Comparison of popular public chains (31-40)
Last updated
Last updated
1) Introduction
The name IOTA refers to various elements of the IOTA Foundation's (DLT) solution. IOTA is a distributed ledger technology built on a proprietary (DAG) called Tangle) On , you can picture it as a multi-dimensional blockchain. It allows for the exchange of information and value on a decentralized platform, enabling direct and secure transfers that are executed and immutably recorded on the network at the base layer , known as "IOTA" or "Tangle", allows fee-free micropayment transactions between devices. This provides the foundation for what the IOTA Foundation calls the "machine economy" and supports a variety of other use cases.
2) Cause
Scalability and free transactions remain the guiding principles behind most of IOTA's development
3) Value
As the Internet grows and more aspects of our world become digitized, the Foundation aims to use the IOTA protocol to enable a new form of value exchange and to build a web of trust between devices and people and between devices ("things ") they themselves. This evolution of value and data exchange will optimize manufacturing, supply chain, civil engineering, transportation, finance and other industries. This new form of exchange is what we call the "machine economy". However, e-commerce or human-to-human applications can still be offered through free like IOTA. IOTA becomes the standardized networking protocol for applications such as the Internet of Things, where "transactions" can involve as small as a tiny sensor in a vehicle. For the IoT to scale to the level of a city or transportation system, these millions of transactions need to be immune to the fees inherent in almost all public blockchains today.
In terms of scalability and flexibility, the founders of IOTA are also trying to increase the speed of existing blockchain transactions. Blockchain transactions are often limited by how quickly miners can discover new blocks (called block timing). This precludes any applications that require near real-time settlement, such as traffic management secured directly on top of the DLT base layer. IOTA uses a more lightweight transaction consensus model, which greatly increases transaction speed and its finality, allowing participants to secure any transaction or data on-chain without having to outsource them to a second-layer solution
Before Coordicide, the transaction per second (TPS) rate was still limited by the processing power of the nodes in the Tangle. Tests on the Tangle have shown this number to be in excess of 1000 transactions per second, and possibly more if the nodes themselves are running on powerful hardware. When implementing the concepts of Coordicide and sharding, the upper bound on the potential throughput of the network will be determined by the number of logical shards in the network. Each shard has its own independent throughput properties. The scalability properties of IOTA will facilitate the scenario of IoT network architecture.
4) Public chain comparison
Compared with other public chains:
a. is the name of IOTA’s Directed Acyclic Graph (DAG) underlying architecture. It allows a large number of individual transactions to be connected to each other instead of collecting them into consecutive blocks like a blockchain. Visually, this overlapping network of tiny connected transactions looks like an intricate network with only one direction, rather than a single thread like in a blockchain. Hence the name "Tangle". Tangle is the blockchain network protocol version of IOTA. Instead of miners or validators (in a system) confirming an aggregated block of new transactions at predefined intervals, each new transaction requires confirmation of two or more previous transactions. Since the Tangle is a DAG, it can confirm small transactions faster than traditional blockchain technology. Since there are no miners, transactions on IOTA do not have to wait to be included in newly generated blocks, nor do they require any fees to be processed by the network. These factors give IOTA the ability to scale, allowing the network to handle both large enterprise transactions and transactions based on data from tiny sensors inside devices. Tangle is a scalable distributed ledger technology with one of the smallest, if not smallest, energy footprints of any public DLT.
b. Distributed ledger technology (DLT) is an umbrella term for what is commonly referred to as blockchain. Blockchain is one type of DLT, and IOTA’s Directed Acyclic Graph (DAG) is another specific type of DLT.
c. Open source trust networks on distributed ledgers appear to be the only viable and secure solution for data markets. To meet this need, IOTA currently has no competition — especially when considering important criteria such as capacity, speed, and cost.
d. IOTA is a new type of digital encryption HB, which specifically solves the problem of machine-to-machine transactions. Build a blueprint for the future machine economy by enabling machine-to-machine payments without transaction fees. IOTA is characterized by providing efficient, secure, lightweight, real-time microtransactions and incurring no transaction fees. It's open source and specifically designed for the Internet of Things, it's real-time microtransactions, and it's easy to scale.
1) Introduction
The project's goal is relatively simple: to make blockchain technology as straightforward as possible for programmers -- and to ensure that the network is easier to use than its competitors. Therefore, we provide tools and a range of educational resources to support developers who want to quickly build functional applications.
Other priorities include providing a higher level of scalability than other blockchains, some of which can only handle less than a dozen transactions per second.
EOS also aims to improve the experience for users and businesses. While the project seeks to provide consumers with more security and less friction, it also seeks to unlock flexibility and compliance for businesses.
Blockchain was launched in June 2018.
2) Cause
A platform that allows developers to build decentralized applications (also known as DApps for short)
3) Value
EOS is a new blockchain software system developed by Block.one with the goal of decentralizing everything. Beginning in mid-2017, after a year of token crowdfunding, it went live on June 15, 2018 through a community of dozens of block producers (block producers, BPs, also known as supernodes). network, the main blockchain of the EOS main network is officially running.
