commitment and Ring signatures implement range proofs, which ensure the secrecy and public verifiability of transaction amounts.

Monero, as the cryptocurrency with the highest market share among strong anonymous cryptocurrencies, can provide some reference value for other products or solutions that need privacy protection by analyzing its anonymity technology. And provide a technical support for the use of Monero's intelligence tracking technology in the dark web and hacking events.

Compared with the Zcash public chain:

a. Monero uses ring signatures, confidential transactions, and hidden addresses to tamper with transaction details, including origin and destination. The XMR coin is the same and cannot be linked back to its source due to the use of blockchain miners. Zcash is built on zero-knowledge proof technology, symbolized as zk-SNARK. This technique can be understood as simple: you have done the math, you don't need someone else to do it again, then a zero-knowledge proof will help you confirm that the proposition is 100% correct and not leaked to others. This means that the transaction will be confirmed without will disclose any data.

b. Monero, Ring Signature: Typically, every blockchain transaction must be signed with a public key. The public key is an alias and risks identifying the user. However, in ring signatures, these keys are grouped together and any one of them can make a transaction. This means that the transaction is signed, but the public key cannot identify the user. Secret Transactions (ringCT): Monero uses multiple inputs and outputs to hide transactions and ringCTs to ensure double spending issues do not occur in the process. RingCT encrypts funds sent from one account to another. Only the XMR recipient can decode the amount. This information is transmitted in the "ecdhInfo" part of the transaction. However, nodes need to validate transactions, and this can be done through Pedersen's promises. This allows nodes to check for at least one transaction where the deposit amount is equal to the amount received (minus transaction fees). RingCT also ensures that the total number of transactions is greater than zero and that no one uses the "minus" amount to create a new coin. Hidden Address: This address will be randomly generated for each transaction on behalf of the recipient. The Monero software checks all payments to see if they belong to the recipient, and if so, allows access to them. This means that transactions are private to users other than the sender and receiver. Zk-SNARK: This proof allows nodes to ensure the integrity of the network even if the transaction is fully encrypted. They use a hash function to prove that the information is accurate without making it public. Then, prove to the node that the transaction is true and accurate. More importantly, the random method in Zcash is determined by a cryptographic ceremony.

Both cryptocurrencies use advanced technology and algorithms to facilitate private transactions. In theory, Zcash has a lot of potential due to the power of zero-proof transactions. However, its safety factor is not used in most transactions and has different levels of anonymity depending on whether the sender and receiver use the same "z" address. In contrast, Monero transactions are anonymous by default, which encourages them to be used more and ensures security on the network. Although there are some compromises in how it is implemented, Monero is currently the better anonymous currency than other currencies in the industry.

26. ONE（Harmony）

1) Introduction

Harmony is a blockchain platform designed to facilitate the creation and use of decentralized applications (DApps). The network aims to innovate the way decentralized applications work by focusing on random state sharding, which allows blocks to be created in seconds.

Harmony is a high-performance public chain project based on state sharding and PoS. Its sharding structure consists of a beacon chain and multiple shard chains. The beacon chain provides decentralized random numbers, shard chain Header , and accept services such as equity mortgage of the verification node. In terms of consensus algorithm, Harmony uses FBFT to reach consensus within each shard. FBFT is a consensus of deep optimization of PBFT. Through BLS multi-signature, the efficiency of traditional PBFT is improved by an order of magnitude. reach a consensus.

2) Cause

Focused on processing speed and validation, Harmony mainnet aims to revolutionize block creation

3) Value

To ensure the protection of nodes and the security of the verification process, Harmony introduces Verifiable Random Functions (VRFs) to enable unbiased and unpredictable shard membership. This means assigning and reassigning nodes and validators in a random fashion.

The project’s Harmony Grants program is an initiative to support innovation and attract developers to the Harmony mainnet.

Harmony introduces a new version of the Proof of Stake (PoS) consensus. This method, called Effective Proof of Stake (EPoS), allows hundreds of validators to stake simultaneously. This consensus method was developed based on the concept of sharding used in the Harmony network.

Unlike proof-of-work (PoW) consensus mechanisms, EPoS is designed to speed up processing times and improve scalability. While PoW requires a lot of electricity and computing power, the staking consensus method relies on a large number of value holders who become validators.

Harmony also hopes to increase staking incentives to attract more node operators. The Harmony Open Staking initiative encourages interaction with the network and incentivizes stakeholders with the highest amount of ONE tokens.

