BLOCKCHAIN SERIES
Top 5 Blockchain Frameworks in 2023
CORDA
Corda is a distributed ledger system for businesses. It is a permissioned blockchain network that enables high degrees of privacy, scalability, and interoperability, and unlike a public blockchain, nodes in the network can at least know one other.
Corda provides peer-to-peer communication on a need-to-know basis. A multitude of small business networks make up the main Corda network. This implies that each node in Corda represents an organization or a business. If any two of these firms desire to conduct a transaction, the transaction will only be stored on those nodes and not on all of the nodes. Therefore, in a need-to-know basis, only the participants who are taking part in the transaction would know about it, not the entire network.
The design of Corda makes it possible for it to satisfy the needs of globally regulated and highly complicated businesses. Cord can therefore be used in all spheres of commerce with ease. It is undeniable that blockchain benefits when many industry participants collaborate to build a shared platform. By establishing a cross-industry ecosystem, Corda brings it to life. However, Corda also provides clients with a powerful toolkit if they want to put up an entirely own network that is not connected to the mainnet.
EOS
EOS is more similar to Ethereum, but with greater speed, scalability, and flexibility. EOS provides smart contracts and industry-scaled decentralised apps. It enables free transactions, increased transaction throughput, and enhanced performance. According to EOS, it can process millions of transactions per second without charging a fee. EOS operates on a similar ownership model to an operating system.
EOS is based on delegated proof of stake consensus. The validators in this consensus mechanism are chosen by a vote process. Every user who has EOS coins has the power to cast a vote to determine which nodes are permitted to validate network transactions. These elected nodes are frequently referred to as delegates. These delegates are known as block producers in the EOS protocol. The top 21 block producer candidates are elected. Additionally, block producers have an incentive to behave honestly.
Hyperledger Fabric
Hyperledger Fabric is an open source permissioned distributed ledger technology for enterprise solutions. It serves as the scalable, secure, and modular basis for industrial blockchain solutions. It creates applications or solutions using a modular design. Businesses can integrate a variety of capabilities to meet their unique requirements.
Like any other blockchain, Fabric keeps a chronological ledger of all transactions. In Fabric, an asset is transferred. Anything with a monetary value can be considered an asset. Businesses can choose the asset types and values they want to use with Fabric. Assets are represented as a set of key-value pairs, with state changes being recorded on the ledger as transactions. It also allows you to change the assets using chaincode. Chaincode is a piece of software that defines assets as well as the transaction instructions for altering them. Chaincode is executed via smart contracts deployed on the Fabric ledger.
Peer nodes and ordering nodes are the two different types of nodes in the Hyperledger Fabric network. Transactions are executed and verified by peer nodes. While ordering nodes are in charge of ordering transactions and transmitting the right event history to the network. Fabric ledger is made up of two parts: the Blockchain Log and the State Database. The immutable sequential record of transactions in a block is kept in a blockchain log. State Database is used to maintain the blockchain’s current state.
Hyperledger Sawtooth
Hyperledger Sawtooth is an open source enterprise blockchain-as-a-service technology that is used to build and manage distributed ledger applications and networks. With Hyperledger Sawtooth, the core system and application domain are separated by a flexible and modular architecture, allowing smart contracts to define business rules for applications without being aware of the core system’s internal structure.
Sawtooth uses a parallel scheduler, which enables the execution of numerous independent transactions in parallel. It supports a number of consensus techniques, including Proof of Elapsed Time (PoET) and Practical Byzantine Fault Tolerance (PBFT). Sawtooth can modify the consensus dependent on network requirements. Sawtooth supports multiple languages. SDKs are available for Python, Go, JS, Rust, Java and C++.
Ethereum
Ethereum is a decentralized, open-source platform for the blockchain network that enables total transparency to view all transactions. Ethereum supports smart contracts and has a native cryptocurrency known as ether, or ETH. Ethereum is protected, making it challenging to manipulate with any block-level transactions. Ethereum has a larger community, and a number of businesses use this platform to develop and test different applications.
Proof of Work (PoW) was the consensus algorithm employed by Ethereum. It was recently changed to Proof of Stake (PoS) consensus. Every operation carried out on the Ethereum blockchain requires the payment of gas, which is the building block of the Ethereum ecosystem. Ethereum’s smart contracts are converted into bytecode that the Ethereum Virtual Machine (EVM) can read and execute. Ethereum uses several programming languages, including Solidity, Vyper, Serpent, LLL, Mutan, and Julia.
Summary
Popular blockchain frameworks have been the topic of our discussion up to this point. Explore the major blockchain frameworks and recommend the framework you want to use in 2023.
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