The consensus mechanism adopted by EOS is DPOS (Delegated Proof of Stake), that is, some nodes become witness nodes or block producers (BP, also known as super nodes) after obtaining enough votes. ), responsible for the block generation of the blockchain. For the Bitcoin system, anyone can access the network to compete for accounting rights with computing power and generate blocks. With EOS, only supernodes are eligible to produce blocks. This is because the consensus mechanisms used by the two are different: Bitcoin and Ethereum use a proof-of-work consensus mechanism, while EOS uses a DPOS (Delegated Proof-of-Stake) consensus mechanism. Around the comparison of POW and DPOS, the discussion mainly focuses on energy consumption, efficiency, safety and so on. But we can also look at why DPOS is a viable option from a (decentralized network) formation perspective. The software system developed based on the idea of blockchain has the following three key requirements:
One is performance. Can the overall performance of its decentralized network support a large number of applications?
The second is the network. Can its consensus mechanism, economic incentives and community operations attract enough nodes to join to form a safe and reliable decentralized network?
The third is function. Whether the target is generic, functional, or industrial, does it provide the must-have functionality required for application development?
The key to the success or failure of a basic public chain is the above three points: performance, function and network. EOS has made a lot of efforts in performance and function, and the DPOS consensus mechanism and super node election are the efforts made by EOS in the corner of "network". EOS uses the method of super node election to stimulate the formation of an active decentralized network, and the super node election is highly matched with its consensus mechanism DPOS (Delegated Proof of Stake). According to the current design, the 21 active producers and 179 alternate producers who get the votes together produce the blocks of the EOS blockchain, that is, run the blockchain network. These block producers are dynamic and dynamically adjusted based on votes.
4) Public chain comparison
Compared with BTC and ETH public chains:
a. At the most basic level - the data layer and the network layer, EOS is not much different from Bitcoin and Ethereum.
b. The consensus mechanism of EOS adopts the DPOS (Delegated Proof of Stake) consensus mechanism which is different from the previous one. Due to the adoption of the DPOS consensus mechanism, the incentive layer of the EOS network can be regarded as no longer exists alone (not shown in the figure). The EOS network newly issues 5% of EOS coins every year, of which 1% is allocated to block producers according to certain rules, and the other 4% enters the community's proposal system (worker proposal system) fund pool to be allocated.
c. The smart contracts of EOS and Ethereum are slightly different, but basically adopt a similar design. The application of EOS is also similar to that of Ethereum. So for the contract layer and the application layer, both are similar.
d. The innovation of the system design of EOS lies in the tool layer and the ecological layer. In order to make EOS suitable for application development, the EOS team has designed tools and interfaces such as accounts and persistent databases (Multi-Index DB) for it. Therefore, Tang Yu's classification is continued here, and it is believed that there is a tool layer between the contract layer and the application layer, which makes it more convenient to develop applications on the EOS blockchain. Another special design of EOS is that it separates its own EOS mainnet and EOSIO software, and encourages developers to use EOSIO software to build industry-specific and domain-specific blockchain networks (should use new network names), and build their own EOSIO software. A range of applications. There may be an ecological layer at the top of the system architecture, which is a blockchain using EOSIO software, such as a public chain specially developed for games, logistics, finance, social networking, energy, and medical care.
1) Introduction
Stacks is a layer 1 blockchain solution designed to bring smart contracts and decentralized applications (DApps) to Bitcoin (BTC). These smart contracts were brought to Bitcoin without changing any of the features that make it so powerful — including its security and stability.
These DApps are open and modular, which means that developers can build on top of each other's applications to produce features that are simply not possible in regular applications. Since Stacks uses Bitcoin as the base layer, everything that happens on the network runs on the most widely used and arguably most secure blockchain – Bitcoin.
The platform is powered by Stacks Token (STX), which is used to power the execution of smart contracts, process transactions and register new digital assets on the Stacks 2.0 blockchain.
The platform was previously known as Blockstack, but changed its name to Stacks in Q4 2020 to "separate the ecosystem and open source projects from Blockstack PBC" — the company built the original protocol.
Stacks 2.0’s mainnet launch in January 2021.
2) Cause
Aims to bring smart contracts and decentralized applications (DApps) to Bitcoin (BTC)
3) Value
Stacks wants to take what makes Bitcoin so powerful and extend it with additional features without forking or changing the original Bitcoin blockchain.
It does this by connecting directly to the Bitcoin blockchain through its Proof of Transfer (PoX) consensus mechanism, which lets miners pay BTC to mint new Stacks (STX) tokens. Additionally, STX token holders can also stack (rather than stake) their tokens to earn Bitcoin as a reward.
Stacks introduces a new smart contract programming language called Clarity, which is designed to be both secure and easy to build due to its explicit syntax. The Algorand (ALGO) blockchain also uses this smart contract-centric programming language.
On top of that, Stacks was the first cryptocurrency to receive SEC qualification for sales in the U.S., enabling it to launch a $28 million Reg A+ sale cash offering for its STX token in July 2019.
Stacks uses the Bitcoin blockchain as its base layer. As a proof-of-work (PoW)-based blockchain, Bitcoin utilizes the combined efforts of thousands of miners and nodes to protect the network from attacks that make it computationally and economically impossible to disrupt the network.
