Choosing The Best BlockChain Protocol

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by Navdeep Singh Gill | February 12, 2018 |  Categories -  BlockChain, Mojaloop, Hyperledger, Ethereum, XLM, Ripple, LTC, Bitcoin, NEM, IOTA, GEMS Choosing The Best BlockChain Protocol

Enabling Mojaloop

Mojaloop is an open-source digital-payment platform for financial services on a national level. Mojalopp is extremely scalable & interoperable for enabling connection with banks, users, merchants, payments.

What problems does it solve for us?

Mojaloop includes three components: an interoperability layer, which connects mobile money wallets and merchants, a directory service layer, which navigates the different methods that providers use to identify accounts on each side of a transaction; a transactions settlement layer, which makes payments fast and irrevocable.

Mojaloop Capabilities

Money Transfer capabilities

Mojaloop aims at removing this third-party involvement and keeping the transactions only limited to the sender and the receiver.

Ledger capabilities

With the help of Mojaloop, we can save ourselves from any overheads and third party involvements and send or receiving money could be as hassle-free as sending emails. BlockChain Technology is a peer to peer software technology that protects a digital piece of information.

Scalability

Given interledger’s impressive interoperability, scalability - regarding adding support for new financial institutions and financial services seems painless

Programmability

Fairly standard web APIs; trivial JS implementations - very programmable friendly

Security

Interledger protocol accounts for sufficient security measures for money transfers (via Hash-Time-Locked-Contracts)

Ease of Use

Extensive documentation, Mojaloop APIs that are straightforward & easy to understand.


Enabling Hyperledger

Hyperledger is an open source collaborative based on blockchain.It is including leaders in finance, banking, Internet of Things, supply chains, manufacturing and Technology.

Projects under Hyperledger

  • Hyperledger Sawtooth: Hyperledger Sawtooth is a modular blockchain suite developed by Intel, which is based on an algorithm called Proof of Elapsed Time (PoeT).

  • Hyperledger Fabric: Hyperledger Fabric is a plug and plays implementation of blockchain technology designed as a foundation to develop high-scaling blockchain applications with a flexible degree of permissions.

  • Hyperledger Burrow: This project develops a permissible smart contract machine along the specification of Ethereum.

Features

Scalability

Given interledger’s impressive interoperability, scalability - regarding adding support for new financial institutions and financial services seems painless

Programmability

Fairly standard web APIs; trivial JS implementations - very programmable friendly

Security

Interledger protocol accounts for sufficient security measures for money transfers (via Hash-Time-Locked-Contracts)

Interoperability

Interledger is an open protocol suite for sending payments across different platforms.

TX costs

  • > 1,000 transactions/s (Sawtooth Lake) primarily for larger networks


Ethereum

Ethereum is an open-source blockchain-based distributed platform and operating which uses smart contract functionality.Ethereum helps developers to build and deploy a decentralized application.A smart contract is used to describe any code that can facilitate the exchange of money, content, property, shares, or anything of value.Decentralized applications (or Dapps)includes serverless provisions that might be run mutually on the customer side and inside a blockchain based dispersed network, for example, such that Ethereum.

Capabilities

Scalability

Ethereum helps to  develop scalable DApps and DAO, flexibility which helps to increase transaction performance, security

Programmability

Easy to use as solidity is widely used for there platform, well documented and has StackOverflow group of developers.

Security

Secured and highly trusted as many of the ICOs are based on Ethereum platform.

  • Potential network issues (DDoS)

  • Exploitable Smart Contract code (reordering, insertion of transactions)

Interoperability

It supports multiple token and cryptocurrencies, and many of them are based on Ethereum platform only.

