If you are planning on minting your own coin for an ICO, and you are working on an existing cryptocurrency platform, the two platforms which are most commonly utilized are Ethereum and Hyperledger. Both provide the opportunity to create (fork) your currency from their open source systems, and avoid massive upfront costs commonly associated with the creation of a cryptocurrency.
Ethereum is a complete platform, similar to Bitcoin, but substantially improved with a host of viable features, headlined by smart contracts, which are the ability to execute agreements automatically, and to settle those agreements automatically with the programming potentials in this very viable system.
Hyperledger is an open source Linux-based system which is created with the purpose of creating enterprise-oriented blockchains. The Hyperledger infrastructure is built on a new system called Fabric, which is reliant upon large organizations building and contributing to the open source architecture. This has strengths, in that large companies are working on it concurrently, and weaknesses, in that a platform may only grow so quickly when it is dependent upon open source contributions.
Ethereum is a completely functional blockchain, built on their cryptocurrency entitled Ether. Ethereum is easily converted to other cryptocurrencies using an exchange. Ethereum is equipped with smart contracts, DAOs, (Data Access Objects, which provide specific data operations without exposing the details of the database, as well as the potential to create a custom private blockchain.
Ethereum has the longevity of its existence to its credit. It is a fully functional, public blockchain that is proven and garnering users, daily. Their Ether currency is converted easily to other cyrptocurrencies, and is currently in a consortium of major financial institutions to build a banking industry grade Ethereum platform. Ethereum comes complete with a wallet, command line tools, and a blockchain GUI app. Clients may be connected to the blockchain through the provided web socket libraries which allow clients to be deployed through Windows or OSX for connecting and developing on the system.
Hyperledger is an open source collaboration effort created to advance the cross-industry blockchain technology by identifying and addressing important features for a cross-industry open standard for distributed ledger technologies (DLTs) that will transform the way business transactions are conducted globally. It is a global collaboration, hosted by the Linux Foundation, including leaders in finance, banking, IoT, supply chain, manufacturing and technology. Hyperledger is running on an open source product called Fabric 1.0.
Hyperledger Fabric is a blockchain framework implementation and one of the Hyperledger projects hosted by the Linux Foundation. Intended as a foundation for developing applications or solutions with a modular architecture. Hyperledger Fabric allows components, such as consensus and membership services, to be plug-and-play. Hyperledger Fabric leverages container technology to host smart contracts called “chain code” that comprise the application logic of the system. Hyperledger Fabric was initially contributed by Digital Asset and IBM, as a result of the first Hackathon.
Hyperledger Fabric has had 27 organizations contribute to this open source code with 57 engineers, writers and testers contributing to the post-beta clean up effort. A full community of engineers from Arxan, Cloudsoft, CLS, d20 Technical Services, DTCC, Digital Asset, Fujitsu, GE, Gemalto, HACERA, Hitachi, Huawei Technologies, Hyperchain, ImpactChoice, IT People, Knoldus, The Linux Foundation, Netease, Passkit, State Street Bank, SecureKey, SAP, Thoughtworks and Wanda Group. 159 developers in total contributed almost 3500 change sets to Hyperledger Fabric.
Fabric facilitates the ability for any qualified developer to create and run smart contracts, cryptocurrencies and other standard blockchain oriented activities. Hyperledger comes complete with Channels for sharing confidential information, Ordering Service to deliver transactions consistently to peers in the network, Endorsement polices for transactions, CouchDB world state to support a wide range of inquiries and a Bring-your-own Membership Service Provider (MSP).
Client applications must be able to connect to endorsers to submit transactions to the network. For high availability, the endorsement policies may be set up to allow only a subset of endorsing peers to endorse a transaction. Given its open source modular framework, Hyperledger can be used to build specific blockchains with differing priorities and features, such as a faster ordering service, advanced vs. simple query search, etc.
Hyperledger and its umbrella technologies focus on the business of blockchain, and is recognized as one of the leaders or front-runners in those initiatives (rather than focusing on cryptocurrency). Hyperledger features multiple business blockchain frameworks including:
• Hyperledger Burrow – provides a modular blockchain client with a permission smart contract interpreter partially developed to the specification of the Ethereum Vital Machine (EVM).
• Hyperledger Fabric – is an implementation of blockchain technology that is intended as a foundation for developing blockchain applications or solutions.
• Hyperledger Iroha – is a distributed ledger project that was designed to be simple and easy to incorporate into infrastructural projects requiring distributed ledger technology.
• Hyperledger Sawtooth – is a modular blockchain suite designed for versatility and scalability.
• Hyperledger Indy – provides tools, libraries and reusable components for interoperable digital identities rooted on blockchains or other distributed ledgers.
Hyperledger Fabric provides:
• Policies which specify which endorsing peers must provide endorsement for transactions on the network.
• Channels to allow a group of participants to create a separate ledger of transactions thus insuring that data privacy and confidentiality can be maintained.
• Ordering service to ensure that transactions are consistently ordered and delivered to peers in the network.
• Support for CouchDB for world state to allow for keyed queries, composite key queries, range key queries, plus full data rich queries.
• Membership Service Providers (MSPs) to allow organizations to define their own notion of identity, and the rules by which those identities are governed (identity validation) and authenticated (signature generation and verification).
Hyperledger Fabric Videos
Using proper counsel is critical to ensure all legal compliance and best practices. This, combined with transparency, consistency and great proof of team and concept will most likely propel your ICO to ever greater successes.
IllusionQuest Studios will gladly help you through these ICO processes, program your systems, smart contracts, help promote your venture and much more. Call us today for a free consultation. 818-788-9700 x1. Or email me directly at firstname.lastname@example.org