On top of that, Stacks introduced its own consensus model called Proof of Transfer (PoX), a novel mining mechanism that allows users to transfer the base currency (BTC) to STX - effectively bootstrapping Stacks The security of using BTC's blockchain.
4) Public chain comparison
Compared with other public chains:
a. The security of Stack 2.0 can benefit from the Bitcoin network. At the same time, the Clarity smart contract language can help developers write and trigger smart contracts based on the transaction status on the Bitcoin chain.
b. Technically, the code iterates well so far. Stack2.0 uses the PoX consensus mechanism to use Bitcoin as the base chain, Stacks 2.0 as the connection chain, and miners use BTC to campaign for block packaging rights to obtain fee rewards for smart contracts and transactions.
c. The Clarity smart contract language has built-in SPV (Simple Proof of Payment) to read data on the Bitcoin chain. When writing the contract logic, the developer can introduce the transaction status of Bitcoin as the condition of the smart contract. When Stack 2.0 detects that the transaction has been completed on the Bitcoin chain, it satisfies one of the operating conditions of the smart contract. Trigger the next procedure. At the same time, Clarity focuses on optimizing for predictability and security, where developers can predict what a certain Clarity program will do, and how much it will cost. And reduce the possibility of errors in smart contracts and being exploited by hackers.
d. Compared with Ethereum, Stack 2.0 is optimized in terms of scalability and BTC participation, as well as the security of smart contracts. Compared with RIF, which is also committed to building a Bitcoin smart contract platform, Stack2.0 is better than RIF in code iteration. Both have their own advantages and disadvantages in terms of consensus and network architecture competition, and both have designed the basis for implementing applications. Architecture.
e. At present, Ethereum is the largest lock-up platform for BTC, which is the main platform for BTC to participate in DeFi. Although Ethereum has great ecological advantages, it is still imperfect in several aspects. Due to the scalability issue, the DeFi boom has attracted many users to Ethereum. Due to its limited network performance, during the peak transaction period, the network is congested, and the gas cost surges, increasing the user's transaction time and transaction costs. Its scalability issues also hinder the participation of some users and the development of the project. Relatively speaking, the transaction of Stacks 2.0 can be expanded independently and is not limited to the Bitcoin chain network, but the final settlement can be completed in the Bitcoin chain. Stacks 2.0 on-chain transactions generate a hash on Bitcoin, which is automatically settled on every Bitcoin block as part of consensus. In addition, Stacks introduces the concept of Micro blocks, which runs on data micro-blocks established on each Bitcoin block, and its theoretical effect can be used to perform initial confirmation of transactions within a few seconds. At the same time, Bitcoin is used by Stacks as the underlying standard settlement protocol, which can not only store the historical data of block hashing, but also link transactions with Bitcoin.
f. The security of smart contracts, Clarity smart contract language, in terms of security, theoretically can effectively prevent 8 kinds of smart contract loopholes. Compared with Ethereum's Solidity, it can reduce the possibility of smart contracts being exploited by hackers. At the same time, Stacks also has a post conditions mechanism for smart contract security, which is used to add a series of post-run state conditions to the transaction.
g. Stacks are optimized for scalability and the way BTC participates, as well as the security of smart contracts, relative to Ethereum.
1) Introduction
Flow is a fast, decentralized, and developer-friendly blockchain designed to underpin a new generation of games, applications, and the digital assets that power them. Flow is the only first layer blockchain originally created by a team that consistently delivers great consumer blockchain experiences: CryptoKitties, Dapper Wallet, NBA Top Shot.
2) Cause
Flow is a blockchain designed from the ground up for mainstream adoption and is the only blockchain to build usability improvements into the protocol layer. Top developers and some of the world's biggest brands are already building on Flow, enabling new experiences with top-notch content.
3) Value
Flow has a rich ecosystem of top entertainment brands, development studios, and venture-backed startups. Flow ecosystem partners include global IP brands such as Warner Music, Ubisoft, NBA, UFC; leading game developers including Animoca Brands, Sumo Digital and nWay; crypto leaders such as Circle and Binance; and Opensea including Several noteworthy projects among the next generation of high-growth startups.
Flow learns and improves from existing solutions to provide:
Multi-role architecture: Flow's design is one that allows the network to scale to serve billions of users without sharding or decentralization that reduces consensus.
Resource-Oriented Programming: Smart contracts on Flow are written in Cadence, a simple and secure programming language for cryptographic assets and applications.
Developer Ergonomics: From upgradable smart contracts to Flow Emulator, the network is designed for those looking to build valuable products for the community.
Consumer Onboarding: Designed for mainstream consumers, Flow's payment on-ramp enables a secure and low-friction path from fiat to cryptocurrency.
Dapper Labs is the original creator behind the Flow blockchain and Cryptokitties, Dapper and NBA Top Shot. Founded in 2018, Dapper Labs uses blockchain technology to bring new forms of digital engagement to users around the world. Blockchain-enabled applications can bring fans closer to the brands they love, allowing people to reap real benefits in the communities they contribute to, and creating new ways for consumers to be creators themselves . Publicly announced Dapper Labs partners include the NBA and NBPA, Warner Music Group and the UFC. Notable investors in Dapper Labs include Andreessen Horowitz, Union Square Ventures, Venrock, Google Ventures, Samsung, and the founders of Dreamworks, Reddit, Coinbase, Zynga, and AngelList, among others.
