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Features of various Blockchains: A Comparison

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Ever since bitcoin was introduced in 2009, the blockchain technology has garnered a lot of attention. The blockchain technology is based on the distributed ledger technology, and has become very popular due to a number of features such as: Decentralization: It’s the process of distributing powers or functions among all the nodes in the network. It helps us do away with the idea of the existence of one central authority. Immutability: A block in the blockchain cannot be altered. Trustless: Nodes need not trust each other to come to an agreement. Many organizations have come up with their own blockchain platforms. Most of the development work of these platforms is open-source, and they have come up with interesting use-cases that go beyond just cryptocurrency. Some of the popular blockchain platforms are: Sno Blockchain Platform USP 1 Bitcoin First cryptocurrency. Decentralized, p2p transactions. No central authority. 2 Ethereum (Token:Ether) Allows for decentralized applications (DApps) to be built on top. Has a Turing-complete VM on which DApps run. Allows for the execution of Smart contracts. Uses GHOST protocol to resolve conflicts that arise when there are faster transaction times 3 Monero Secure, private, untraceable Open source Mining algorithm doesn’t favour ASICs 4 […]

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History of Cryptocurrencies

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Even though cryptocurrencies are just now gaining media attention, the concepts have been around for decades. These concepts have evolved during this time period and have given rise to many cryptocurrencies, each hoping to achieve the most scalable and decentralized system. 1. DLT (Distributed Ledger Technology) DLT’s have existed for a long time and are already in use by most of the world’s largest companies. Any cloud- based system is a distributed ledger. Over time, technology has evolved from being able to store data on the cloud, to being able to have logic on the cloud. This provided countless benefits to applications such as more uptime and faster communications. 2. Consensus Algorithms While the blockchain scene was just starting out, consensus algorithms focused on PoW. But as users grew, this became more and more unscalable. The algorithms that are being used today are much more complex and incorporate other factors to find consensus. 3. BFT (Byzantine Fault Tolerance) BFT has been practice for decades and applies to any distributed system. Even space crafts such as SpaceX Dragon needed to have BFT in the design. 4. Smart Contracts Smart contracts are the future of the blockchain/cryptocurrency space. Since they were first […]