In the ‘Smilo explained’ series we will explain the technology and choices that define the Smilo Platform in an accessible way. In this article of Smilo explained we are going to compare all the major blockchain platforms. We are going to enumerate both the positives and the negatives.
The comparison includes thirteen blockchain platforms, and we tried to represent them as accurate as possible. However, if anyone encounters any mistake, feel free to email us on firstname.lastname@example.org and we will correct any possible misconceptions straight away.
Our comparison started with programming language support. In our view, it is critical that a blockchain platform supports several programming languages to ease general adoption of blockchain technology. Additionally, it is also important for a blockchain platform to support Solidity as it was the first major smart contract programming language. Supporting Solidity makes transitions and cross-overs to and from Ethereum possible.
The second category of our blockchain comparison is focused on decentralisation. Originally, blockchain was entirely focused on the benefits of decentralisation, mostly due to the security reasons. We at Smilo strongly believe in decentralisation, and therefore we checked off all the platforms which provide decentralisation.
The consensus mechanism is the Achilles heel of every blockchain platform. This mechanism defines the platforms level of security, as well as its scalability, transaction speed, and transaction costs. The Proof of Work mechanism has shown its incredible resilience to hacking attacks over the last 10 years. However, this security comes at a price, and in this case, the price to be paid is a slow and inefficient network.
The Byzantine Fault Tolerance (BFT) consensus mechanism is just like the Proof of Stake (PoS) faster and more efficient, however they are not perfect. The standard BFT and PoS mechanism aren’t the most secure consensus mechanism.
To address these issues, Smilo has improved the standard BFT mechanism and created the unique Smilo BFT+ consensus mechanism. A mechanism which is fully secure, scalable, quick, and sustainable transactions.
Aion’s consensus mechanism which uses a combination of PoS, BFT and Pol is also very interesting since it is very suitable for their platform.
Most of the existing blockchains platforms are (planning on) implementing various technologies to be able to handle an infinite amount of transactions. Common solutions are sharding, off-chain transactions, and side-chains, each with its own benefits and challenges.
Ever since the dawn of blockchain technology, one of the most famous consensus algorithms has been the proof-of-work (PoW) algorithm. This PoW algorithm is an economic measure to deter various attacks on the network by requiring some work from the service requester, usually in the form of processing time by a computer. These computers, also known as miners, consume immense amounts of energy.
Most corporations, public organisations and governments are moving towards more sustainable and efficient solutions, such as BFT and PoS.
Smilo is currently the only platform to provide on-chain privacy features. However, there are a number of platforms that provide similar features off-chain/in a second layer. Smilo has specifically chosen for on-chain privacy features to be fully independent of other networks. Its on-chain privacy features provide its users with the security, privacy and transparency they value.
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