Stratis, NEO, NxT, and EOS blockchains: Blockchain technology has been growing across the world with a lot of organizations bringing the technology to better use. Blockchain is a decentralized technology that helps to track, document, and facilitate transactions. The technology creates a public ledger that relies on globally distributed historical transactions in an order to prevent tampering with the data and avoid any kind of fraud.
Each interaction on the blockchain technology is documented in a database that is interlinked to the previous ones. Blockchain technology was first used for financial transactions. It can be brought to use in various industries like e-commerce, supply chain management, and data integration.
This database can be used by businesses for the purposes like exchanges of documentation and eliminating fraudulent transactions.
There are several blockchain platforms that are comprehensive on their own.
What is the Stratis blockchain platform?
Stratis blockchain is a flexible and powerful Blockchain development platform that is designed for the requirements of businesses related to financial services. Besides, the Stratis blockchain platform also helps other organizations that want to use Blockchain technologies. It also enables developers and businesses to develop, test, and use Blockchain-based applications without operating their own network infrastructure.
The Stratis platform offers a solution to create individual chains on the basis of their own Blockchain. Below are some of the advantages of the Stratis platform.
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Medical Research
The Stratis Blockchain allows you to keep a database where the reviewer, researcher, and publisher are allowed to work with legitimate data.
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Internet Business
The services may be served by Blockchain technology. For instance, the Stratis platform-based smart lock allows you to access an automated lease on Airbnb without any need for human interaction.
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Fintech
The Stratis blockchain helps in building trust, and assists in the cases like data leakage, identity management, settlement management, and others.
What is the Neo blockchain platform?
Neo platform is a decentralized open-source blockchain that is being successfully driven by a China community. With the help of smart contracts, the Neo blockchain allows developers to automate asset management. The Nee blockchain platform includes native infrastructures, such as decentralized storage, oracles, and domain name service, which lay the base for the Next-Generation Internet.
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Neo blockchain goals
It aims to work as an open-source platform for the smart economy in an order to create an asset available to humans. It works with a little permission.
It functions on a decentralized Byzantine fault-tolerant (dBFT) consensus process. It supports up to 10,000 transactions per second.
It uses blockchain-based smart contracts to manage digital assets. It also achieves a “smart economy” through a decentralized ledger system.
Benefits of Neo blockchain
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Digital assets
The users on the Neo blockchain are allowed to register, trade, and exchange digital assets. There are two kinds of digital assets — global assets and contract assets. The global assets can be identified and recorded by the smart contracts and clients in the given system space while the contract assets are recorded in the private storage area of the smart contract.
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Digital Identity
Digital identity is said to be the information related to identification, companies, and other entities that are available in a digital form. Neo provides techniques like face characteristics, fingerprints, voice, SMS, and other multi-factor authentication in an order to verify identification while using digital IDs.
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Smart Contract
The most prominent component of Neo blockchain is the NeoContract smart contract technology which is an independent and smart contract system. The NeoContract smart contract technology allows millions of developers across the world to create smart contracts easily.
What is the NxT blockchain platform?
Nxt blockchain platform was launched in November 2013. It is a payment network and an open-source cryptocurrency that was established by an anonymous software developer BCNext.
It is pertinent to mention that the NxT is an advanced blockchain network which is established with the aim to improve the functionality of cryptocurrencies, like Bitcoin, and Ethereum among others. The issues related to popular cryptocurrencies include scalability and efficiency.
It is also worth mentioning that NxT is known as the first blockchain that introduced the proof of stake protocol in order to reach a consensus for transactions. ‘Proof of stake’ has the potential to deal with the number of transactions and even solve the issue of efficiency.
NxT blockchain features
Asset Exchange: NXT Asset Exchange is a peer-to-peer software just like other cryptocurrencies. It enables decentralized and fast trading and eliminates the requirement to send assets to foreign businesses.
Monetary System: it allows you to trade the tokens that are known as currencies that are used to trade within the system as well as outside the NXT core.
Data Cloud: The NXT Data Cloud is also referred to as the decentralized data storage system that keeps a record of all the NXT transactions. Notably, the NXT blockchain is a permanent record that allows legal records to stay fixed.
Voting System: This system allows the owners to make a vote in a cryptographic manner. It enables users to create simple polls.
Account Control: With this feature, a user can create an account that is restricted to making a transaction only with the approval of a specified asset holder. This increases the security of the account. It also makes sure that only specific people get access to funds.
What is the EOS blockchain platform?
EOS stands for Electro-Optical system. It is a decentralized blockchain-based platform that is used to create, and host business apps or you can also call these as dApps. Eos blockchain was launched in June 2018 and created by Block.one.
The EOS blockchain platform secured access and supports authentication, permissions, data hosting, controlling usage, and communication between DApps and the Internet. On the EOS network, cryptocurrency is used as a payment.
EOS Features
Scalability: While most blockchain platforms require each node to reach a consensus for any move, scalability is a major challenge. Scalability is the calculation of the number of transactions per second.
Permission system: A participant can create some unique permission with the extensive permission system of EOS for several businesses. For example, you will be able to create a unique authorization in an order to secure a particular feature of an EOS smart contract.
Upgradability: The best part of the EOS blockchain network is that each and every installed dApp is upgradeable and it designates that the users can also be given the authority to add and remove features and modify the logic of an application. Additionally, the apps can be upgraded by the programmers without getting shackled to a bug.
Consumption of Less energy: Owing to the DPOS, the EOS blockchain is a platform that uses less energy as compared to the others.
Governance: On the EOS blockchain platform, the hash must be included with each transaction and thus, tying its users to the data.
Read Also –
How Blockchain Is Changing The Way Money Works?
How Smart Contracts Are Changing The Way We Trust People?
How Do Banks Become More Effective With The Implementation Of Blockchain?