4) Public chain comparison
Compared with the ETH public chain:
a. Scalability, any developer who has ever tried Ethereum to develop a Dapp knows that Ethereum has scalability issues: the throughput of the Ethereum network is only about 13-15 transactions per second, which makes it difficult to Cope with large-scale usage scenarios. The developers of CryptoKitties also experienced this inefficiency. Their game was so popular that even Ethereum couldn’t handle the influx of users. When creating Flow, the main goal of the developers was to solve scalability issues, while also keeping the network decentralized and highly secure. Whereas Ethereum sees sharding as a way to scale the blockchain horizontally, Flow uses its multi-node architecture for vertical scaling. Responsibilities are divided among nodes according to work to ensure overall concurrency efficiency. The integration of four different types of nodes ensures decentralization of nodes and decentralization of the network.
b. Transaction costs, in order to conduct transactions and successfully execute smart contracts, Ethereum users must pay gas fees (Gas). This is a special fee, the exact amount of which depends on the complexity of the contract and the level of network congestion. On Ethereum, gas fees are paid in ETH, sometimes averaging over $20. Flow's developers aren't content with the cost of gas. But are they able to reduce transaction fees on their own platforms? So far, they seem to have succeeded. There are two fees applicable to transactions: one is the account creation fee, which starts at 0.001FLOW (~$0.03), and the other is the transaction fee, which is priced from 0.000001FLOW.
c. Consensus mechanism, Ethereum currently uses a proof-of-work consensus protocol. With such a consensus, miners enter a "battle" state: they rush to create new blocks. The winners of this crypto battle will be those who solve math puzzles (and thus make inter-block connections) faster than others. The winner shares the new block with the rest of the network and is rewarded with ETH. Meanwhile, Ethereum developers are planning to move to a proof-of-stake consensus protocol. In this case, the process will involve validators who will stake ETH to participate in transaction validation. Validators are randomly selected to create new blocks, share them with the network and earn rewards. This change will have the potential to reduce energy consumption and fuel bills. The Flow blockchain already runs on a PoS consensus model. It is powered by the HotStuff consensus algorithm originally developed by VMware Research. The key difference between them is how key players profit. In PoS, players profit from increasing the value of their currency, while PoW makes them inclined to increase commissions. In fact, PoW is also the main reason for Ethereum’s scalability issues. As Ethereum is still in the process of transitioning to a PoS protocol, Flow is a great option for creators who can’t wait to launch NFT projects.
d. Smart contracts, when it comes to smart contracts, Ethereum tends to come to mind because it is specifically designed for applications that use smart contracts. Ethereum is also the most popular smart contract creation platform of all time. The most notable thing about an Ethereum smart contract is that after its execution, the state of the network cannot be changed. Any transaction made on top of the smart contract is recorded on the blockchain and remains as immutable information. This undoubtedly increases the credibility of the Ethereum platform. However, some developers believe that it should be possible to make changes after smart contracts are deployed, as smart contracts can be buggy and often require testing. Flow allows smart contracts to be published on its mainnet in a "testing state" so that the original author of the contract can update the code step by step. Users can choose to use the code at a certain point in time, or wait for the code to complete before establishing real trust in it. Once the authors of the smart contract are confident that the code is safe, they no longer need to control the code, and from that moment on, the smart contract becomes immutable. By reviewing and fixing code, developers have the opportunity to dramatically improve the security of smart contracts for end users.
e. Account model, Ethereum accounts are created based on private keys. The private key is a hexadecimal number of length 64 (256 bits/32 bytes). After the private key is successfully generated, the public key can be obtained by performing specific operations on it. The public key then goes through a few more mathematical operations to obtain a valid address. This process is one-way, i.e. it is impossible to generate a private key from a given address. As for Flow, accounts are automatically created by the blockchain and can support multiple public keys. To create an account on Flow, you must first generate a public and private key pair using the ECDSA (Elliptic Curve Digital Signature Algorithm) P-256 or secp256k1 curve, and then send the transaction to the blockchain. With this transaction, the new account storage is initialized and the generated key is then assigned to the account. Each account on Flow can have 1 to n public keys associated with it. For each public key, there will be a private key directly owned by the account holder. On the Ethereum blockchain, smart contracts are deployed into separate accounts that do not have private keys. However, on the Flow blockchain, an account can deploy multiple smart contracts at the same time. Another difference is the ability to track tokens and smart contracts. Technically, an Ethereum account can use the Ethereum log to keep track of all the tokens and smart contracts it interacts with, but Ethereum does not provide a unified store for account assets in smart contracts. Flow does this, however: Resources are in a sense "first-class citizens" on the Flow blockchain, and you can keep track of all the smart contracts your resources interact with.
1) Introduction
Kusama, self-proclaimed "Polkadot's cousin," is an experimental blockchain platform designed to provide developers with a massively interoperable and scalable framework. Kusama is built on Substrate - a blockchain building toolkit developed by Parity Technologies. Kusama has almost the same codebase as Polkadot - one of the most successful interoperable blockchains.
