What is Blockchain?
Blockchain is a shared, immutable digital ledger that facilitates recording transactions and tracking assets within a business network. An asset could be tangible (a house, a car, cash, land, etc.) or intangible (copyrights, intellectual property patents, and branding). A blockchain network allows anyone to track and trade virtually any value, reducing risk and cutting costs.
Blockchain is revolutionizing the internet, financial services, supply chain, gaming and privacy. We have also seen a significant increase in cryptocurrency use.
2017 was the year that crypto was crazed, 2018, was a year of technical focus, 2019, was the year that sophisticated blockchain companies started Building businesses, 2020 will be the year institutional investors adopt, build regulations, and move toward mass adoptions.
Currently over 5000+ cryptocurrencies exist in the market and many more to come in upcoming days as Blockchain-as-a-Service. Over 80% of these coins will die because they are scams or lack proper leadership, tech resources or funds. It's difficult for newcomers to find good projects. Sometimes it can be dangerous to invest in projects that lack fundamentals in technology. Crypto-space is still very speculative. Many times, both new investors and experienced people invest based on hype. They look at CMC rankings or hear from friends and celebrities who are investing in crypto-space. This can be misleading to identify long-lasting tech. People sometimes get confused when they see so many coins, and mistakenly believe that all coins are the same as Bitcoin. People also don't understand the various goals and scope of coins (e.g. They don't understand the differences between store of value and peer-to-peer payment vs internet computer, governance vs digitizing assets. They don't know which coins are valuable.
Why blockchain matters: Information is the backbone of any business. It's important to get that information as soon as possible and ensure it's accurate. Because it allows for immediate, shared, and transparent information to be delivered, Blockchain is an ideal tool. Only members of the network who are allowed can access it. Blockchain networks can monitor both production and payments as well as orders. You can observe every aspect of every transaction from start to finish since members all have the same version of the truth. This boosts your self-assurance and creates new possibilities for you.
The key elements of a Blockchain
Distributed ledger technology
The distributed ledger is available to all network members and contains an immutable record that records transactions. This shared ledger eliminates the need to record transactions multiple times, which is typical for traditional business networks.
Permanent records
After a transaction has been recorded to the shared ledger, no participant can alter or tamper. A transaction record that contains an error must be rewritten to correct it. Both transactions will then be visible.
Smart contracts
A smart contract is a collection of instructions that may be automatically carried out and is stored on the Blockchain to speed up transactions. Corporate bond transfers and travel insurance terms can have their terms and conditions defined using smart contracts.
Blockchain: How it works
Each transaction is recorded as a "block of data."
These transactions are used to show the movement of assets that could be tangible (a product) or intangible(intellectual). You can record information in the data block: who, what, and when.
Each block is connected with the one before and after it
These blocks form a data chain as an asset transfer from one location to another or the owner changes. These blocks securely link together to ensure that no block is changed or added between blocks and validate the timing and order of transactions.
Transactions are locked together in an irreversible chain called a blockchain
Each block adds to the verifiability of the block before it and the whole Blockchain. This gives the Blockchain the critical strength of immutability and renders it immune to tampering. This produces a reliable ledger of transactions and removes the potential that a hostile actor may alter the Blockchain.
Consider these key features
Due to the various blockchain platform components, businesses can select the ideal components for various capacities-
- A platform's openness (public or private) affects security and speed. A public blockchain is open to anyone. This can make it easier for small businesses to get started. Open blockchains can be slower than closed ones. Many blockchain code bases are open to modification.
- Consensus mechanism, also known as Byzantine fault tolerance, such as PoW or PoS. Bitcoin and Ethereum both employ the more traditional PoW technique. Georgen claimed that although the other processes are less tiring, they are quicker and more effective.
- How it records transactions using ledger technology. Two common choices are UTXO and an account model. While UTXO functions similarly to cash with a serial number, an account model monitors the balance. Ethereum, Stellar, Tron, and EOSIO all support the account model. Blockchain platform, Hyperledger Fabric, and Hyperledger Sawtooth all employ UTXO.
