For a couple of years, Blockchain which is the underlying technology of Bitcoin is gaining a huge amount of popularity. As there are various DAPPs and mind-blowing technologies written each week, somewhat you can say that there are huge amount of new aspects to lookout for.
For any individual who is simply starting with blockchain technology or any kind of development related to it. They will have numerous choices to select from. So, let’s check some of them.
Interesting Blockchain Technologies
Introduced first by Satoshi Nakamoto in the year 2008 and written in his white paper, it simply caught the attention of the mainstream media. This so called Britcoin’s blockchain utilizes UTXOs (Unspent Transaction Outputs) mechanism. Here the major components related to the Bitcoin technology is Descriptions, Transaction ID, Inputs and Outputs and Meta data. Each transaction that you receive will have certain inputs and it will even create some outputs too. In addition, you can even embed certain data in such transactions.
The brainchild of Vitalik Buterin, Etheruem’s first public implementation is called as Frontier. This was released somewhat in the mid-2015. There is a Turing-whole virtual kind of machine called EVM. Do you know the major improvement with regard to the Bitcoin blockchain? It is the basic ability to develop Smart Contracts.
There are various languages present in the Ethereum such as Solidity, LLL, Serpent, etc which the common supported languages present in this community are. There has been a growing interest for the Ethereum from various industries and communities. One of the major innovations present in the Ethereum is the easily and basic simplicity of using smart contacts to develop tokens. This can represent certain physical assets like Gold, Fiat currency, computational hours, company shares, and the list goes on.
The Hyperledger is one of the incubation project utilized for DLT (Distributed Ledger Technologies) by the Linux Foundation. There are three major incubation projects related to the Hyperledger which are Sawtooth, Fabric, and even Corda.
Even though the Fabric is the implementation of the IBM, still the Sawtooth is created by the Corda and Intel. Here, the Fabric is quite necessary as a private version of the blockchain, where the nodes of the network will work and form a private chain and even help in sharing data.
One of the blockchain technologies which simply focus on financial applications and settlement is the Ripple. This is created from the ground up, making it easy for you integrate with the existing infrastructure of the banking sector without distributing the integration of the overhead.
For few years, Ripple, the private firm has been developing this so called protocol and they have seen some good results from customers in terms of financial institutions and banks. Here the basic protocol is ILP (Interledger Protocol) and this simply helps the banks to make payment through various ledgers and networks all around the world.
Here the latest shiny thing present in the land of the Bitcoin and blockchain is the Zcash. The best and easiest followers of the Zero-Knowledge proof are the Zcash. There have certain criticisms of this technology by users in terms of the public nature of transactions.
All the basic transaction can be easily traced to the original address and this simply leads to a huge issue, like revealing the amount of assets one has. However, as it is built on the Britcoin Core’s codebase there is less chance for your personal information getting revealed.
In short, it is simply clear that such technology i.e blockchain is only attractive to certain tech companies but there are certain major players like IBM and Microsoft who have been taking notice of it. So, let’s wait and watch how this works.