By deploying on Kusama, fast-paced projects can access a highly scalable, interoperable sharded network with features not yet available on Polkadot. To that end, Kusama describes himself as a "canary network."
2) Cause
The platform is designed to provide a testbed for developers looking to innovate and deploy their own blockchains, and can be used as a prep network before launching Polkadot — although many projects choose to stick with Kusama for their final product.
Kusama benefits from low barriers to entry for deploying parachains, low bond requirements for validators, and is most commonly used by early-stage startups and experiments.
3) Value
Kusama is unusual among blockchain platforms as it is primarily built for developers who want to launch bold, ambitious projects at a rapid pace of development.
It is built on a multi-chain heterogeneous sharding design that uses Nominated Proof of Stake (NPoS) Consensus System - A consensus mechanism that replaces the energy-intensive proof-of-work (POW) scheme employed by several other blockchains.
The system enables it to perform fast on-chain upgrades without forks and supports cross-chain message passing (XCMP) to enable communication with other parachains on the Kusama network.
Like Polkadot, Kusama has on-chain governance capabilities. This on-chain governance is both decentralized and permissionless, allowing anyone with Kusama (KSM) tokens or parachain tokens to vote on their respective governance proposals, which may include putative upgrades, protocol changes and features ask. This on-chain governance procedure is roughly four times faster than that offered by Polkadot, with a total time of just 15 days for voting and enactment — leading to rapid development of Kusama-based projects.
The project serves projects that wish to launch, initiate updates and improvements without implementing a fork - thus ensuring maximum community cohesion.
Kusama is built using the Nominated Proof of Stake (NPoS) consensus mechanism.
This uses a network of nominators (KSM stakers) who choose nodes to participate in the transaction verification process. If their nominees are selected in the next rotation, those nominees will receive a fraction of the inflation reward. Validators who are dishonest or do not meet performance requirements may have their stake slashed.
Additionally, Kusama uses a simple Merkle tree-based queuing mechanism to resolve cross-chain transactions. Relay chain validators are responsible for moving transactions from one parachain's output queue to the target parachain's input queue—a secure, trustless process that uses the same validators on each chain to deliver messages.
4) Public chain comparison
Compared with other public chains:
a. It is the first network of Polkadot, which is almost the same as the Polkadot chain, so the potential is also great, and the price of KSM can explain the problem.
b. Kusama has the following functions: experiment, test, innovate
c. The above functions are pioneering. If they are all handed over to the Polkadot main chain, it may confuse the main chain. Put them on Kusama to ensure that the main chain will not be occupied by various experiments.
d. Once the new project is tested on Kusama and runs smoothly, if the developer is willing, it can be migrated to the Polkatdot main chain.
1) Introduction
Bitcoin SV (BSV) came after the 2018 hard fork of the Bitcoin Cash (BCH) blockchain, which forked from the BTC blockchain a year earlier. It removes artificial block size limits and re-enables scripting commands and other technical features that have historically been disabled or limited by protocol developers on the BTC blockchain. This allows the network to process tens of thousands of transactions per second while keeping micropayment transaction fees extremely low, in addition to providing advanced capabilities such as tokens, smart contracts, computation and other data use cases.
The BSV network is unique in its ability to scale on an infinite chain, while also conforming to Bitcoin’s original design more than any other blockchain.
2) Cause
The goal of Bitcoin SV is to realize the original vision of the Bitcoin protocol and design described in Satoshi Nakamoto’s white paper, early Bitcoin client software, and known Satoshi Nakamoto writings. BSV is designed to provide scalability and stability consistent with Bitcoin's original description as a peer-to-peer electronic cash system, and to provide a distributed data network that can support enterprise-grade advanced blockchain applications.
3) Value
BSV differs from other versions of Bitcoin in that it adheres to the original Bitcoin protocol and focuses on realizing the vision of the Bitcoin network outlined in the Bitcoin white paper and other known Satoshi Nakamoto writings. Unlike BTC, which is now primarily used as an investment or store of value asset, BSV aims to provide consumers, businesses and government users with a scalable and usable blockchain platform for efficient payments and distributed data applications.
Thanks to its unlimited block size, BSV can scale to meet market forces and adapt to the needs of any application and payment network without resorting to second-layer solutions. In 2021, the BSV network mined the world's first gigabyte (1000+ megabyte) block - 2 GB in August 2021; 2 GB, by comparison, is a 1MB block of the BTC network 2000 times the upper limit. The block capacity of the BSV network is expected to continue to grow further to support more transaction volumes and data use cases.
Through testing of the new node software, the BSV infrastructure team has demonstrated the ability of the BSV network to process up to 100,000 transactions per second, and it is expected that this capability will be demonstrated on the BSV mainnet and grow further in the future. With this capability, BSV can rival the payment processing capabilities of platforms such as VISA, and aims to replace the payment processing capabilities of platforms such as VISA at a fraction of the cost to users.
