Greetings!
Dear Steemians,
Over the last two decades, the internet has completely revolutionized the way humans and machines communicate with each other. The Blockchain is playing a crucial role to make our communication more reliable. But, as so many people are using the Blockchain, they come to know that it has some big challenges which could create hurdles in the upcoming future.
Blockchain is currently facing the biggest challenge of scalability. Developers from all over the world are working hard all the time to come out with one solution. However, they have managed to do so in the form of Hashgraph, Tezos, Holochain, IOTA. But Holochain is the most interesting project which I found is more reliable from the others. Let’s check it out.
Holochain will enable developers to build decentralized applications for governance, collaboration, organizational tools, social networks, social media, vendor relationship management, platform cooperatives, sharing economy apps, supply chain solutions, community resource management, as well as token-less mutual-credit cryptocurrencies and reputation systems.
You would be shocked after going through with this comparison of HOLOCHAIN (HOT) with the Blockchain, Ethereum, Hashgraph, Tezos and IOTA. The amazing potential that it has would be shared in this article. The one HOT value is just about 10 Sat but, in the very near future; you would see the rapid growth of this project.
Have a look at this wonderful comparison chart.
If you are unfamiliar with the terms used in this comparison chart, don’t worry friends, I would brief it in a very simple way so that you can easily compare the other coins also. So let’s start understanding it.
Decentralized Architecture
As the name suggests, in a decentralized system, there is no centralized authority that makes decisions. The peers directly interact with each other and share information or provide service to other peers. The entry of peers is not regulated. Any peer can enter or leave the system at any time.
In our comparison chart, this feature is supported by all mentioned networks
dApp Architecture
Basically, The dApp is a Decentralized Application that has a Web-based frontend and Blockchain based backend. The dApp code connects the two and solves this real problem. In such architecture, the frontend can be based on any language like Java, HTML etc.
Again, in our comparison chart, this feature is supported by all.
Secure Hash Chains
In Secure Hash Chain Architecture, it is very very hard to hack data for hackers. This type of hash cryptography can be extremely useful in some specific security setups. Let’s have a look on the basics of this HASH chain architecture.
In HASH function the input of X can be variable in size but the output would be a fixed size. Following the HASH chain, the output of the previous Hash function becomes the input of the following Hash function. The concept of a hash chain is that a user supplies an individual input on the first session, and then adds authenticating data on the next session.
Fortunately, in the comparison chart, all coins are loaded with this feature.
Application Level Data Integrity
As we all know that the Data Integrity refers to the accuracy and consistency of data. In our chart, you can see the old Blockchain is lacking in this feature as compared to others.
Smart contracts
Smart contracts are the certain computer codes build on the decentralized Blockchain network that are executed by the computers or nodes and the ledger is updated. It is a set of terms of the agreement between the buyers and the sellers. Smart contracts allow trusted transactions among anonymous parties. These transactions are traceable and transparent. As our chart shows that the old Blockchain architecture does not have this feature.
Custom Data Validation
The transactions validation is also a very important area of difficulty where the network should be efficient enough. On Holochain, each node that receives a record of a transaction validates it against the shared application rules and gossips it to their peers. If the rules are broken, that transaction is rejected by the validator.
Is Full Open Source?
In open source environment, the source code is freely accessible to all. The design can be modified and shared publically. Except for Hashgraph, Tezos and IOTA, all are fully open sourced.
DHT - Distributed Hash Table
The HASH table is stored on different nodes for accessing data speedily that make the network fast and efficient. Hashgraph and Holochain are fully loaded with this function.
Machine to Machine Compatibility
Different hardware/software used by the different nodes should not be an obstacle on distributed networks. Holo and IOTA satisfy this requirement completely.
Supports a wide range of Programming Languages
Multiple programming languages can be used on HOLO and IOTA networks whereas others do not support this feature.
Scaling without Centralized (2500 Tx/Sec?)
Scalability is the capability of the network to handle a huge amount of work. If the number of transactions is increased on the network then, is the network is capable enough to deal with this load of work? This is the major issue in almost all networks mentioned in the chart except Holochain.
Full Cross and Complex Chain Compatibility
The role of this feature is to provide a bridge among different networks because there was no way of transferring funds directly between blockchains. Again, Holochain is the winner in this area of efficiency.
Every dApp has its own chain
This is again a unique feature of Holochain. Every decentralized application has its own chain on the network that really makes it exclusive.
Customisable Security
The security level can be customised for different scenarios.
The other features such as Non-Priority Parallel Transaction, User Centric Data and the dApp Compatibility for Portable devices are the add-on features that are only owned by Holochain .
Conclusion :
This is not the end because there are so many projects that are joining this race of improvement. I expect, by knowing the above-mentioned terms, now you would be able to measure the capabilities and efficiencies of the upcoming as well as old projects. But till now, the Holochain is the winner as it satisfies all the needs of a potential network.
Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind.
Have a Good Day!
Danny Crypto
@text2crypto