4)Public chain comparison

Compared with the Near and Elrond public chains:

a. In the sharded public chain, a 1% attack may result in double spending. Because after the network is fragmented, the computing power of the entire network and the number of mortgage tokens are divided, and each fragment is only 1/N of the network. If there are 100 fragments, without the design of a special security protocol, Using 1% of the computing power or equity of the entire network, you can control a shard, double spend, or even create new coins out of thin air. Harmony adopts the effective mortgage mechanism of EPoS (Effective Proof-of-Stake) and the safe random sharding technology (Random Sharding), and relies on the provisions of the protocol to break up the tokens mortgaged by large investors into many small parts, and randomly distribute them to In multiple shards, no one can centralize his mortgaged tokens into a single shard, and thus cannot attack a single shard. Near is a developer-friendly scalable public chain based on full-state sharding. They have proposed a new protocol and solution called Nightshade. The difference between Near and other sharded public chains is that its technical architecture is not composed of a beacon chain and multiple sharded chains, but the system is modeled as a separate blockchain, which is carried out at the block level. There are many "segments" in each shard. Elrond is a high-throughput public chain with adaptive state sharding. They proposed an improved proof-of-stake mechanism called Secure Proof-of-Stake (SPoS) consensus mechanism, which introduced a randomly selected consensus group and a method of staking and rating. Similar to Harmony, Elrond also has a main chain, called Notarization (Meta) chain, which is responsible for all network and global data operations, such as nodes joining and leaving the network, validator list, node allocation, etc.

b. The most important thing in state sharding is cross-shard communication. However, if a simple P2P broadcast protocol is used, the final system will generate a lot of message load, and such a system cannot support a large number of shards. Harmony adopts "Kademlia cross-chip routing technology" to control the network overhead of cross-chip communication, and uses "erasure code" to optimize the block broadcasting process, so that the broadcaster's network pressure is less, and the sender's network is avoided. The bottleneck problem, so as to achieve efficient horizontal sharding expansion. Near also solves the availability problem of fragmented data through "erasure code". Because of the existence of fragments, not all nodes have the status of all fragments. If some nodes do not have the status of some fragments, it is difficult to Guaranteed availability of certain data. The solution idea of ​​Near is that each node will divide the blocks they made into many parts and send them to different verifiers, so that only some parts of them can be reorganized, so that the shard blocks made by this node can be reorganized. The availability of data can be guaranteed. Elrond's strategy for performing cross-shard communication is to use an asynchronous model. Each block structure of Elrond is represented by a block header, which contains information such as the block random number, round, proposal node, validator node timestamp, etc., as well as a microblock (Miniblock) containing transaction information, and each microblock contains all transactions. . In this network, the verification and execution of the transaction will be completed in the sender's shard first, then notarized in the metachain and provide proof of execution, and then completed in the receiver's shard to update the balance, etc. The processing unit in this process is the microblock.

c. In order not to expose the validator of a specific shard, Near randomly assigns the validator through VRF, and hides the information of the validator assigned to the shard. In this way, the node only knows the existence of the validator, but does not know which shard corresponding to each validator is. Also, these hidden validators are signing blocks, not specific segments, which also hides which shard the validator is validating. Elrond uses random numbers for security, such as random sampling of block proposers and validators into consensus groups, and shuffling of nodes between shards after a round. In this way, the above-mentioned bribery attacks etc. can also be prevented.

27. EGLD（Elrond）

1) Introduction

Elrond is a blockchain protocol designed to provide extremely fast transaction speeds through the use of sharding. The project describes itself as a technology ecosystem for the new internet, including fintech, decentralized finance, and the Internet of Things. Its smart contract execution platform can reportedly process 15,000 transactions per second with a latency of 6 seconds and a transaction cost of $0.001.

The blockchain has a native token called eGold or EGLD that pays network fees, staking and rewards validators.

2) Cause

Provides extremely fast transaction speeds by using sharding

3) Value

Elrond describes itself as a blockchain platform for the new internet economy, decentralized applications and businesses. Its main selling point is its high scalability, claiming that it is the first blockchain network to implement state, network and transaction sharding. According to its economics paper, it seeks to build its ecosystem and establish EGLD as a store of value asset.

To achieve this, the network runs on 2,169 validating nodes divided into four shards: three executing shards, each capable of processing 5,400 transactions per second, and one coordinating shard, which is "Metachain". Elrond's adaptive state sharding architecture fully shards state, transactions, and the network. It can be scaled by adding additional shards when throughput needs are not met. It was tested running 263,000 TPS in a public environment with 1,500 nodes from 29 countries divided into 50 shards.

