- This article goes into great detail about the types and definitions of blockchain protocols.
- Rather than starting a project from scratch, using a protocol is an effective way to complete one’s work faster and more efficiently.
- Among the hundreds of blockchain protocols, Hyperledger, Multichain, Corda, Enterprise Ethereum and Quorum are the most widely used and accepted.
What Are Protocols?
In computer science, a protocol is a set of guidelines or procedures that control the transmission of data between two or more electronic devices. This protocol specifies how each party will send and receive information, as well as how information must be structured for computers to exchange it. One of the most common examples of a protocol is HTTPS.
What Is The Blockchain Protocol?
Protocols are essential elements of blockchain technologies that enable automatic, secure, and dependable information sharing across cryptocurrency networks. In the world of computing, protocols are essentially rules that specify how data can be transferred between various computer systems.
Five Blockchain Protocols
There are hundreds of protocols available for use, but the following 5 are the most important and stand out from the rest.
- Hyperledger
Hyperledger is an open-source enterprise framework to which anyone with the necessary mastery can contribute. It is a project that is primarily focused on permissioned blockchains.
Hyperledger has multiple advantages:
- Creation of innovative technologies
- Productivity has risen with the use of frameworks and technologies.
- The code is of excellent quality because it is open-source.
- Multichain
Multichain Technology is a platform that allows users to create private Blockchains that may be used for financial transactions by businesses.
Multichain differs from its rivals in that it is built to work with fiat currencies and material stores of value. On the other hand, the majority of cryptocurrency initiatives aim to eventually replace traditional forms of payment with digital ones.
- Corda
Corda is a rival to Multichain, which offers an enterprise-focused protocol
The Corda blockchain uses consensus techniques to enable transparency, traceability, and transaction validation. There are also smart contracts, which suggest that the majority of financial solutions can be automated.
- Enterprise Ethereum
One of the most well-known public blockchain systems is Ethereum. It has a tonne of features, including the creation of dApps and smart contracts. However, to be useful for business, it required permission.
Ethereum for business can help in this situation. In actuality, it enables companies to create private, permissioned networks that can expand to accommodate demand. Enterprise Ethereum produces separate from public chains and private chains.
- Quorum
Like many other well-known protocols, Quorum makes an effort to support financial institutions. Quorum is notable because it has the backing of the financial industry.
On the other hand, Quorum has succeeded in continuing to be an open-source project that anyone can use. Since the project started by changing the Ethereum code, Quorum is also closely related to Ethereum.
Conclusion
It’s important to keep in mind that the most widely used Blockchain Protocols require the involvement of thousands of computer scientists and use very cutting-edge technology. One can complete their project faster and with fewer resources if one follows a protocol rather than starting from scratch.