TX costs

7/10; faster than BTC & still relatively cheap per transaction

  • 15-20s vs 3-5s (Lumens); 10-30m (Bitcoin)

  • 0.25$ vs < 0.01$ (Lumens); 6$ (Bitcoin)

  • Approaching updates though that will greatly improve this (e.g., Raiden network)


XLM

Stellar is a  blockchain based platform that connects banks, payments systems, and people. XLM helps to move money quickly, reliably, and at low cost.Stellar also features a built-in distributed exchange which allows people to not only buy and sell currencies but also to convert from one currency to another during cross-currency transactions.

Capabilities

Scalability

A single transaction consists of many operations like payment, offers and fees.

Processing rate – 1000 operations per second

Programmability

A technical team will setup database table, write code to listen to the stellar ledger, conduct transaction and can test integration.

Ease of use

Free to use, need 120-200 hours for integration depending on size and experience of the development team.

Security

Base account’s details can be stored on an offline computer. Can freeze assets if the account is AUTHORIZATION REVOCABLE.

Interoperability

Allow easy and cheap transfers between any pair of currencies.

TX costs

0.00001 XLM (Very low)

9/10; extremely fast & cheap comparative to other leaders in speed & cost like Ethereum

  • 3-5s vs 15-20s (Ethereum); 10-30m (Bitcoin)

  • < 0.01$ vs 0.25$ (Ethereum); 6$ (Bitcoin)


Ripple

Ripple is a blockchain based platform that connects banks, payment providers and corporates via RippleNet to provide a unified way to send money globally.It offers Connectivity across various payments network, Instant on-demand settlement and helps in Real-time traceability of funds.

Capabilities

Scalability

The core of this peer-to-peer network is an open source C++ application called rippled,  which is highly scalable.

Ease of use

Mainly used by banks, Not many developers are using the technology.

Interoperability

It can support multi-currency as used by banks for money transfer.

TX costs

0.00001 XRP(10 drops)

Programmability

  • Xcurrent- Banking

  • Xrapid- Payment providers

  • Xvia- Businesses


LTC

Litecoin is a peer-to-peer platform that enables instant, near-zero cost payments. Litecoin is fully decentralized open source platform based on blockchain. Litecoin features faster transaction and improved storage efficiency than other currencies.

LTC is capable of handling higher transactions when compared to other platforms.

Capabilities

Wallet Encryption

LTC includes Wallet encryption which allows you to secure your wallet so that you can view transactions and your account balance.

Open Source

Litecoin is an open source software which gives you the power to run, personalize and copy the software to distribute modified copies of the software.

Programmability

Easy to use and develop as it based on an open source platform.


BTC

Bitcoin is a  peer-to-peer technology based on Blockchain platform which helps in managing transactions.

Mobile payments made easy

Bitcoin  transactions can be done on mobiles with a simple two-step authentication scan-and-pay

Security and control over your money

Bitcoin transactions are secured by cryptography which makes transactions very secure.


NEM

NEM is a Smart Asset blockchain which helps in the management of currencies and supply chains.NEM enables you to create Addresses that act as containers for Mosaics which further can be connected with Multisig rules.

NEM can be customized for any application as it is highly customizable.NEM’s key advantages are its ability to interface between public and private blockchains seamlessly.

NEM  is based on Smart Asset System which allows you to develop and launch your cryptocurrency.


IOTA

IOTA is a public distributed ledger that utilizes a data structure called Tangle which is based on Directed Acyclic Graph.

Features

  • Scalability: IOTA can achieve high transaction of transactions with no limit as to the number of transactions

  • No Transaction Fees: IOTA includes no transaction fees.

  • Decentralization: IOTA is more decentralized than any Blockchain.


Gems

Gems is a decentralized, open-source protocol developed on top of the Ethereum blockchain.

Using the GemsProtocol, anyone can tap into the skill of scalable micro-task workers without requiring to worry about task verification, trust, or payments. 

Gems is a protocol for engaging workers to perform micro-tasks.

Workers stake tokens to prove the validity of their tasks and earn a reusable computed trust score, improving the cost-efficiency of the network while democratizing access to scalable micro-task workers