Currently, there are so many blockchain platforms out there, that I have lost count of them. Each and everyone consider themselves as the best in scalability, throughput, security, ... Hence, it is tough or impossible for a developer or a regular tech guy to judge which blockchain platform he/she should choose.
But in this article, I have broken down the problem into smaller parts and have provided the various criteria to evaluate blockchain platforms. We will also discuss as to what matters and what to look for while choosing a blockchain platform.
In addition to this, we will explore ArchEthic.
ArchEthic is at the forefront of blockchain networks and a pioneer in the crypto biometrics space. 4 years of research and 12 strong international patents endow ArchEthic with the technological attributes that the predecessors have lacked - scalability, speed, reliability, and simplicity of native biometric recognition.
The Strategic Committee of the Security Industries Sector (CSF) part of the French National Council of Industry, identified Archethic to contribute to the security of major events such as the Olympic Games Paris 2024.
Criteria for selecting which blockchain platform to go for,
- Scalability: In blockchain, scalability is the number of transactions a network can handle. Depending on the nature of your project the scalability can be chosen but for most of the projects a high scalability is desired especially if it is a payments project, then the network should easily handle >50,000 tps. For comparison, Bitcoin has 7 tps.
- Consensus mechanism: The mechanism in which a transaction is validated and everyone in the network agrees with that validation. There are many consensus mechanisms like PoW, PoS, PoST, ARCH, many more... The best consensus mechanisms have properties like instant validation of a transaction, low energy consumption, high security, high scalability and is permissionless.
- Average Adoption rate: Average % increase in the number of monthly users and followers. A high adoption rate is the best predictor of success for a blockchain platform. Usually this is 5%
>5% => good
<5% => average
0% => not good
- Team: The team involved in developing the blockchain project. Their backgrounds and experiences. The team is arguably the most important factor in evaluation. A company could have the best product or service in the world, but if they don’t have a team competent and experienced enough to execute it, it won’t matter.
- Bounties and incentivization programs: Some rewards are in the form of tokens (cryptocurrency) that will be generated or given as a part of the blockchain project. This is a giveaway program but something in return is expected. For example, awareness about a blockchain platform is created by distributing their tokens online for free or by a referral program.
- Information: documents, white paper, yellow paper, patents, etc...
Archethic is the best blockchain platform to develop your project, Why?
, no doubt is at the forefront of blockchain scalability. Because of
- Transactions Chains: An advanced version of blockchain. Transactions Chains is a patented technology.
- ARCH Consensus: ARCH (Atomic Rotating Commitment Heuristic) provides an atomic validation of transaction chains through a decentralized network. ARCH is also a patented technology
- P2P Network (Supervised Multicast): Archethic network uses supervised multicasting so that each node will always know where to look for data via the most efficient network path, allowing a linear increase in the number of transactions/sec as a function of the number of network nodes (~100x).
- Geolocation Sharding: Sharding is the way of data storage in a few storage nodes instead of all the nodes in the network. In Archethic, the sharded storage nodes are equally distributed throughout the globe so that no group of nodes from a single geographic area (patches) could obstruct the P2P network’s data availability. Thereby ensuring maximum data availability at all times.
Read more about Archethic scalability here
- Consensus Mechanism
ARCH Consensus in blockchain is a new mechanism, where only a small subset of nodes verifies each transaction. ARCH Consensus is based on Hypergeometric Distribution Laws which, from an unpredictable election and a formal consensus of nodes, makes it possible to obtain with certainty (99.9999999%) the same answer by querying 200 nodes as would be obtained by querying 100,000. In other words, this mathematical law makes it possible to obtain a universal consensus from a small part of the nodes.
Read more about ARCH Consensus here
- In terms of energy consumption of Archethic network, a mere 0.42 W/sec required per transaction or the energy equivalent in joules to one tenth of a gram of sugar. The energy consumption is 3.6 billion times less than Bitcoin
- Adoption Rate
Archethic has the highest adoption rate with many followers in Telegram, WhatsApp and many more.....As discussed already, the Strategic Committee of the Security Industries Sector (CSF) part of the French National Council of Industry, identified Archethic to contribute to the security of major events such as the Olympic Games Paris 2024.
Uniris team is a unique blend of complementary, cohesive and experienced personalities from companies such as Thales, Mastercard, Barclays, Orange, Mozilla, Google, PwC and researchers from the École Polytechnique, CNRS. Most of them know each other well before the creation of the project, professionally or personally, which has allowed them to save a considerable amount of time in the implementation of each of the solution's components.
Sebastien Dupont: Previously responsible for 2 of the largest Orange projects: Identity (100M users) and Mobile Banking in Africa (turnover from €10M to €4 billion) - Thales Cybersecurity Expert - Blockchain Speaker (since 2013)
Nilesh Patankar: ex-CTO PAYBACK, Head of Software Development and Support for MasterCard Payment Processing Platforms, Head of Barclays Digital Payments Technology.
- Bounties and Incentivization Programs
Uniris is indeed launching a mega bounty program for Archethic soon . The incentivization programs are gamified. The purpose of gamification is to completely distribute Universal Coin far and wide, as fast as possible. Thereby increasing the value of UCO (Metcalfe's Law).
Read more about Gamification and Incentivization here
Archethic's documentation is the best in class, with the best
Archethic is not only an infrastructure upon which projects can be built but also the key player in building the projects itself. Below is a roadmap of Archethic's projects from smart contracts, decentralized identity, smart city, IoT,... many more..
Archethic Public Blockchain
Archethic is a Layer 1 aiming to create a new Decentralized Internet.
Its blockchain infrastructure is the most scalable, secure & energy-efficient solution on the market thanks to the implementation of a new consensus: "ARCH".
Archethic smart contracts expand developers' boundaries by introducing internal oracle, time-triggers, editable content & interpreted language.
Through native integration for DeFi, NFTs & decentralized identity; Archethic offers an inclusive and interoperable ecosystem for all blockchains.
In order to achieve the long-term vision of an autonomous network in the hands of the world population, we developed a biometric device respecting personal data privacy (GDPR compliant).
Making the blockchain world accessible with the tip of a finger. Be the only key! https://www.archethic.net/
Archethic Foundation Non-profit in order to manage decentralized governance of the public blockchain