This article reveals 10 blockchain protocols chosen by our editors which in our opinion would bring the change to the world in 2019 faster than other protocols.
The blockchain protocols were selected based on the following essential criteria:
a) the feasibility of business logic programming (the programming language and functionality of smart contracts and/or smart assets);
b) the presence of existing projects and applications on this blockchain (therefore, Telegram, Tezos and Binance blockchains were not included in the review since are still under development or have just launched);
c) global scale.
The review didn’t include the blockchains which were originally created as a means of payment (such as Bitcoin, Litecoin, Dash, Monero, Ripple, ZCash, etc.). These criteria were formed by our editors and therefore are subjective. The protocols below are sorted alphabetically:
1.Graphene Protocol – Graphene, a foundation of blockchain technologies
Graphene is a technology that allows creating blockchain protocols with high transaction speed. The most famous projects built on the basis of Graphene are EOS, Bitshares, Steem.
EOS – The most powerful infrastructure for decentralized applications
EOS – is an open-source blockchain protocol for creating and storing decentralized applications (dApps), with high transactions speed and smart contracts functionality.
The EOS team attracted investments of $4 billion as the result of the ICO, that finished at June 2018 EOS has the concept of the Arbitration Court – in case of fraud, one can apply to a third party at different levels (application level, global network level).
IMPORTANT! In EOS everything can be reversed! when proving your innocence, you can safely return your funds (16 out of 21 block-producer should vote to cancel the transaction).
Bitshares – Your share in the Decentralized Exchange
Bitshares – is an open-source blockchain financial platform. Bitshares is also a platform for the tokenization financial assets and businesses and a decentralized exchange.
Steemit – Powering Communities and Opportunities
Steemit is a blogging and social networking website owned by Steemit Inc that uses the Steem blockchain to reward publishers and curators. The platform is based on the blockchain technology which makes content data storage protected from cracking. Steem has its own STEEM cryptocurrency whose capitalization at different times was more than $ 100 million.
2. Ethereum – Blockchain App Platform – Build unstoppable applications
Ethereum is a blockchain protocol that allows developers to create decentralized applications (DApps) and smart contracts whilst users around the world can use them, and to do that they need Ether.
The idea of Ethereum was proposed by the founder of Bitcoin Magazine, Vitalik Buterin, at the end of 2013, while in April, 2014, Ethereum’s co-founder, Gavin Wood, published Yellow Paper – a detailed specification of Ethereum network) where he disclosed in details the essence of Ethereum Virtual Machine.
There is a whole marketplace where decentralized applications are offered (DApps) created on the Ethereum blockchain:
There are thousands of them and each performs their functions (from online games to decentralized cryptoexchanges). The most famous DApps created on Ethereum blockchain is:
- 0x – The protocol for trading tokens on Ethereum blockchain (ERC-20 tokens);
- Bancor – Built-in price discovery and a liquidity mechanism for tokens;
- ForkDelta – exchange for tokens based on Ethereum blockchain (ERC20 tokens);
- IDEX – Distributed exchange made of smart contracts;
- OmiseGO – Project that helps unbank population to use the bank services;
- SONM – Fog computing platform where users can rent computing power;
- Storj – Cloud storage.
The main drivers of the Ethereum’s protocol it’s:
- Ethereum Alliance, the main task of which is to research and implement Ethereum blockchain in the largest banks and financial corporations (for example, JPMorgan Chase & Co. (JPM), Microsoft Corp. (MSFT) and British Petroleum (BP), a full list of the participants is updating on this page;
- Consensys is an organization that unites developers, start-ups and investors into Ethereum projects.
3.Hyperledger – Blockchain Technologies For Business
Hyperledger is an organization created by the Linux Foundation, which includes IT companies, banks, corporations.
Hyperledger has several types of open source blockchain protocols (frameworks) designed for the corporate sector.
Today, Hyperledger unites more than 100 industry leaders, the most famous of which are: Airbus, Daimler, IBM, Fujitsu, SAP, Huawei, Nokia, Intel, Samsung, Deutsche Börse, American Express, J.P. Morgan, BBVA, BNP Paribas, Well Fargo.
4.IOTA (IOT) – The Next Generation of Distributed Ledger Technology
IOTA (IOT) is a public blockchain protocol designed for use on the Internet of Things (IoT) using a large number of micro-transactions.
Blockchain protocol IOTA is based on the new technology Tangle (DAG / Directed Acyclic Graph), which connects various data chains. In order to participate in this network, a participant simply needs to perform a small amount of computational work that verifies two previous transactions.
IOTA Foundation was established in Germany in 2017 as a formal, non-profit organisation. The IOTA Foundation’s primary goals are:
- Research and secure the foundational protocol layer, and create new knowledge to benefit the ecosystem behind the economy of things;
- Develop production-ready software for the community, partners and ecosystem to use and expand upon;
- Educate and promote technologies and use cases for new generations to understand and to ensure the Foundation’s success.
5.Microsoft Azure – Azure. Cloud for all
An open source blockchain protocol that positions as a blockchain for small and medium businesses. The main advantages positioned by the company:
- Simplified development consisting of modular applications;
- Quick setup and deployment on cloud servers from Microsoft; – Transfer of data from your business to the blockchain network via the REST-API protocol.
