Ledgerium Blockchain- Comparison with other platforms
Ever since Bitcoin came into being with the publication of Satoshi Nakamoto’s whitepaper in January 2009, the world has heard a lot about blockchain. The world was witnessing the first digital currency generated out of a distributed ledger. However, the traction of Bitcoin was slow and had only attracted only a few technical wizzes prior to 2015.
This changed dramatically when blockchain was made publicly available with incremental technology that made it programmable, created on a platform now known as Ethereum.
Having been made programmable, the technology attracted developers across the world to start experimenting with its use in complex real-world cases. Also, forging a plethora of ERC-20 standards-driven crypto that would emerge too.
Furthermore, the successful workings of the first platform allowed technologists from across the world to experiment with the different aspects of the technology; in areas such as consensus, virtual machines, scalability, transparency, digital ledger piece, etc.
Nowadays, there are few common terms which come across repetitively, one of them is Digital Ledger Technology (DLT). Some might innocuously term this as the Blockchain. However, there is a clear distinction between these two.
Digital Ledger is what we keep everything online and made it available to everyone. Blockchain goes one step ahead and explains how it is possible through the usage of the technology. DLT is not necessarily recorded as a chain of blocks. However, it is shared or rather stored across the network by its participants or should be called, peers in the network.
Blockchain not only focuses on making them chronologically linked but also ensures its immutability through cryptographic signing mechanism.
The Block Ledger now brings the benefits of Blockchain to the Accounting and Audit Industries. In utilizing a decentralized ledger on the Ledgerium Blockchain, Block Ledger’s latest platform, LUCA, enables the world’s first triple-entry accounting system.
Ledgerium Blockchain is a distributed public ledger platform that can record public and private transactions between parties efficiently in a verifiable and immutable way.
Below is the comparison of different blockchains in the marketplace and to explain how Ledgerium Blockchain is better than others.
Public, Private and Permissioned Blockchain
Public Blockchains are set-up in a way that allows anyone to join the network and write transactions, which are viewable by all others on the network.
Private Blockchain is set-up in a way that allows only known entities to be able to join the network and write transactions.
Permissioned Blockchains are set-up in a way that permits only authorised peers being allowed to join the network. There are public-permissioned blockchains available in the marketplace.
Ledgerium is the public permissioned blockchain where peers e.g. Block Producers (BPs) are democratically elected by other BPs to join the network and their election process is completely transparent and public in nature.
Public and Private Transactions blockchain
Public transactions Blockchains allow users to write transactions, essentially add data which are available to view by everyone in general and there is no restriction of who can and who cannot view the data
Private transactions blockchains allow only specific authorised users to view the transactions and hence to view data on the chain.
Ledgerium Blockchain is the first open public blockchain which allowed public as well as private transactions to be written on the ledger, makes it very suitable for financial e.g. accounting and audit industry.
Programmable and non-programmable Blockchain
As I mentioned above, Bitcoin is cryptocurrency only blockchain and it has no real use for programmers who want to implement various non-crypto business use-cases (DApp) using blockchain.
As you can see, developers can develop DApp on Ledgerium blockchain.
Consensus
Now, as described above, the blockchains are the chains of blocks to maintain the chronological order of transactions. Consensus algorithms facilitate the mechanism to decide who will go next adding blocks to the chain.
Algorithms are PoW, PoS, PoA where peers are decided deterministically to add new blocks.
Ledgerium uses Istanbul Byzantine Fault Tolerance (IBFT) consensus to power its Blockchains, where all the designated Block Producers (BPs) will get their chance to add a block in round-robin fashion every 5 seconds.
Governance
Governance mechanism explains whether peers can decide or contribute to change the nature of the blockchain. Some blockchains allow peers to propose changes and also vote for or against them. Many blockchains facilitate governance. However, one differentiator is, will the voting be captured on the blockchain or off it.
Ledgerium Blockchain provides on-chain Governance App to every Block Producers to propose, vote and to improve the nature of the blockchain as needed by the community.
Transactions Per Second (TPS)
TPS is measured as a number of transactions executed over a certain duration of the test on blockchain and then calculate it for a second.
All in all, Ledgerium Blockchain targets to the accounting and audit industry. It utilises a decentralized ledger through a triple entry accounting system. It allows the parties to verify and audit transactions swiftly and conclusively.
Published at Fri, 20 Sep 2019 08:21:33 +0000
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