To increase adoption, the project also supports developers building on the platform, enabling them to earn 30% of smart contract fees as royalties.

The company maintains a supply of EGLD tokens to stake on the network for the first year, with validators receiving a 36% percentage rate per year.

Elrond uses a so-called secure proof-of-stake consensus algorithm, in which nodes must stake their EGLD tokens to participate in the verification process, and each validator is assigned a rating score based on past activity, which also affects whether they are a choice. If the validator's rating is too low, it will not be selected and a penalty must be paid. Validators can also be removed from the network and have their stake slashed if they continue to behave in ways that violate the integrity of the network.

Validators are chosen randomly in a way that can neither be predicted nor modified based on previous rounds of validation. Additionally, validators periodically shuffle between shards to prevent collusion. Nodes communicate using a modified Boneh-Lynn-Shacham or BLS multi-signature for strong cryptographic protection.

4) Public chain comparison

Compared with other public chains:

Elrond has innovated blockchain technology mainly from the following aspects:

a. Adaptive sharding technology, Elrond innovatively proposes a dynamic adaptive sharding mechanism, which can realize sharding calculation and reorganization according to the necessity and the number of active network nodes. Compared with static sharding technology, its main challenge lies in how to effectively solve the overall delay penalty caused by synchronization and communication during shard segmentation and fusion. Elrond has come up with a number of unique solutions to this challenge, such as:

b. The account address space is divided by a binary tree, so as to ensure that the specific number of shards in each epoch can be accurately grasped, and the divided load can be reduced through the hierarchical structure of the binary tree, and the redundant state mechanism of sibling nodes can be used to reduce latency;

c. Balance the workload and rewards of nodes in the network by introducing specific technologies;

d. Reduce latency through built-in automated transaction routing mechanisms;

e. Ensure bootstraping and storage performance in the system through the shard pruning mechanism.

f. Ultimately, Elrond's sharding technology hopes to achieve "scalability and availability coexist, scheduling and instant traceability, and efficiency and adaptability" under the premise of solving the complexity of network, transaction and state sharding. Target.

g. Security Proof of Stake Consensus Mechanism (SPOS), Elrond extends Algorand's random selection mechanism and introduces an innovative security proof of stake mechanism SPOS

28. XTZ（Tezos）

1) Introduction

Tezos is an open-source proof-of-stake (PoS) blockchain network that provides peer-to-peer (P2P) transactions through its native XTZ cryptocurrency, known as Tezzie, through its decentralized platform by deploying smart contracts.

The Tezos blockchain also helps in building decentralized applications (DApps) and is seen as a potential competitor to Ethereum. Tezos had the largest initial coin offering (ICO) ever, raising $232 million, but encountered significant adversity and delays after its launch.

2) Cause

Tezos is a smart contract and decentralized application (DApps) blockchain platform similar to ETH. It also has a self-amending feature powered by an on-chain voting mechanism.

3) Value

The project sees four main problems plaguing popular networks like Bitcoin, which are:

Protocol bifurcation problems caused by the inability of a specific network to adapt to blockchain modifications; the cost and centralization problems of using a proof-of-work (PoW) consensus mechanism; the transaction language limitations of the Bitcoin programming model make it difficult to implement smart contracts; Security issues of digital assets.

Most first-generation blockchain networks, such as Bitcoin and Ethereum, suffer from certain limitations that developers can only address with major upgrades to address network issues such as scalability and security. Sometimes a hard fork may be the only solution, which can lead to disruption and a divided community, as we have seen with the likes of Bitcoin Cash in 2020. The Tezos blockchain (XTZ) solves this problem by acting as a self-amending blockchain network, which makes it one of the most promising projects in the space today.

Tezos is capable of facilitating up to 40 transactions per second (TPS). This is much higher than the TPS achieved by Bitcoin and Ethereum, which are 4.6 TPS and 15 TPS, respectively.

Another feature that Tezos is famous for - what differentiates it from first and second generation blockchains - is its ability to implement real-time modifications on-chain as needed. In other chains, protocol changes can lead to hard forks, leading to community fragmentation. XTZ's model solves this problem.

According to the founding philosophy of Tezos, the old proof-of-work method for confirming on-chain transactions consumes too much energy, sometimes resulting in continued centralization of the network. To compete with other network miners, miners need to power high-quality mining equipment. The largest mining pools also contribute to centralization, as they overwhelm other smaller miners in the network. DPoS is a great option to solve these problems.

In the DPoS model, the task of maintaining the integrity of the blockchain rests with the stakeholders, who are also XTZ token holders. While there is a minimum requirement to hold a certain amount of XTZ before anyone can be nominated as a network validator, anyone can delegate their XTZ to selected validators to participate in efforts to secure the network.