BSV also provides a scalable and product-ready platform for blockchain application developers, many of whom migrate from other networks such as Ethereum as adoption increases after experiencing scaling issues. BSV’s ability to scale with user adoption means developers can rest assured that transaction fees will remain low and interactions will be processed quickly.
The capabilities of BSV are attractive to enterprise and government users, and the blockchain provides an efficient and stable platform for companies and institutions wishing to experiment or build blockchain technology.
BSV is secured by the proof-of-work consensus mechanism described in the Bitcoin white paper. This means that for blocks containing new transactions to be added to the blockchain, miners must use the processing power of computers to solve complex mathematical problems. Miners who solve this problem first receive block rewards and transaction fees, and their blocks are added to the chain.
As more and more blocks build on top of theirs, the validity of transactions now stored on-chain is recognized by other nodes and becomes very difficult, if not nearly impossible, to change.
4) Public chain comparison
Compared with other public chains:
a. BSV is Turing-complete. After restoring many opcodes that were disabled by BTC, BSV can roughly implement most of the functions that ETH can achieve, and also has upper-level smart contract languages like Solidity.
b. The reason why BSV's smart contract platform is another paradigm is mainly due to the following two points: 1. Database and operating system, not CPU This may be the most direct connection between BSV, Ethereum, EOS and other public chains the difference. For smart contract platforms such as Ethereum, after a contract is initiated, whether or not Layer 2 is involved, all nodes need to execute and verify the contract to ensure validity and consistency. The client initiates a transaction (related to a contract), which is essentially equivalent to triggering an action executed by the entire network. This style is more like treating the blockchain as a CPU. But BSV is not at all, its operation itself is not on the chain, only instructions (like a piece of script code or a program library) are stored on the chain in the form of "files". That is to say, when a user performs an on-chain operation, he actually only runs the required operation locally. Since other nodes do not care that the operation corresponding to the execution process is performed off-chain, only when a meaningful result is generated, it will be uploaded to the chain. . In this style, the blockchain is used as a database or an operating system. 2. Heap hardware, not only heap hash power, but also bandwidth, connectivity and storage. In BSV's view, the current Bitcoin mining model is deformed. You must know that for mining, node software and mining machines are two parts. At present, most mining pools invest much more in mining machines than servers. They may have bought 200 million mining machines and run node software. It's a broken notebook. In other words, a lot of money is invested in hashing power, not server costs. This is obviously for the block reward, and I don't care about the handling fee. But you must know that the block reward will basically be an embellishment in another ten or eight years, and the handling fee will be king at that time. How to ensure that the fee is sufficient? First, in addition to the transfer requirements, there are also transactions brought by a large number of applications. Second, the block must be large enough to ensure that there are enough coins in a block for transactions to pay the miners’ fees. The premise of all this is to improve hardware capabilities, use the best hard drives, use the best processors, and even design hardware specifically for Bitcoin to improve scripting capabilities, and parallel computing. In addition, connectivity also requires It is greatly enhanced. After all, even if your processing power is high, if it is higher than most mining pools, it is useless. Other mining pools will reject this block if they cannot process it. At the same time, in turn, if the block is large enough and the handling fee is large enough, miners will naturally have the motivation to upgrade hardware and servers, which complement each other and eventually form a closed-loop operation.
1) Introduction
THORCHain is a decentralized liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process. Using THORChain, users can simply exchange one asset for another without relying on an order book for liquidity. Instead, the market price is maintained by the ratio of the assets in the pool (see Automated Market Makers).
The native utility token of the THORChain platform is RUNE. This is used as the base currency in the THORChain ecosystem and as part of THORChain's Sybil resistance mechanism for platform governance and security - as THORChain nodes must submit at least 1 million RUNE to participate in its rotational consensus process. THORChain is funded through the initial DEX offering (IDO) launched through Binance DEX in July 2019. Its mainnet was initially launched in January 2021, but a multi-chain upgrade is currently planned for 2021.
2) Cause
THORChain is a decentralized cross-chain automatic market maker (AMM).
3) Value
THORChain uses a unique system to help mitigate the problem of "impermanent losses" - or the often temporary losses that liquidity providers may experience when contributing to liquidity pools. It does this by using sliding-based fees to help ensure liquidity stays where it is needed.
Most importantly, THORChain incorporates a range of new technologies, including in-transit state hooks, state machines, Bifröst signer modules, and the TSS protocol to seamlessly facilitate cross-chain token exchanges. It's all hidden behind the scenes, and even inexperienced traders can use the platform.
The platform is not profit-oriented. All fees incurred by the agreement are directly owned by the user, and the team has no rules. Instead, teams are incentivized by simply holding RUNE - just like everyone else.
RUNE tokens are currently available on multiple blockchains, including Binance Chain (as a BEP-2 token) and Ethereum (as an ERC-20 token).
THORChain is built using the Cosmos SDK and powered by the Tendermint consensus mechanism. This protects the network from attack through a novel BFT proof-of-stake (PoS) system that sees a large number of validators working together to propose and complete blocks of transactions.
In addition to this, THORChain’s smart contracts have been audited by several third-party security companies, one of which was audited by Certik — which found no vulnerabilities.