- The Blockchain uses smart contract features to store business logic. Popular programming languages include Digital Asset Modeling Language, Ethereum Solidity, and WebAssembly.
This article highlights 15 public blockchains that have helped to grow their user networks. These 15 cryptocurrencies have a global impact by offering premium financial services, supply chains, gaming, the internet of things and governance, as well as cloud computing and storage. This article also highlights the banking industry, Defi. Digital identity, Entertainment Industry, private blockchains for enterprise clients, and entering into commercial partnerships
15 Public Blockchains Public Platforms:
1. Bitcoin (BTC)
Bitcoin was the first cryptocurrency to be created. It is also the most well-known. The pseudonymous Satoshi Nakamoto introduced Bitcoin in 2009. It is not controlled by a central bank like traditional fiat currencies. Instead, it is run on top of a distributed network that is maintained by thousands of computers all over the globe. Bitcoin is considered the gold standard for digital currency due to its open source, decentralization nature, and the most secure public blockchain network. Bitcoin is the first proof-of-concept of a peer-to-peer open-source public network. Bitcoin's actual value is determined by its scarcity and dollar, or any other Fiat currency inflation hedge. These are just a few of the many attributes that Bitcoin has that are more important than simply chasing its price.
+ Non-sovereign issue +Trustless + Native the Internet + Programmable + Supply constrained + Harde to confiscate + Settles quickly Border less + Doesn't distinguish between race, religion, or any other trivial thing.
2. Cardano (ADA)
Cardano, a public blockchain network that uses Ouroboros as its foundation, is the most secure proof-of-stake. It has more advanced features than any blockchain protocol and includes a decentralization feature higher than Bitcoin. The Cardano platform was built using functional programming Haskell. The network is capable of running financial apps used every day by individuals and organizations around the globe in the most decentralized manner. Cardano Blockchain can be used to build real-world applications such as Identity, Banking and Gaming.
Cardano has five stages. The Byron stage is responsible for decentralized network processing of Cardano Settlement Layer. Cardano's Shelley stage focuses on functionality implementation such as stake allocation and stake pool testing. Cardano is still at its infancy stage, but by 2020 this project will be a huge success with its smart contract and Shelly. Shelly can then go into production in mainnet. Cardano created the IELE virtual machine (EVM modified virtual machine) and made it a general programming language at the Goguen stage. Cardano is now ready to use and build Dapps. Cardano next improves the performance of the project, implements Ouroboros Praos, and modifies the network layer. They aim to make the project sustainable by completing the Voltaire stage. Hydra will help Cardano to overcome the scaling issues. This will allow Cardano to have faster Finality, higher throughput and TPS. Once the Shelly mainnet launches in Mid 2020, we will see an exponential rise in Dapp adoption on Cardano platform.
3. Algorand (ALGO)
Algorand created a new generation of blockchain platforms that address many of the problems currently facing blockchain technology implementations. Silvio Micali, MIT professor and cryptography pioneer, founded Algorand. The Algorand Pure Proof-of-Stake consensus protocol and the Verifiable Random Function are the key to solving the blockchain trilemma. They offer unique features that both DApp developers and enterprises will love, including security, scalability and decentralization. The Central Bank Digital Currency (CBDC), which will be used by many countries as the underlying technology, will drive widespread adoption of Cryptocurrency. Algorand will also bring many institutional investors and financial products into the mainstream, due to Decentralized Finance (DeFi), which will be rampant in the upcoming years.
4. Avalanche (AVAX)
Avalanche, a high-speed platform for smart contracts, supports Visa-level throughput and sub-second finality. Avalanche's initial release dispelled the misconception that blockchains were slow and inefficient. Any improvements to these areas would require a compromise with decentralization. Avalanche uses three default chains for transactions: C-chain, X-chain, and P-chain to manage staking and subnet administration. Each virtual machine runs a different one, each designed for its respective purpose and validated by the exact same set of validators. This platform uses the innovative and powerful Avalanche consensus protocol, which enables true decentralization with near instant confirmation times. It also has an extensible and programmable network infrastructure that allows developers and administrators to create new subnetworks with arbitrary execution environments. Avalanche will also be used as Layer-2 by many other Blockchain projects that are struggling to scale. Avalanche Protocol will host many Dapps, Defi, and real-world applications in the coming days.
