5 most debated emerging blockchains of Crypto Space by Spatium.

Spatium
Spatium
Aug 24 · 7 min read

Blockchain Platforms are picking up pace, evolving into a mainstream technology for the last 4–5 years and more scheduled to launch in the coming months. Both tech and financial businesses are now incorporating blockchain in their operations. Spatium solution provides the fastest and most secure blockchain support, welcoming as reliable professionals, so new players in the field. Let’s have a look at the most promising newbies to come in our review.

Polkadot

Polkadot is a platform, operating with multichain architecture and solving the main problems of present-day blockchain limitations — interoperability and scalability. It allows arbitrary data, not just tokens, to be transferred across blockchains. Thus developers have a wide range of flexibility to build privacy-oriented or other application-specific blockchains.

As Polkadot is working with parachains, it facilitates innovation cycles faster. The innovation could be shared between chains, but not just tokens as the form of interoperability. Parachains focus on application building rather than their security, however being a part of Polkadot, they are part of the pooled security, composing a complicated component for developers.

Polkadot has its DOT native token. It’s not available for trading, it executes only platform functions. When the main net launches, the DOT will be ready to use. The token will serve 4 purposes:

  1. Governance over the network: DOT holders have privileges such as managing forkless protocol upgrades and fixes as well as participating in decision-making processes regarding parachains and more.
  2. Operation: Good actors who behave in honest ways are rewarded, and bad actors are made to lose their stake in the network.
  3. Interoperability: DOT tokens are used to pay for validators’ fees when sending messages from one blockchain to a different one.
  4. Bonding: new parachains are added by bonding tokens, and outdated ones are taken out from the network by removing bonded tokens. Any DOT that is deposited in the auction process will be returned at the end of the parachain’s lease.

This year Polkadot announced the release of Kusama Network. As the team states:

“Kusama is an early, unaudited and unrefined release of Polkadot. Kusama will serve as a proving ground, allowing teams and developers to build and deploy a parachain or try out Polkadot’s governance, staking, nomination and validation functionality in a real environment.

Kusama is a canary-net. It is an early, highly experimental version of Polkadot presenting real economic conditions. It is not economically centralised and there will be no central kill switch.”

Polkadot shows how future generation of blockchains may look like and benefit each other.

Hedera Hashgraph

Hedera Hashgraph is working on a decentralized public network around its native currency, integrating smart contract platform and file storage service. It provides APIs to manage accounts, GDPR-compliant files, and write data to the ledger with high-throughput. These services use the hashgraph consensus algorithm for a faster and more secure blockchain alternative.

HBAR is not yet a tradable token, but the company is planning to hold a crowd sale. The offering, however, will be conducted as a private placement for accredited investors only.

The company believes that using minimum data to achieve consensus will make transactions very cheap. Thus you can buy electricity, services, implementing the algorithm in IoT and media with the space speed and low cost.

Despite all its advantages, Hedera’s architecture has a significant weakness. The number of nodes is limited (up to 20). That’s why Hedera can be called only semi-decentralized platform.

DFINITY

DFINITY is Internet Computer project focusing on extending the Internet to the giant Blockchain cloud which will support the corporations. The team believes that in the nearest future open protocols will behave like a decentralized operating system or a serverless cloud providing the next generation for software, service, and data.

They call the idea an Internet Computer, which will revolutionize the traditional cryptocurrency mining and data flow. It will solve such problems as security breaches, system outages, and enormous IT systems expenses.

The working algorithm is based on Ethereum, but all the processes, including economic ones, are governed by Blockchain Nervous System (BNS). It is the system of Artificial Intelligence functioning on specific neurons, the owner of which can be any user.

TBA tokens will be used in the system to:

  • launch and install smart software for smart contracts on the network;
  • contribute for “smart identifiers” that allow you to connect client software to the network;
  • create “neurons” that can participate in decentralized management through the Blockchain Nervous System;
  • allow private DFINITY networks to connect to the public DFINITY network. (A security deposit is a certain amount of tokens to be frozen on the account)

The biggest difference using new technology will be in how the Internet Computer reimagines software. Though it will provide many positive features like the incredible speed, capacity, and efficiency gain.