When it comes to decentralized exchanges (DEX), people talk about inter-chain transactions on exchanges such as Uniswap, Sushiswap, Curve, and Serum. Compared with them, THORChain is very novel because it supports many native tokens on the chain, and its positioning is very special, which can realize the original intention of decentralized transactions between any assets.
A powerful side effect of THORChain is that the protocol team can integrate THORChain's blockchain for development and easily initiate liquidity in other crypto ecosystems. For example, most teams currently choose to develop projects on Ethereum, one of the main reasons is that they can easily issue a token on SushiSwap or Uniswap, while gaining immediate liquidity. If a protocol development team feels that Polkadot or Solana is more suitable for their specific needs (such as high throughput and low latency), they can also choose these blockchains. And through THORChain, the new protocol can make full use of the liquidity of the Ethereum ecosystem. The crypto market has not fully realized the value of this and THORChain has created a competitive environment for different smart contract platforms.
4) Public chain comparison
Compared with other public chains:
THORChain realizes cross-chain transactions through a network of nodes and liquidity providers (LPs). The protocol’s native token, RUNE, plays three key roles: 1) to protect network security; 2) to act as a common pricing currency for every transaction in the system, maximizing the liquidity of all assets on the exchange; 3) to collect fees.
By creating addresses on different blockchains (nodes control these addresses), THORChain nodes utilize one-way state anchoring to connect the various blockchains. THORChain nodes use advanced Multi-Party Computation (MPC) technologies, such as Distributed Key Generation (DKG) and Threshold Signature Scheme (TSS), to ensure that no THORChain node can control users' assets.
1) Introduction
Oasis Network (ROSE) is a privacy-focused Layer 1 blockchain built for open finance and a responsible data economy using the Cosmos SDK. This will allow Oasis to interact with the ecosystem of Cosmos (ATOM) enabled blockchains when its cross-blockchain communication protocol is launched. Prioritizing use cases that promote data privacy and user confidentiality, Oasis aims to power private, scalable DeFi and scale it from traders to the mass market. Oasis achieves high throughput and secure architectural layers through contract settlement and consensus separation. This layer separation allows the blockchain to support multiple customizable runtimes (ParaTimes). Its architecture is similar to that of Avalanche or Polkadot, connecting multiple different blockchains in one ecosystem.
Now that Oasis is live on the mainnet, its future roadmap features the launch of the Ethereum Virtual Machine (EVM)-compatible ParaTime dedicated to DeFi, the launch of a decentralized exchange (DEX) and lending protocol on ParaTime, and the addition of More DeFi applications.
2) Cause
Oasis Network is a privacy-preserving blockchain for open, decentralized finance and a responsible data economy.
Oasis Network (ROSE) is designed to support high levels of scalability, low gas fees, and token monetization. It also aims to advance privacy features to facilitate the use of sensitive data in DeFi. It enables scalability through the separation of consensus and execution, allowing multiple ParaTimes to process transactions in parallel and preventing simpler transactions from slowing down more complex ones. So there is no gas war on the oasis. Since the ParaTime layer (execution layer) is completely decentralized, anyone can develop and build their own ParaTime, which can be open or closed, depending on the developer's needs. Oasis claims this complex solution is more efficient than sharding and parachains because it requires a smaller replication factor to achieve the same level of security.
3) Value
The network has extensive support for confidential computing technologies. The Oasis Eth/WASI runtime is an open-source example of Confidential ParaTime that uses secure enclaves to keep data private while processing it. The network already has several interesting use cases. Binance, for example, is building a CryptoSafe consortium to allow exchanges to share threat intelligence data. Thanks to Oasis' confidential computing technology, exchanged data remains confidential even when comparing data. BMW is testing the application of differential privacy in its internal systems, with access stored on a ledger run by Oasis.
On the Oasis network, nodes need to use a secure computing technology called TEE (Trusted Execution Environment), which acts as a hypothetical black box for executing smart contracts in confidential ParaTime. The encrypted data goes into the black box with the smart contract, the data is decrypted, processed by the smart contract, and then encrypted before sending out the TEE. This process ensures that data remains confidential and is never leaked to node operators or application developers.
The consensus layer is a proof-of-stake (Pos) secure blockchain with a set of decentralized validating nodes operated by independent nodes.
4) Public chain comparison
Compared with other public chains:
a. Divide consensus and execution into two layers - consensus layer and ParaTime layer for better scalability and greater versatility. The separation of consensus and execution allows multiple ParaTimes to process transactions in parallel, meaning that complex workloads processed on one ParaTime will not slow down faster, simpler transactions on another ParaTime. The ParaTime layer is completely decentralized, allowing anyone to develop and build their own ParaTime. Each ParaTime can be developed individually to meet the needs of specific applications, such as cryptographic computing, open or closed committees, and more. The network's advanced discrepancy detection capabilities make Oasis more efficient than sharding and parachains, requiring fewer elements to replicate while maintaining the same level of security. The network broadly supports encrypted computing technologies. The Oasis Eth / WASI Runtime is an open source code example of Encrypted ParaTime, which uses a "secure area" to keep data secret while processing it.
b. The Oasis network not only supports end-to-end data confidentiality, but also provides up to 1000 transactions per second, while Ethereum can only support 13 transactions per second, and Oasis has much lower transaction fees, making it the future Differentiated DeFi develops more attractive candidate blockchain networks.
c. The network also supports data tokenization – a set of data encapsulation and access policies that govern how data is used and accessed. This new type of digital asset, which Oasis calls CryptoData, enables individuals to participate in open, fair data markets, and even donate their data to scientific research, without the risk of data being misused or exposed.