5. Cosmos (ATOM)
The Cosmos team first created the Inter-Blockchain Communication protocol. It has gained considerable popularity. IBC allows two different blockchains to exchange tokens. This protocol is crucial for interoperability. Cosmos is also a distributed network of parallel blockchains powered by BFT consensus algorithms such as Tendermint consensus. It is a decentralized network that many prominent crypto-currency Dapps, such as Binance Chain, are creating. COSMOS SDK, Tendermint Core and other crypto-space Dapps will be more widely adopted in the future because they are user-friendly and transparent.
6. Ethereum (ETH)
The ethereum ecosystem is a pioneer in both smart contract technology (ICO) and ICO. It has now shifted its focus on scaling the underlying blockchain as well as building enterprise-grade apps on top of it, especially those related to Decentralized Finance (DeFi). Although the Ethereum network has struggled with scaling since its creation, the network will be significantly improved with its proof-of-stake upgrade and sharding upgrades. Ethereum may see many Dapps leaving the platform as there are other blockchain platforms that can fulfill its needs.
7. Polkadot (DOT)
PolkaDot, an incubated Web 3 Foundation project, is a pioneering Web 3 Foundation project. It aims to create an efficient chain net ecosystem, support heterogeneous chains asset and data communication, and share security. Polkadot invented interoperability in order to improve security and scalability for chains. This was done to create an efficient chain net ecosystem. Para chain bridges allow chains like Monero, Ethereum, and Bitcoin to be connected to PolkaDot. It allows applications and smart contracts to seamlessly cross-border with assets and data on other blockchains. The Polkadot ecosystem continues to grow rapidly, with Parity and Web 3 Foundation leading the charge.
Read More: A Comprehensive Guide to Build a Cryptocurrency Exchange Software
8. Binance
Binance is a leading cryptocurrency exchange. It offers products and services that have low barriers of entry to retail customers. Binance was initially launched as a trading platform to trade cryptocurrencies. However, it has expanded to include a futures trading platform, a blockchain platform and token launchpad. Binance Labs is a VC-like arm that explores promising startups in this space. Binance Academy also educates newcomers. Binance is a strong force in the crypto industry, with multiple revenue-generating businesses. Binance will be the equivalent to NASDAQ in cryptocurrency over the long term.
9. Vechain (VET)
Vechain is a well-known blockchain platform that focuses on supply chain and delivering Internet of Things solutions. VeChain allows manufacturers to assign products to the platform with unique identities. This will enable manufacturers, supply chains partners, and consumers to track the movement through their supply chains. VeChain's blockchain solution is used by many companies, including Walmart China, DNV GL and PWC, as well as other high-profile ones.
10. Zilliqa, ZIL
Zilliqa, a prominent cryptocurrency project, aims to make blockchains more efficient and scalable by using sharding technology. Sharding technology is used to speed up the consensus process so that Ethereum and other Blockchains can host distributed applications and provide fast transaction processing. Zilliqa is the first public blockchain that can process 2828 transactions per second with sharding. This allows for new use cases that are not possible on traditional public blockchains. Zilliqa has seen a lot of interest in real-world applications using blockchain, such as Unstoppable domain and xfers. Bolt is just one example.
11. Ontology (ONT)
The Ontology Team is a leading cryptocurrency project created by a global team of blockchain experts. Its public blockchain platform, DID (Decentralized Identity) is focused on providing flexible and scalable business solutions for enterprise clients. Ontology supports a distributed ledger system, smart contracts system, cross-chain solution and sharding. Ontology also introduces a number of protocols and frameworks to help build the "last mile" for blockchain applications. They swarmed into the crowd of projects competing for multichain interoperability and revealed a solution that is comparable to other prominent competitors like Cosmos, Polkadot and Avalanche.
