Blockchain Protocol Guidance
Blockchain in its usual meaning is just one of many types of a distributed ledger technology (DLT). However, this field is far bigger and your future blockchain project have a lot of possible opportunities when it comes to DLT Blockchain protocols.
DLT Blockchain technology is based on the distributed ledger that operates on a principle of using nodes. This circle of independent computers record, process, synchronize and share all digital transactions in their own electronic ledgers. Such approach allows excluding a centralized data storage as it is in a traditional ledger. DLT Blockchain protocol distributes the information into encrypted blocks. Those blocks organize together an append-only chain.
Top 5 DLT Blockchain Technology Protocols
Valsen Fiduciaries suggests the following DLT blockchain platforms as the ones that we personally applied in our projects. Aside from the most famous Bitcoin and Ripple DLT blockchain protocols, you should consider such services:
One of the most famous platforms on the market, a constant rivalry for Bitcoin. It offers Ether cryptocurrency and an e-wallet for ERC-20 standard tokens. Due to the protocol’s scalability, DLT blockchain developers can create revolutionary apps on both Ethereum platform and the democratic autonomous organizations.
Hyperledger — an umbrella project that provided the open-source blockchains and related tools. Hyperledger DLT blockchain platforms are designed to handle the Python programming language, the endorsement policies for international business transactions and the confidential data sharing between inner nodes. It unites the stakeholders from across the globe by supporting tech manufacturers, IoT services, supply chain companies, and the financial sector.
This DLT blockchain protocol for enterprises greatly differs from others by using the so-called partitioned consensus model. With such an approach, developers use just a single open chain instance, so each person is authorized to validate and prove the transactions and not being placed in a centralized ledger. Each entity controls its own instances, which can be connected to each other. In Openchain, depending on which assets are being exchanged, separate authorities validate separate transactions. Which makes this DLT blockchain protocol highly scalable and secure.
With this open-source DLT blockchain, the difference is that the BigChainDB works as a distributed database with blockchain features. Such as decentralized administration, immutable data storage, transactions processing and digital assets transferring. BigchainDB comes with transparency, high throughput, low latency, support for permissions in both private and public ledgers, and powerful query functionality. It also operates on the Federation Consensus Model.
- Corda DLT Blockchain
It was developed by R3 enterprise open source blockchain project as for recording, storing, processing and synchronizing the financial deals between financial organizations. Corda DLT protocol was designed for business from the start and the world’s largest entities. It is based on the principles of highly secure transactions and direct value exchange via smart contracts. With Corda, developers can create interoperable blockchains where transactions are verified only by individual parties who issue the transaction. No centralized controller and unrelated validators are allowed. The one disadvantage may be that the Corda protocol comes without an inbuilt cryptocurrency.