1) Introduction
Zcash is a decentralized cryptocurrency with a focus on privacy and anonymity. It uses zk-SNARK zero-knowledge proof technology, allowing nodes on the network to verify transactions without revealing any sensitive information about those transactions.
Contrary to common misconception, most cryptocurrencies on the market, including Bitcoin (BTC), are not anonymous, but pseudonymous; while they do not explicitly reveal the identities of their users, each user has their own public address Or addresses that can be traced back to them through data science and blockchain forensics.
On the other hand, Zcash transactions still have to be relayed through a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions do not reveal sending and receiving addresses or the amount sent by default. However, disclosure of this data may be optional for audit or regulatory compliance purposes. Zcash was first released on October 28, 2016, and was originally based on Bitcoin’s codebase.
2) Cause
Zcash is able to provide its users with privacy while still enjoying the benefits of a decentralized, permissionless digital currency.
3) Value
The main advantage of Zcash is its optional anonymity, which allows for a level of privacy that cannot be achieved with regular anonymous cryptocurrencies like Bitcoin or Ethereum.
ZEC transactions can be sent in two ways: transparent and shielded. Transparent transactions work in much the same way as Bitcoin, whose codebase Zcash was originally based on: they are sent between public addresses and recorded on an immutable public ledger (blockchain). Anyone can view all basic information about these transactions online, including the sending and receiving addresses and the amount sent.
These public transactions do not reveal user identities in a public way: the only identifier accessible from the blockchain by outside observers is the public address. However, through the efforts of data scientists and law enforcement in recent years, blockchain analytics methods have evolved to the point where stakeholders can fairly reliably link public addresses on the blockchain to the real identities of their owners, essentially making Private transactions become impossible.
Shielded ZEC transactions, on the other hand, utilize zero-knowledge, succinct, non-interactive arguments of knowledge, or zk-SNARKs, to enable fully anonymous transactions to be sent over a public immutable blockchain. The fact that the transaction took place is recorded on the ledger, but the sending and receiving addresses and the amount sent are not revealed to the public.
4) Public chain comparison
Compared with the Monero 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.
1) Introduction
Originally called Antshares, the project was considered China's first public blockchain when it launched in February 2014. Three years later, the open-source platform was renamed Neo.
In addition to creating a community of developers that creates new infrastructure for the network and lowers barriers to entry, the team behind the project has an EcoBoost initiative to encourage people to build decentralized applications and intelligence on its blockchain contract.
It is often compared to the Chinese version of the Ethereum network.
2) Cause
Neo bills itself as a "rapidly growing and evolving" ecosystem that aims to be the foundation of the next generation of the internet - a new economy where digital payments, identities and assets come together.
3) Value
One of the unique selling points of the Neo blockchain is its continuous development, which helps ensure that it does not become obsolete and can handle sudden increases in demand. As mentioned earlier, the project developed Neo 3.0 - which enhances network security and allows for more transactions per second.
Unlike many other blockchains, the network also has two native tokens: NEO and GAS. NEO is used as an investment token and allows people to vote on improvements to the blockchain, while GAS is used to pay for transactions being done on the network.
Few other blockchain projects also run development funds like Neo. Launched in 2019, EcoBoost was billed as an initiative to provide "full-lifecycle support for high-potential projects" - including grants, technical support and social media outreach.
As we mentioned earlier, Neo uses Delegated Byzantine Fault Tolerance, and the blockchain is estimated to be capable of processing thousands of transactions per second. According to Neo, the dBFT mechanism is inspired by practical Byzantine Fault Tolerance algorithms. There are some similarities to Delegated Proof of Stake considering how both consensus mechanisms allow token holders to vote for the delegates who will process transactions. With dBFT, blocks are added to the blockchain as long as at least two-thirds of the delegates reach consensus—hopefully this helps prevent bad actors from disrupting the smooth functioning of the network.
4) Public chain comparison
Compared with other public chains:
NEO is regarded as the facade of the domestic public chain, commonly known as the Chinese version of Ethereum. Similar to Ethereum, NEO introduces concepts such as smart contracts and digital identities. The use of smart contracts to automate the management of digital assets to realize a distributed network of "smart economy". Based on blockchain technology, NEO converts real assets into digital assets, and realizes intelligent management through smart contracts.
Users select digital certificate certification agencies to achieve identity authentication. NEO is used to achieve management rights over the NEO network. NEO is one of the public chain projects with relatively high popularity in the community at home and abroad.
a. NEO is currently better than ETH in terms of scalability, but they are far less decentralized than ETH.
At present, the vast majority of DApps are developed on Ethereum. Compared with other public chains, there are too few projects, and the huge throughput does not play a big role.
EOS is a platform designed to allow developers to build decentralized applications (also known as for short).