Can’t but mention that Vitalik Buterin mentioned that the main competitor for Ethereum would not be Polkadot, but rather, Dfinity of Dominic Williams, defined as a “sister network“.

Solana

Solana is a high performance underlying blockchain protocol based on Proof of History (PoH). The platform realizes the data horizontal scaling finality and achieves high performance, featuring newly-designed architecture without sharding.

Scalability and privacy are the main issues addressing in the underlying layer of blockchain. It’s well-known that the value of the public chain depends on the prosperity of its ecosystem.

Therefore, Solana presents three primary innovations of its blockchain: Proof of History (PoH), Verifiable Delay Function (VDF) and Avalanche.

PoH: adopts the way of a cryptographic hash function to encrypt random starting value, thus generating an output hash value in fixed length and size. In this way, we can obtain a series of locked hash values and its corresponding sequence so that the objective sequence of passages of time in the blockchain becomes available.

VDF: a function used to generate PoH. It is a collision-resistant hash function. This is a function that takes data, inputs, and spits out the result in a fixed size. Its main advantage is security.

Avalanche Communication: The goal is to reduce the bandwidth loss and improve efficiency during the verification process. In the traditional blockchain, copying and spreading the full ledger is a work that consumes time and bandwidth.

The team has already launched a multi-nodes test network with its TPS reaching 250,000. The open-source code is also available on Github. There are currently 2016 submissions.

The project has shown strength in various aspects, including underlying technological innovation, technology realization, team development and stability, and steady development of a community ecosystem.

TON

Telegram Open Network protocol is a multi-blockchain network project backed by a Proof-of-Stake system, which is intended to host new decentralized applications and cryptocurrencies. TON aims to provide the market with an ecosystem that meets the community needs.

The network efficiency is designed to process millions of transactions in seconds. The network also accommodates applications without compromising its scalability. The user-friendliness of the interface makes it easy for decentralized apps to run smoothly. The user base of the project is huge, more than 200 million, and the main advantage here is the presence of ready testing platform.

TON Proxy or anonymizer is designed to protect your privacy on the net and help you achieve anonymity. TON proxy offers Tor alternatives, hides IP addresses and conceals users identity on TON nodes. Thanks to TON DNS and TON P2P Network, you can make censorship impossible on any service, including Telegram.

TON Payments platform offers an off-chain transfer of value between bots and users among services. Unlike on-chain transactions, verified by the blockchain, the transactions on TON platform are private and valid out of the blockchain.

TON 4 main products include:

  • TON Storage the Decentralized Dropbox
  • TON Services the Decentralized App Store
  • TON Payments Micropayment Currency
  • TON DNS Decentralized Web

A successful first phase attracted a total of $850 million, and in no time investors were scrambling for some TON. Thanks to the scramble, the price of GRAM tokens also hiked from $0.37 to $1.33 per piece.

Nobody knows whether these smart contract platforms will take Ethereum’s market share or decentralized finance applications. Ethereum has a major advantage in network security, available infrastructure, and dev tools. Although ambitious goals set by Ethereum 2.0 roadmap are challenging for the project. Smart contract functionality of Ethereum 2.0 may not be viable for a few years. That gives a nice chance for other smart contract platforms to engage developers to migrate away from Ethereum.

Nevertheless, new platforms need trustworthy solution for the storage. Spatium technology allows the support of new blockchains immediately, unlike most of the custodial services on the market. Thus we are supporting and welcoming new platforms to come. Using Spatium, the blockchains benefit from reducing time and resources, therefore improving security and user-friendliness.

We’ll continue to keep you updated. Follow our Telegram, Facebook, and Twitter to receive the most interesting and latest news about cryptocurrencies, prices, and trends.

Spatium Blog

Keyless & genuinely decentralized solution to manage digital assets.

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Spatium

Spatium — true, decentralized, keyless solution, bringing complex cryptographic technologies from security experts to blockchain enthusiasts.

Spatium Blog

Keyless & genuinely decentralized solution to manage digital assets.

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