The most famous examples of implementing Microsoft Azure are:
- Use the Azure blockchain to reward game developers for XBox;
- Using the Azure blockchain for clearing and supplying securities with the Monetary Authority of Singapore (MAS);
- Buhler corp. implement Azure for the grain supply chain tracking.
6. NEM (XEM) – The smart asset blockchain. Built for performance
NEM is a blockchain that is written from scratch and has some unique features that make it universal and applicable in various areas of the real economy. NEM is also a community of people around the world (NEM community), which is interested in the development of this project and the implementation of its technologies in various sectors of the economy.
- a unique consensus mechanism, Proof of Importance (advanced analog of the Proof of Stake, which takes into account the node’s reputation, the balance on the wallet and the time the node is in the network);
- participants’ reputation system in the Eigentrust ++ network;
- public blockchain and Mijin private blockchain, which can interact with each other (exchange information);
- namespaces – a model similar to the ICANN domain name system on the Internet, where there are domains and subdomains (for example, one person can create the main domain for a business, whilst projects already use subdomains);
- mosaics – user assets on the blockchain.
NEM is an open-source project, as well as a public blockchain platform. There is also a software product – Mijin – a private blockchain, which was developed by three main NEM developers along with the Tech Bureau.
With the release of Catapult, the mosaics have a smart assets property with a built-in smart contract mechanism;
- multisign accounts and a more advanced protection mechanism: multi-signature for a multi-subscription account;
- NEM Wallet – a wallet to store mosaics, where you can create your own tokens with unique characteristics in a couple of clicks, and there is absolutely no need to know programming to do this:
- apostile function;
- voting function.
7.NEO: Digital Assets + Digital Identity + Smart Contract =Smart Economy
NEO is a non-profit community-driven blockchain project. It utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets using smart contracts. Using a distributed network, it aims to create a “Smart Economy”.
NEO believes that community development is its top priority. NEO has a huge developer community around the world, such as CoZ, NEL and NeoResearch, who continuously contribute to NEO development. Millions of community members are active on Reddit, Discord, Github and Twitter.
Here is a list o blockchain Apps developed on NEO blockchain: http://ndapp.org
8. R3 Corda – The open source blockchain for business
Corda is an active open source project. It is free to use and available with an Apache 2 license.
The Corda platform is a cutting-edge blockchain platform that removes costly friction in business transactions by enabling businesses to transact directly. Select a version of Corda, open source or enterprise, that fits your unique needs – regardless of industry, size, and stage of development.
ThisCorda was developed by R3 (R3 CEV LLC, New York). She leads a consortium of 70 large financial companies in the development of blockchain technology in the financial system. The company was founded in 2014. The consortium was established on September 15, 2015 by nine financial companies: Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, J.P. Morgan & Co., Royal Bank of Scotland, State Street Corporation, UBS.
A complete list of more than 200 organizations in the R3 consortium today can be viewed on this page:https://www.corda.net/participate/index.html
9. Stellar – Develop the world’s new financial system
Stellar (XLM) – is an open platform for building financial products that connect people across the world.
Bitcoin is focused more on the currency aspect of things, whereas Stellar’s focused more on how to make a common language of the protocol between different financial institutions. Also, Stellar implemented the function of programming smart contracts, and in 2018 the official decentralized exchange StellarX (https://www.stellarx.com) was launched. And now you can exchange any type of financial assets issued on the Stellar blockchain.
Partners and investors of the project:
- Stripe – being one of the first investors of the project was the company, Stripe develops solutions for receiving and processing electronic payments;
- The Praekelt Fund – a non-profit fund, was the first to integrate Stellar protocol into the Vumi application for open source messages;
- Oradian – a company that develops banking software based on cloud technologies, it became one of the first partners of Stellar in 2016;
- Deloitte – since 2016 it’s one of the largest networks of consulting firms, it works with Stellar to develop a mobile application for international payments;
- IBM – the cooperation of one of the world’s largest manufacturers and suppliers of hardware and software and Stellar became known in October 2017. IBM uses the Stellar network to create a new bank payment system.
10. VeChain – The world’s leading blockchain platform for products and information – Live for collaboration
VeChain Platform is an open source blockchain platform that aims to implement blockchain technologies in real sectors of the economy.
The main spheres, where VeChain positioned:
- Cold-chain Logistics VeChain’s cold-chain logistics solution uses proprietary IoT devices to track key metrics throughout the entire journey. VeChain embeds data management and sharing in every process, making cold-chain logistics transparent, regulated, secure and reliable;
- Automobile VeChain creates a digital passport of a vehicle recording all data including repair history, insurance, registration and even driver behaviour throughout its lifecycle. VeChain puts data into the hands of owners, making data management comprehensive, accessible and transparent;
- Medical&Healthcare VeChain’s blockchain solution can track end-to-end production processes and use of medical device. With the patient’s authorization, VeChain can enable patients to securely share their biometric data with their doctors to enable realtime monitoring. VeChain makes the production and use of medical devices safer, better regulated, efficient;
- Luxury&Fashion VeChain embeds smartchips within luxury goods, so brands can monitor their sales channels in realtime to prevent illegal overstock trading. Meanwhile, consumers can verify the authenticity of the luxury products. VeChain puts control back into the hands of brands, making luxury trail transparent, seamless and data-driven.