The blockchain technology market is a rapidly growing market, with global revenue increasing from $1.2 billion in 2018 to $23.3 billion in 2023, according to a recent report.
Blockchain network is not just a peer-to-peer digital payment network for Bitcoin but is also utilized for developing ‘Decentralized Apps’ (DApps) on Ethereum, NEO, etc.
Now let’s consider some of the best blockchain network hosts for public blockchain
It is one of the most prevalent public blockchain network platforms. Some of the notable features that are offered by the Ethereum blockchain network are:
- Ethereum Virtual Machine (EVM) is offered by the Ethereum blockchain network platform, which allows the developers to code DApps, capable of running on the Ethereum Network. EVM is a ‘Turing Complete’ computer, meaning it has a very efficient system of rules and algorithms that allows easy manipulation and processing of data.
- The PoW (Proof of Work) algorithm used by Ethereum helps in providing data encryption, digital signatures, and complete decentralized security. While PoW protects against hackers, it is a very computing-intensive project that requires the participation of all nodes in the transaction validation process.
- Smart contracts can be coded on Ethereum, using its proprietary language ‘Solidity’, and then deploy on the Ethereum network. Smart contracts are open source and self-governing. Once deployed, they are irreversible, and no one could tamper with them.
- The native cryptocurrency of the Ethereum network is Ether.
- Ethereum allows developers to code their crypto tokens for their DApps.
- Giving the liberty to write their smart contracts and crypto tokens makes it easy for developers to create DApps on Ethereum and launch their business.
- Ethereum is also working on moving to the PoS (Proof of Stake) consensus algorithm.
- Many organizations have utilized Ethereum to launch their decentralized businesses.
It is a new blockchain platform developed by blockchain developers from an R&D organization known as ‘OnChain’. Like Ethereum, NEO is a smart contract platform, allowing developers to build DApps.
Some of the distinctive features of NEO are
- The primary focus of NEO is on compliance with the regulations and uses GDPR-compliant digital identity solution.
- NEO is the native cryptocurrency of this platform; however, it allows programmers to create crypto tokens for their DApps.
- For the coding of smart contracts, programmers can use Java, C#, and Python.
- In comparison to Ethereum, NEO claims a superior performance, because of its Delegated Byzantine Fault Tolerance consensus algorithm. For validation of transactions, a team of delegates is identified and only approval of 2/3rd delegates is needed.
It is also a new blockchain platform, developed by Block.one blockchain startup. Some of the key features of EOS are:
- DApps can be created and run on EOS platforms.
- EOS is the native currency.
- DApps, catering to any industry can be created on this platform.
- C++ language can be used to code smart contracts on EOS.
- The consensus algorithm used by EOS is DPoS (Delegated Proof of Stake), which helps in achieving scalability.
- There are no additional fees as users their token to cover the bandwidth, giving it an edge over Ethereum.
- EOSIO Core Arbitration Forum (ECAF) is present in the network, which governs the network.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
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