The minimum requirement for anyone who wants to build a Tezos node and become a baker must have at least 8 XTZ, also known as "1 roll".

DPoS also enables the community to nominate bakers who will vote on protocol proposals on their behalf. Stakers only need to choose which bakers fit their values, and even if they don’t have enough XTZ to be considered bakers, they can still vote on important governance decisions.

4) Public chain comparison

Compared with Cardano and ETH public chain:

a. Tezos seems to have the upper hand in terms of the adaptability of its chain. Most of Cardano’s upgrades take a long time before being implemented, as Cardano still has to go through several rigorous scrutiny before it actually launches. This is also the reason why Cardano network upgrades are less frequent.

b. Tezos upgrades can be done on a regular basis or as the community deems necessary. This allows developers to continue developing other blockchain features for Tezos at any time.

c. Ethereum has a first mover advantage over Tezos. Therefore, it also has a larger community. But from where they are today, Ethereum lags behind Tezos in transaction throughput and faces many issues with gas fees and network congestion. As mentioned, Tezos' 40 TPS is much faster than Ethereum's 15 TPS.

But in terms of developer interest, Ethereum has a bigger advantage over Tezos due to the size of its community. Considering the launch of Ethereum 2.0, developers will find greater incentives to continue working on their chain, as it has solved the problems faced by other networks.

29. KLAY（Klaytn）

1) Introduction

Launched in June 2019, Klaytn is a public blockchain platform that provides an accessible user experience and development environment to communicate the value of blockchain technology. The platform combines the best features of public blockchains (decentralized data and control, distributed governance) and private blockchains (low latency, high scalability) through an efficient "hybrid" design.

Klaytn aims to bring blockchain technology to all types of users, from micro startups to the corporate sector. The company's mission is to achieve decentralization on a global scale through blockchain. In addition, the project has garnered interest from many well-known brands around the world.

2) Cause

Decentralization on a global scale through blockchain

3) Value

You can easily deploy your own chain or join other chains on Klaytn without any technical knowledge; you do not need to be an expert in cryptography or have a deep understanding of blockchain technology. According to their literature, anyone can launch their own token economy ecosystem on Klaytn without consulting highly specialized technical advisors.

As an extensive ecosystem of decentralized applications (DApps), Klaytn offers users the opportunity to find or develop the type of applications that suit their needs. Due to the decentralized nature of the platform, users have virtually unlimited use cases in front of users as there are no restrictions on the release of applications. Klaytn supports DApps in multiple fields, including digital asset management, art collection and trading, game development, and decentralized exchanges.

Because of this versatility, Klaytn has attracted the attention of institutional investors such as Humanspace, Wemade Tree, and Piction Network.

Klaytn recognizes that the Proof of Work (PoW) and Proof of Stake (PoS) consensus mechanisms are flawed, which is why the network relies on an optimized version of Istanbul BFT, which implements Practical Byzantine Fault Tolerance (PBFT), modified to achieve the necessary Blockchain network features. Klaytn has also introduced Proof of Contribution (PoC), which aims to compensate all participants who make meaningful contributions to the Klaytn token economy. By combining these consensus mechanisms, Klaytn achieves a multifunctional decentralized environment, ensuring that block validators are incentivized to perform their duties. Not only that, but blockchain successfully fulfills its mission of providing users with an enterprise-ready and service-centric environment through this hybrid consensus approach.

4) Public chain comparison

Compared with other public chains:

a. Klaytn is known as the "Korean Ethereum". Klaytn is a public chain built on the basis of the Korean social giant Kakao. Its current development in South Korea has received extensive support from the government and banking sectors. In addition, the project also deploys the global ecosystem through more than 30 node strategic partners such as Binance, Huobi, LG Electronics, SK Korea Telecom, and MakerDao.

b. At present, the number of account addresses on the Klaytn chain is about 2 million, accounting for less than 4% of Kakao users. As the blockchain financial infrastructure on Kakao, Klaytn's ecosystem is still in an extended state. With the continuous improvement of various financial scenarios, Klaytn will also usher in an overall explosion of user growth. On the one hand, the number of South Korean cryptocurrency users is still increasing, and on the other hand, Kakao users will gradually become financial users on Klaytn. From the perspective of growth space, Klaytn's user growth will reach more than 10 times in the future.

c. From the perspective of Klaytn itself, as a public chain, its token KLAY is also a part of the ecology, just like ETH is to the Ethereum system. In South Korea, which is known for its compliance, KLAY is currently only listed on CoinOne. CoinOne is currently the third largest compliant trading platform in South Korea, second only to Upbit and Bithumb. However, the market share of CoinOne in the Korean digital asset exchange is only about 10%. From this perspective, the current trading volume and market value of KLAY in CoinOne are not high.

