By
Marco T. Lanz
April 16th, 2024
While cryptos are becoming replaced by new cryptographic platforms boasting broader functionalities, emergence of technology based projects, which go far beyond the creation of simple payment means, changes direction of blockchain development.
Industry 4.0 is actively taking root in many life processes and continues to evolve with tremendous progress.
On the wave of crypto currency boom, developers instantly realized how innovative technologies can be applied, and how useful they can be to society. Thus, in the last ten years since the launch of Bitcoin, a lot of its forks have been created. In addition, modified versions of decentralized online services as well as a series of promising crypto projects either have already been successfully launched or will do it shortly.
Ethereum. This project probably does not need additional advertisement. Today, it is the second crypto coin in the world by market capitalization. Despite the fact that more than 1,500 alternative coins have emerged after Bitcoin, Ethereum was the first project that offered users smart contracts — a technology, which has expanded the possibilities of the blockchain use.
However, the project has some features that require improvement. The issue of scalability, which currently poses a challenge for developers of blockchain platforms, is relevant for Ethereum. Its creators managed to achieve certain results in solving this problem: if Bitcoin has the processing capacity of about 7–10 transactions per second, Ethereum can process about 30 transactions during the same period of time. However, such results still leave much to be desired. For comparison: the Visa payment system has 100 times higher transaction processing capacity. Thus, the issue of scalability remains open for Ethereum.
Although these blockchain services are quite new, and experts work on their modernization, there are companies developing alternative concepts of digital platforms, such as EOS, TON and the Bitbon System. Investment attractiveness of these crypto projects lies in mechanisms, which can provide better platforms with improvements that the existing services do not have.
It is difficult to call Bitbon a crypto currency in its traditional meaning. The developers claim that the System is a decentralized infrastructure project operating on patented technologies. Despite the fact that the operating principle of the Bitbon System is based on the modified Ethereum blockchain, the issue of scalability has been resolved using nodes distributed among the System users.
One more interesting thing: the feature of recovering the key to one’s Bitbon wallet and the prospect of inheriting property rights have been implemented in the project. The platform has a multilevel security based on the DPoS consensus algorithm. It will be possible to interact with other users in the System based on one’s own interests: pay for commodities and services, conclude contracts, create businesses or store information.
In addition, one of the main features of the Bitbon platform is Contributing, the process of receiving additional income from safe and legal investment into projects. It should be noted that, in contrast with other crypto currencies, the Bitbon price does not depend on the demand because its value is fully backed by a certain part of property rights to assets.
The presentation of the EOS project became a sensation in the crypto community: the promising concept has contributed to a successful ICO (over $2 billion). According to the developers, the main features of the platform will be quick (1,000 to 6,000 per second) and virtually free transactions. In addition, there are many technical differences, which should make EOS more reliable and efficient compared to existing platforms.
TON, the latest development by Pavel Durov, seems to be an interesting project. The creator of the social network VKontakte and the popular messenger Telegram has publically presented the concept of a fully functional blockchain service, which allows performing various actions, including money transfers. It can also be used to store files, applications and any other digital data in the cloud.
After two ICO stages, the project has raised $1.7 billion. It should be mentioned that TON is first and foremost a darknet platform, thus its architecture involves multilevel protection and complete anonymity. It means that the main idea of this project is to exclude any government regulation, which makes this coin quite controversial.
As one can see, crypto currencies are being replaced by new cryptographic platforms with advanced functionality. The crypto community has already come to the conclusion that blockchain capabilities go far beyond the creation of simple payment means considerably changing the direction of blockchain developments.