Blockchain technology is disruptive and has revolutionized nearly every industry including finance, healthcare, supply chains, and many others. Blockchain technology has been proven to be the best and most efficient in managing data securely and privately. Blockchain technology is proving to be a promising new technology.
The growing number of Blockchain platforms is helping to support and accelerate the development of blockchain-based platform. The demand for Blockchain has been recognized by businesses who have begun to develop innovative Blockchain applications.
What is a Blockchain platform and how can it help you?
A Blockchain platform allows the development of permissioned and unpermitted Blockchain applications. Hyperledger, Ripple and R3 are just a few of the Blockchain platforms that allow developers to create host applications on the Blockchain.
These are the factors that will help you choose the best Blockchain platform:
- Status of development
- The blockchain platforms' reputation on open-source software development communities such as Github
- Consensus protocol being applied
- Whether or not the platform supports Smart contract functionality
- The Blockchain platform offers scalability potential
XinFin
XinFin (eXchange inFinite) is a Singapore-based non-profit Blockchain company. International trade and finance are the main focuses of the company. XinFin bridges the gap between legacy systems, and Blockchain to make it the language for global marketing and finance.
XinFin's protocol is built on a paradigm of consortium Blockchains, making it unique from other private/permissioned or public Blockchains.
XinFin is open to both public and private networks. This means that financial institutions can connect to XinFin, and have transactions validated on a publicly available chain. XinFin combines the benefits of decentralization and security with the speedy transaction speeds of private Blockchain.
XinFin's cryptocurrency is XDC. Unlike Bitcoin, XDC doesn't use Proof-of-Work. They use XinFin delegated proof-of-stake (XDPoS). XDPoS relies on 108 trusted distributed Master Nodes, which must meet the staking requirements in order to secure and maintain the network. The Proof-of-Stake system is a distributed way to validate transactions on the Blockchain network. XDPoS allows for low transaction fees and a 2 second transaction confirmation time.
XinFin supports EVM compatible Smart contracts and atomic cross-chain token transfer protocols. It is also committed to researching and incorporating new scaling techniques, such as sharding and private chain generation, EVM parallelization, and hardware integration into XinFin Network’s Masterernode architecture.
It is a scalable Smart contract public Blockchain that can be used to issue tokens, integrate tokens and create decentralized applications.
The three major issues that the XinFin network aims at solving are:
- Ethereum has high transaction times and network congestion
- High transaction fees for Ethereum
- It brings interoperability and decentralization to Ethereum systems
XinFin's unique features are its ecosystem, products, and network.
This technology description contains:
- XDPoS consensus mechanism
- Built-in governance dApp
- Randomization and double validation
- Sharding is based on stable Masternode Architecture
It allows XinFin provide:
- Transactions that cost less than 1%100 of Ethereum's price are cheap
- Transaction confirmation time of 2 seconds
- 2000 TPS for strong dApp/token ecosystem management
- EVM compatibility allows interoperability to the Ethereum ecosystem
XinFin's unique products include:
XinFinMaster allows users to apply to the Masternode Candidat position. It also displays Masternode performance statistics.
XinFinScan is a database that contains all transactions, blocks and Smart contracts. It also includes finality, dApps, token information, and finality.
xdcwallet - It lets you track rewards and securely store and send tokens to the XinFin network.
XinFin is diligently developing a secure ecosystem. It has secured partnerships in various fields such as IT solutions providers and advertising, pharmaceutical tracking, gaming and education, research, communication and payment, food traceability and name service, and tourism.
R3 Corda
R3 is a leading consortium of financial institutions that created a open-source Blockchain platform called Corda in 2015.
Corda is a permissioned Blockchain platform. It supports DLT applications, enabling businesses to conduct transactions in complete privacy. It does not have any cryptocurrency or built-in tokens. Corda works in permissioned mode which increases privacy and gives fine-grained control over digital records.
It utilizes an Asynchronous Byzantine fault tolerance consensus mechanism and Smart contract functionality.
Corda was originally designed for the financial industry, but is now being used in many other industries, such as healthcare, trade, and government authorities. Corda is used by many large companies like Intel and Microsoft as a Blockchain platform.
R3 collaborates with many top public companies, software companies and government institutions to accelerate the development, deployment, and design of enterprise-grade Blockchain solutions using the Corda platform. The professional services suite allows Blockchain experts to embark on a successful journey in building a network and production application. Corda has three main stages to a project:
Design: The simplest design will reduce Blockchain complexity
Accelerate production: Develop
Deploy: Confirms growth, long-term success
R3 Corda is committed to providing:
- Solutions architecture services for designing and reviewing the product using CDL (CorDapp Development Language).
- Sprints that increase your capacity
- Support for deployment
Hyperledger Fabric
Hyperledger is an open source community that strives to create stable frameworks, libraries, and tools for enterprise-grade Blockchain deployments. It serves as a neutral platform for distributed ledger frameworks like Hyperledger Sawtooth and Fabric, Indy, and tools and libraries such as Hyperledger Caliper, and Hyperledger Ursa.
Hyperledger Fabric can be used to develop solutions and applications that use a modular architecture. Hyperledger fabric has the following main features:
- High performance and scalability
- Permissioned membership
- The modular architecture supports plug-in components
- Queryable data
- Lower latency to finality
Hedera Hashgraph
Hedera hashgraph, a highly scalable public network, doesn't require heavy Proof-of Work algorithm computations. It's used to develop and implement innovative, scalable, decentralized applications. It relies on asynchronous Byzantine fault tolerance (aBFT) as the consensus mechanism.
Hedera is unique among other Blockchain platforms because it is fair and fast, secure, and follows a unique process. It provides a more transparent platform with reliable and superior algorithms.
- Hedera Hashgraph's main features include:
- Blockchain platforms are faster than any other.
- Stable and secure
- Transactions are quick and easy with low fees
- Multisignature accounts and transactions
- Corda: Implementation of a public BFT notary for Corda
Quorum
It is an open-source Blockchain protocol that can be used in private and consortium blockchain networks. ConsenSys builds entirely on Quorum. It is open-source and used by businesses as a Blockchain platform.
Quorum, an Ethereum Blockchain for enterprises that focuses on the financial sector, is called "Ethernet Blockchain for Enterprises". Quorum is a permissioned network that allows organizations to tailor it to their needs. It was created by JP Morgan.
Quorum's main features include:
- Open-source
- Mature
- Community driven
- Enterprise-ready and trustworthy
- Performance improvements
- Privacy enhancements in contracts and transactions
- A voting-based consensus mechanism
- Management of peer and network relationships is essential
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