30. HNT（Helium）

1) Introduction

Helium (HNT) is a decentralized blockchain-powered network for Internet of Things (IoT) devices.

Launched in July 2019, the Helium mainnet allows low-power wireless devices to communicate with each other and send data through its network of nodes.

Nodes come in the form of so-called hotspots, which are a combination of wireless gateways and blockchain mining rigs. As such, users who operate nodes mine and receive rewards in Helium’s native cryptocurrency token, HNT.

Helium is a peer-to-peer wireless network designed to provide a secure and cost-effective way for low-power IoT devices to interact with the Internet. Consumers can participate in the construction of the network and earn tokens by purchasing Hotspots (i.e. hardware hotspots in the Helium network) that provide coverage to nearby IoT devices.

2) Cause

Helium is designed to improve the communication capabilities of wireless Internet of Things (IoT) devices.

3) Value

Helium represents a new business model for deploying and managing wireless networks. Traditionally, telcos like AT&T, Verizon, T-Mobile, China Mobile, China Unicom and Softbank centrally plan, manage and deploy wireless networks. They build base stations, pay for labor, ship the goods, and buy all the equipment before generating any revenue. Building a wireless network requires a lot of money, and it's slow. And Helium network does not pursue 3G/4G/5G like traditional enterprises. On the contrary, the Helium network provides low-power IoT devices, and through token incentives, participants are attracted to actively purchase Hotspots (hotspot devices), thereby shifting the construction cost of the project startup phase. Its core appeal will be device owners and those interested in the IoT space, with financial incentives providing further rollout possibilities.

Network participants buy hotspots—combinations of wireless gateways and miners—or build their own. Each hotspot provides network coverage within a certain range and mines Helium’s native token, HNT.

The network runs on proof-of-coverage, a new consensus algorithm based on the HoneyBadger BFT protocol that allows nodes in the network to reach consensus when the quality of the connection is highly variable.

In addition to HNT, users pay transaction fees with a separate token called Data Credits, which is non-convertible and tied to the individual user itself.

Helium uses a custom consensus mechanism called Proof of Coverage (PoC), which rewards users for contributing to mining (validating transactions) and ensuring stability.

PoC is based on the HoneyBadger BFT protocol and is designed for node communication when conditions are unreliable.

Helium said the most likely attack vector affects node operators in the form of inbound ports to hotspots. For token holders, the platform's own wallet uses asymmetric keys to help secure users' private keys.

4) Public chain comparison

Compared with other public chains:

a. Helium is a decentralized wireless communication network, which belongs to a subdivision of the IoT track, and is currently the only product in the blockchain ecosystem that provides low-power, wide-coverage wireless network access.

b. At present, Helium mainly supports IoT devices of the LoRaWAN standard, aiming to provide open and large-scale global wireless network coverage. Long-distance wireless technologies such as LoRaWAN supported by Helium can be subdivided into: Low-Power Wide-Area Network (LPWAN): a wide-area network that provides long distance, low transmission rate, and low power consumption . Available LPWAN technologies and protocols are divided into NB-IoT using licensed frequency bands, and LoRa, Sigfox, Weightless, Random Phase Multiple Access (RPMA), IEEE 802.11ah, etc. using unlicensed frequency bands.

c. Very Small Aperture Terminal (VSAT): A communication technology that uses a small dish antenna and is transmitted through artificial satellites.

d. The LongFi transmission protocol currently adopted by Helium is actually a wireless transmission protocol that combines the LoRaWAN wireless protocol (LoRaWAN is a communication protocol based on LoRa) with the Helium blockchain, so that any device compatible with the LoRaWAN wireless protocol can Data can be transmitted over the Helium wireless network.

At present, global telecom operators have built mobile cellular networks that cover the world. However, although 2G, 3G, 4G and other cellular networks cover a wide range, IoT devices based on mobile cellular communication technology have the disadvantages of high power consumption and high cost. The current carrying capacity of mobile cellular networks is insufficient to support object-to-object connections. In communication scenarios such as smart homes and industrial data collection, short-distance communication technology is generally used, but long-distance communication technology is required for wide-range and long-distance connections. LPWAN technology is a long-distance wireless communication technology that came into being to meet the needs of the Internet of Things.