12. Wanchain (WAN)
Wanchain is a leading blockchain platform and it has reached a point where interoperability. The Wanchain ecosystem is designed primarily for asset transport layers. It is similar to the Internet's TCP transport layer. Wanchain is a financial company that provides smart contracts and creates cross-chain transactions. It also offers privacy mechanisms. Wanchain hub Blockchain, digital currency such as Libra, DCEP and even NFT (Non-fungible tokens) can seamlessly move from one blockchain to the next. This will eventually allow tokenization of traditional assets such as bonds, stocks and other physical assets
13. Zcash (ZEC)
ZCash is a leading privacy-driven cryptocurrency. In order to be widely used, it is likely that most cryptocurrency will have some privacy features in the future. You don't want to use a cryptocurrency where your salary, how much you were paid and how much money you spend are visible to your colleagues. This is not what most people want. Privacy features will see a huge increase in the coming years. Zcash uses (zk-SNARKs) for encryption to protect all information (senders, receivers, amounts) without the risk of double-spending.
- ChainLink
Smart contracts and blockchains cannot access off-chain data (data outside the network). Blockchain oracles are able to provide a link between on-chain and off-chain data. ChainLink is a middleware solution that allows smart contracts to access off-chain resources like data feeds, web APIs, and traditional financial databases. ChainLink is a middleware solution that enhances the functionality of base-layer blockchains.
15. FunctionX (FX)
FunctionX, a relatively unknown company in the early stages of its development, is the most underrated. The FunctionX foundation and PundiX team are currently building the Function X ecosystem. FunctionX is a decentralized total solution. It consists of five core components: Function X Operating System, Function X distributed ledger(Blockchain), Function X IPFS, Function X Protocol, and Function X decentralized Docker. Each component serves a single purpose: to decentralize all services and apps, websites, communications, and data. Function X has launched an XPhone and XPOS, as well as other Function X enabled hardware devices. This will make a significant contribution to mass adoption. BOB, the world's first fully blockchain-enabled phone (Android & Blockchain combo phone), was recently honored with the CES 2020 Innovation Award. Many more hardware devices will be able to connect via Function X blockchain, including cell phones, point-of-sales and other smart devices. These devices will act as nodes and create a fully functional and decentralized network
Public Blockchain has many Benefits
These are some of the benefits that public Blockchain offers over private varieties.
Maximum security
Each platform component of the public Blockchain was created with security in mind. Shared networks are frequently threatened by online hacker assaults. Because of this, public blockchains make an effort to have the best security measures.
All are welcome
Openness is one of the most important assets of a public Blockchain. Anybody can log in to the system regardless of where they are located or what device they use. All you need is an internet connection that is stable and reliable. It is accessible to all without restriction, so you can reap the benefits of blockchain technology in a secure and reliable environment.
Anonymous nature
The anonymity of the public Blockchain is one of the main reasons it has been so popular. It is an open, secure platform that allows you to make efficient and accurate transactions. However, you don't have to disclose your identity or real name to participate. Your identity will be secured so that no one can track your activity on the network.
There are no regulations
The public Blockchain does not have any rules regarding the use of network servers. This platform can be created without restrictions. This is excellent for consumer platforms where the Blockchain is not restricted to internal networking.
Truly, everything is decentralized
True decentralization is one of the main draws for all publicly traded blockchain startups. This is a feature that is often absent in private Blockchains. The network is not managed by a single platform. As an alternative, it works as a distributed system where users have their copy of the ledger. The ledger is updated by consensus, and upkeep tasks can be carried out from different nodes.
Absolute transparency
The greatest feature of any shared network architecture is complete transparency. This rule is extremely straightforward. Public blockchain enterprises will make it available to everyone if they have a ledger. The complete ledger will always be available to you as a user. This removes any network corruption, disparities, and gray areas.
Impermanence
The open Blockchain cannot be destroyed. Why does this matter? This means that once a block is formed and added to a chain, it cannot be changed, changed, or destroyed. No changes can be made to the network. Any user who wishes to change the block must start a new chain.
The User has Complete Power
Users are bound to various rules and protocols in any network chain. A public blockchain is a different situation. Users have complete control over the system and can contribute without being supervised by a central authority.
