Blockchain Essentials

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Top Crypto Currencies

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack or cheat the system.

Blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

DAPP (decentralized application) , is a software application that runs on a distributed network.

It is not hosted on a centralized server, but instead on a peer-to-peer decentralized network.

DAPP = FrontEnd+ Smart Contract backend

Backend code is written in an Ethereum specific language, including solidity , Serpent, and Vyper.

Top Crypto Currencies

  • Bitcoin

  • Lite Coin

  • Ethereum

Top Exchanges

  • Coinbase

  • Binance

  • Wazirx

Ethereum wallets

Bitcoin are stored in a digital wallet. which exists either in the cloud or on a users computer.

  • Trust

  • Ledger

  • MyCrypto

  • Metamask

Blockchain platforms and Frameworks

Summary

  • IOTA - Execute transactions between machines and devices in the IoT ecosystem.

  • Ethereum - Open source platform to create and run dApps and crypto currencies.

  • Ripple - International money transfer platform used by banks/financial institutions

  • Quorum - Enterprise level Ethereum client(geth)

  • Openchain - Used by Online Trading platforms for RealTime Transactions with zero latency.

  • EOS - Eliminates Transaction fees and high volume of transactions.

  • Hyperledger Sawtooth - SaaS based Blockchain platform.

  • IBM Blockchain - Public cloud service for blockchain networks.

  • BIT Torrent - BitTorrent is a communication protocol for peer-to-peer file sharing.

  • Truffle - Framework for building , testing and deploying applications on the Ethereum network.

  • Metamask - Metamask is a crypto-currency wallet used as browser extension.

Truffle

A world class development environment, testing framework and asset pipeline for blockchains using the Ethereum Virtual Machine (EVM), aiming to make life as a developer easier. With Truffle, you get:

  • Built-in smart contract compilation, linking, deployment and binary management.

  • Automated contract testing for rapid development.

  • Scriptable, extensible deployment & migrations framework.

  • Network management for deploying to any number of public & private networks.

BIT Torrent

BitTorrent is a communication protocol for peer-to-peer file sharing, which enables users to distribute data and electronic files over the Internet in a decentralized manner

IOTA

IOTA is an open-source distributed ledger and crypto-currency designed for the Internet of things. It uses a DAG(directed acyclic graph) to store transactions on its ledger, motivated by a potentially higher scalability over blockchain based distributed ledgers.

Note
 The working mechanism of Tangle requires a new transaction to approve the previous two transactions.

IOTA uses a specific data structure called the Tangle, a directed acyclic graph (DAG) structure, to store the transactions occurring on the public ledger. It does not incorporate blockchain technology, thereby attempting to address the issue of transaction costs by using the Tangle storage system.

Reference: https://www.investopedia.com/terms/t/tangle-cryptocurrency.asp

Quorum

Quorum® is an enterprise blockchain platform. It is a fork of the public ethereum client 'geth' with several protocol level enhancements to support following business needs.

  • Transaction privacy

  • Multiple pluggable consensus mechanisms suitable for enterprise use cases

  • Enterprise-grade permissions management (access control) for network nodes and participants

  • Enterprise-grade performance

The primary purpose of the Quorum project is to develop an enterprise ethereum client which empowers businesses to embrace and benefit from blockchain technology.

As Quorum is an open-source project, the code base of the platform is open for anyone to audit, which promotes trust in the platform.

Open-sourcing further increases adoption and attracts developers from different industries to participate in the development of this platform.

Reference : https://blockgeeks.com/guides/quorum-a-blockchain-platform-for-the-enterprise/

Ethereum

Ethereum is an open-source platform that uses blockchain technology to create and run decentralized digital applications(DAPPs).

On Ethereum, you can write code that controls the money(digital value), and build applications accessible anywhere in the world.

Reference: https://blockgeeks.com/guides/ethereum/

Openchain

Openchain is an open source distributed ledger technology developed by Coinprism. It is suited for organizations wishing to issue and manage digital assets in a robust, secure and scalable way.

Some of features includes:

  • Instant confirmation of transactions.

  • No mining fees.

  • Extremely high scalability.

  • Secured through digital signatures.

Reference: https://docs.openchain.org/en/latest/general/overview.html

Blockchain Vs Openchain

A block chain is a data structure that orders blocks of transactions and links them cryptographically through hashing.

Openchain doesn’t use the concept of blocks. Transactions are directly chained with one another, and they are no longer grouped in blocks. Having to group transactions in blocks introduces a delay.

Even if some systems manage to reduce the block time to just a few seconds, a few seconds is still a long time for latency-sensitive applications, such as trading.

In Openchain, transactions are linked to the chain as soon as they are submitted to the network. As a result, Openchain is able to offer real-time confirmations.

Hyperledger Sawtooth

Hyperledger Sawtooth is an open source project under the Hyperledger umbrella, and works as an enterprise level blockchain system used for creating and operating distributed ledger applications and networks particularly for use by enterprises.

Hyperledger Sawtooth offers a flexible and modular architecture separates the core system from the application domain, so smart contracts can specify the business rules for applications without needing to know the underlying design of the core system.

Reference: https://www.investopedia.com/terms/h/hyperledger-sawtooth.asp

EOS

EOS.IO is a blockchain protocol based on the cryptocurrency EOS. The smart contract platform claims to eliminate transaction fees and also conduct millions of transactions per second.

EOSIO is a next-generation, open-source blockchain protocol with industry-leading transaction speed and flexible utility.

Reference: https://eos.io/why-eosio/

Openledger

Open Ledger is a decentralized financial platform letting its users to convert bitcoin to SmartCoins immediately or by limit order. SmartCoins, which tracks the price of main fiat currencies, can then be directly withdrawn to cash through money transfer, Ripple gateway, PayPal or NanoCard.

OpenLedger brings a team of experienced blockchain developers to every project, working with business partners to create custom solutions for fintech, entertainment, insurance, and other industries.

Reference: https://www.coinspeaker.com/guides/what-is-open-ledger/

Corda

Corda is a Distributed Ledger Technology to be used by businesses, such as financial institutions, to keep a shared ledger of transactions and thus removing the need for the involved parties to constantly check that each of their books are in line after interacting with each other.

Reference: https://www.corda.net/blog/what-is-corda/

Ripple

Ripple is a payment settlement, asset exchange, and remittance system. a service for international money and security transfers that is used by a network of banks and financial intermediaries.

  • The Ripple platform is an open source protocol which is designed to allow fast and cheap transactions.

  • RippleNet is a network of institutional payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience to send money globally.

  • XRP is a token used for representing the transfer of value across the Ripple Network.

Reference: https://cointelegraph.com/ripple-101/what-is-ripple

IBM Blockchain

IBM Blockchain is a public cloud service that customers can use to build secure blockchain networks.

Reference: https://money.cnn.com/infographic/technology/what-is-bitcoin/index.html

Smart Contract

A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible.

Proof of Stack

Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more Bitcoin or altcoin owned by a miner, the more mining power he or she has.

Metamask

Metamark is a browser plugin that serves as an Ethereum wallet.

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