The 4 Major Blockchain Network Protocols after the Original

By | August 31, 2018

Blockchain according to the developer of Bitcoin Satoshi Nakamoto , is a chain of blocks. In general terms, blockchain is a distributed ledger where transaction details are recorded in a secure, permanent and in a verifiable manner.

The blockchain technology has been referred to as the most innovative and advanced technology in the world now according SatoshisBrain.com. It is a fully decentralized platform with added record and security capability. The blockchain technology is also a secure one as it makes use of certain technologies like the Byzantine Tolerance mechanism.

The blockchain technology has been adopted and used in various industries and sectors of the economy and Bitcoin happens to be the first case use of this technology and since 2009 it has been used for other platforms.

In this article brought to us by bitnewsbot.com ico pr team, we will discuss other networks that the blockchain technology has been adopted and used for.
Blockchain Technology Overview
Ethereum
This happens to be the second largest cryptocurrency platform based on its total market capital value. It is a fully decentralized platform that allows for the development of decentralized applications (DApps) and also smart contracts with little or no interference from third parties or intermediaries.

This blockchain based project has its native cryptocurrency as Ether and it has specially designed wallets that can be used to store Ethereum Request Comment (ERC-20) tokens.

Decentralized applications are not only created on this blockchain network, decentralized autonomous organizations are also created and launched on the platform.

Ripple (XRP)
Launched in 2012, this blockchain based platform is a decentralized crypto platform that makes use of a distributed open source consensus ledger and its native crypto token known as XRP. This platform has been described as a payment settlement platform which can carry out fast inter-country transactions.

This platform was developed to help banks and other payment gateways by providing them with the needed platform that will allow them make secure, fast and cheap transactions across borders. It does this with its crypto token called XRP.

This platform happens to be one of the top cryptocurrency platforms in the world based on market capital value.

Hyperledger
Developed in 2015 by the Linux Foundation, this blockchain based platform solely focuses on ledgers which are targeted at enhancing international transactions and also catering to the needs of leading financial supply chain businesses.

The effort of this platform seeks to bring in individuals from different industries and sectors of the economy together in order to advance the blockchain technology. Since its inception, it has developed many projects and more are expected to come in the future. Some of the main features of this blockchain based project are; creation of a channel that will enhance the sharing of private information, endorsement of transaction policies and a list of others.

OpenChain
This blockchain protocol is different from that of the others mentioned above. Everyone on the network can spin off instances and every user will have the authority to validate transactions. This means that not just one single ledger will validate transactions but all on the network will be given such authority. On the network, different authority validates different transactions and they all depend on the type of asset that is been exchanged.