A few years ago, if you heard ‘blockchain’, you’d immediately think ‘Bitcoin’.
This is because the creation of multiple blockchain protocols is a more recent thing. Now, there are blockchains for everything, and they all vary in use and potential.
People are still somewhat disillusioned with the idea of blockchain technology. Look at the late 2018 cryptocurrency crash, after all. But cryptocurrency isn’t all there is to blockchain – by any means.
There are multiple blockchain protocols, and more appear every day. The best known are: Ethereum, Bitcoin, Ripple, Hyperledger, Neo and TRON. Each ‘chain’ serves a different purpose; however, they are all fundamentally blockchain technology.
So, how do they stack up against one another?
The primary difference between the protocols is what they are designed for.
Bitcoin, Ethereum, Neo and Tron are all public blockchains. Ripple and Hyperledger, on the other hand, are private and permissioned. Ethereum and Bitcoin both have native cryptocurrencies (Ether and Bitcoin). They are known best for monetary transfer.
Bitcoin is restricted. It specialises in cryptocurrency transactions. This makes it more secure, but it also reduces its use. Ethereum can be used for things, though, like DApps.
Bitcoin and Ethereum are the most popular blockchain protocols – but they’re also the slowest. Neo, Ripple, Hyperledger and Tron pioneer the market for TPS (transactions per second). Bitcoin and Ethereum lag behind.
Ethereum has high hopes for the future, though, with Casper and Sharding.
The multitudes of different blockchain protocols make it difficult to choose the ‘best’ one. Which poses the question: why choose?
What does it mean to be ‘blockchain agnostic’?
Blockchain agnosticism is simple: it refers to a single platform that allows multiple different chains.
Blockhead Technologies look at the best chain for the customers’ needs with our blockchain-agnostic platform STAMP™. Transaction throughput is the determination of volume you can process in a certain period (in the infographic, we use TPS).
By looking at transaction demands, amount of data to be stored and the type of data, it’s easy to work out the most appropriate chain.
Each blockchain protocol has pros and cons, and it can be difficult to work out the best one. That’s what we’re here for.
Blockchain agnosticism is a necessity for blockchain’s future.
To find out more about Blockhead Technologies’ STAMP™, click here.