8 IT solutions at the forefront of the new economy

In recent years, we have seen new and exciting technologies that promise a more decentralized and secure economy. In this article, I have included some of the major players in this developing market.

1. Golem

Golem is an open source decentralized computing network.

How the golem works

The Golem Network is a marketplace for computing power, where users can earn by ‘renting’ their machines or developing and selling software.

Within the network, users who lease computing power are called “providers” and users who purchase power are called “requesters.” Applicants use Golem for a variety of purposes, including graph processing, data analytics, microservices, and machine learning.

Benefits

• The division of labor means that tasks can be completed simultaneously, allowing for shorter deadlines for projects.
• The cost of doing business is lower than that of cloud-based services.
• Users can be paid instantly for their work with Golem Network Token (GTM), a token on the Ethereum blockchain.
• Golem is building its entire stack from the bottom up, an approach that usually results in great UX.

2.iExec

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

iExecc Applications

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

The iExecc Dapp store contains a variety of apps. Considering the experienced team behind iExec, their reason for choosing the Dapp path is that there is probably less competition here. After establishing itself in the decentralized Dapp market, iExec plans to expand into decentralized computing tasks.

RLC

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

3.Ethereal

Ethereum is a blockchain-based open source platform that allows users to build decentralized applications. The computations are performed in an isolated environment called the Ethereum Virtual Machine that resides on all nodes connected to the network. The product of the calculations is stored on the blockchain.

Features of the Ethereum Blockchain

Ether

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

smart contract

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

Bitcoin platform vs. ethereum

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

Consensus Mechanism

Computing on the Ethereum network costs more and takes more time than a standard computer due to the parallelization of computing. To maintain consensus, all participants must agree on the order of all transactions that have taken place, whether or not they were a party to the transaction.

Ethereum nodes store the most recent state of each smart contract, along with all Ether transactions. Because the EVM is an isolated system, the code runs without network or file system access. Therefore, there is limited accessibility even among smart contracts.

4. Hyperbook Fabric

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

Hyperledger Fabric Features

Privacy, development and performance

• The Fabric platform enables licensed private operation where operators know each other and may be bound by rules, such as a legal agreement.
• Fabric supports smart contracts written in common languages ​​like Java and Go, so no additional training is required to create the smart contracts.
• Performance is improved because, unlike Ethereum, only the parties involved in the transaction need to reach a consensus.

fabric nodes

Also unlike Ethereum, Fabric nodes have different roles and tasks in the consensus process. Nodes can be payers, clients or peers.

native currency

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

5. Peppermint

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

mint core

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

Tendermint had the goal of offering a more secure and efficient consensus algorithm than Bitcoin’s PoW (Proof of Work). The software formed the basis of important research by the Casper team’s consensus protocol: A fault-tolerant chain, like Tendermint, can make good decisions about who produces a block, while a less reliable chain results in a block problem. chicken and egg

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

6.List

Lisk is a decentralized and distributed platform that allows users to develop applications and support them with custom blockchains.

List Features

Developers can use Lisk’s JavaScript-based software development kit (SDK) to create both the backend and frontend of their application. However, Lisk offers no protection against non-deterministic behavior. Also, the platform cannot prevent infinite loops or measure memory consumption.

Lisk consensus mechanism

Lisk asks developers to follow the “rules” of contracts to ensure consensus. For example, they ask developers to “don’t use Math.random()”.

7.Corda (V3.0)

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

String Features

The Corda network is a permissioned network, it is not open to all node operators. The nodes run on Corda and CoDapps and communicate peer-to-peer with each other.

The ‘gatekeeper’ of each network sets the admission rules for nodes that want to join the network. Like Fabric, Corda offers more privacy due to its fine-grained access control to records and better permeability due to limiting consensus to involved parties.

In Corda, contract developers also add legal prose to your contract. This feature consolidates the contract by legitimizing it with the associated legal prose. The platform does not have a native token.

8. Rootstocks

Rootstock (RSK) is an open source smart contract platform that is based on the Bitcoin blockchain.

Rootstock Characteristics

smart contracts

RSK is enabling smart contracts on the Bitcoin network. It uses the Turing-complete Rootstock Virtual Machine (RVM) for smart contracts. A two-way peg allows users to send Bitcoin directly to the Rootstock chain. RSK coins can be used with smart contracts and Dapps. RSK contracts replicate the ‘Proof of Existence’, which is used to prove the existence of a document (or ownership right).

Security

The RSK blockchain is merge mined, giving it the same level of security as Bitcoin in terms of settlement finality and double spending.

SBTC

RSK is a Bitcoin sidechain. Bitcoins on the Rootstock blockchain are called SBTCs.

RSK is filling the gaps in the Bitcoin network by enabling faster transactions. In addition to being convenient for users, it also helps keep the Bitcoin block size within limits.