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Discover 7 key blockchain protocols like Bitcoin, Ethereum, and Polkadot. Learn their features, use cases, and role in shaping the future of
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Compare Blockchain Protocols with Scortik
Making the right choice when it comes to blockchain protocols can be challenging. That's why Scortik is here to help! With our compare protocols page, you can now easily compare different protocols based on key metrics and features that matter most to you.
It is absolutely crucial to take a good look at the different consensus protocols powering different blockchain systems. Read this article to know more.
There has been a lot of hustle relating to hash rates and consensus algorithms since ETCs chain got attacked. The 51% attack was monitored from a single source and double spending activity was obse…
Sharding Blockchain Technology Could Process Transactions Faster
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Smart contracts can be thought of as “automated trustworthy workflow between parties without a central specific co-ordinator.”. Here’s how I think about them.
What Are All These Different Blockchain Protocols?
There are various differences between the front runners in blockchain protocols. Leading to what’s been called the fourth industrial revolution, these protocols, and the institutions behind them, collaborate to create the many iterations of blockchain. Moreover, the applications of their work have just begun to be implemented with far reaching consequences for the financial sector.
Bitcoin – The Origial Blockchain
Bitcoin has been an open source project since 2009, and it is a first-mover with an ardent group of enthusiasts. The native currency of Bitcoin is BTC, which is used to record transactions on the blockchain. Bitcoin uses Proof of Work (via miners) to validate transactions on the ledger, however of late Bitcoin has become a victim of its own success. Theoretically, each transaction on the blockchain is recorded as movement on the ledger through the combined processing power of the miners. Every 1-10 minutes each block is confirmed and the miners receive a payout in freshly “minted” bitcoins. The ecosystem around bitcoin is diverse, ranging from remittance to merchant payments.
Ripple – The Blockchain for Financial Payments
Ripple started as a project by Ryan Fugger in 2003, and was adapted by OpenCoin (now Ripple) after the creation of Bitcoin. Ripple has grown into a strong contender in the fintech scene. Focusing on removing friction from international payments, Ripple has positioned itself as a SWIFT 2.0. In addition to being consumed by transactions the network, its native currency XRP is positioned as a bridge currency among asset pairs on the Ripple protocol to save financial institutions money. Transactions are confirmed every 3-5 seconds on the Ripple network, through consensus among validators. Furthermore, validators on Ripple are not rewarded for their part in achieving consensus, a process which requires the agreement of each node (run by each validator) in the network. Since Ripple does not use Proof of Work or Proof of Stake it is able to achieve a much shorter timeframe for each confirmation round in the ledger.
Ethereum – A Blockchain Programming Language
