Do you know what is common in Bitcoin, Multichain, and Ethereum? Its Blockchain, one of the most popular trends of 2017 was Blockchain, and it continues to be rising high in 2018. In this blog, I will be focusing on various Blockchain platform which has become a basis for ensuring quick, fast and safe transactions. The blockchain is a distributed digital ledger which has all the information related to transactions in the form of blocks. Decentralization, immutability, safety, transparency are the key features of it which make it a versatile technology finding use in almost all the business niches.

Popular Blockchain Platforms:

Here I will be highlighting on some of the most popular platforms of this technology which include the following :

  • Multichain
  • Ethereum

Bitcoin- If it about Blockchain then how can we miss Bitcoin. Blockchain came into the picture because of Bitcoin. It is the cryptocurrency which is entirely decentralized, open-source and censorship-resistant. 2008-2209 is the year that marks the surge of Bitcoin. Soon after the launch Bitcoin became a popular alternative medium for the peer-to-peer transaction.

Bitcoin’s mining is done on Bitcoin’s Blockchain. When we are talking about Bitcoin Blockchain, then there are thousands of bitcoin nodes on the Blockchain which equally participate in verification of the legitimacy of the payment. All these nodes work independently and don’t need third-party interference.

It is an open network. It is the pioneer of Blockchain which has further given rise to many other open-source platforms that I will be highlighting further.

 

Ethereum- Ethereum is a cryptocurrency and also offers an open-source platform. Similar to Bitcoin Blockchain, it is also a decentralized platform which runs smart contracts. It was in July 2014 when Ethereum came into existence. Many people claim that Etehreum is just vaporware where everything still exists in theoretical format. However, its supports claim differently.

It allows developers to create stored registries of markets, debts, move funds as per the instructions gave in the past.

Well, if you think that Ethereum is just digital money, then you must know that it not only handles accounts and transactions but at the same time it also stores the information of new programming logic.

Let me explain the programming logic with this example:

Let’s say that on July 10th A transfers some money to B’s account if only Account A has more than $y. If not then don’t transfer $y to B.

Such programming logic is written, stored and executed on Ethereum Blockchain which is not the case with Bitcoin Blockchain. Hence, Etehreum is also known as a programmable cryptocurrency. Once this programming logic gets stored on Ethereum, it can be used for future reference.

So, we can say that with Ethereum you can not only transfer the money but also execute smart contracts and make DApps. All this takes place on EVM or Ethereum Virtual Machine with the help of Solidity. Solidity is Ethereum’s native programming language which is inbuilt.

Ethereum’s key features include:

  • Ethereum Wallet — it facilitates crypto-assets holding, writing and such smart contracts
  • Can be used for creation of cryptocurrencies
  • Creation of DApps
  • Creation of democratic autonomous organizations or DAOs
  • Supported languages- Python, Go, C++
  • Consensus mechanism: Ethash, proof of work but now planning to move to a proof-of-stake.

 

Multichain

It is a platform for the creation and deployment of private Blockchains. It can be within the organization or between the organizations. Multichain is an open source Blockchain platform which is based on Bitcoin’s Blockchain but is an enhanced version of the same. In case of Bitcoin, anyone can connect and transfer the assets on the chain; however, if we talk about Multichain then first you need to configure multichain at every node. Only after this, you can transfer the asset.

Key Features :

  • Native multi-currency support.
  • Expected to be faster than Bitcoin
  • Permissioned management
  • Quick deployments
  • Supported languages- Python, C#, JavaScript, PHP, Ruby

The Difference

We know that Bitcoin is a pioneer in digital currency and it has its own sets of benefits. But, at the same time, we cannot ignore the fact that its uses are yet to reach the masses. There is sluggish growth in the Bitcoin does the presence of easy-to-use wallets and the fact that bitcoin can now be used at many mainstream businesses like Microsoft, Overstock, and Dell.

The reason for slow adoption:

  • End-user satisfaction
  • Difficulty in purchasing the Bitcoin
  • The security issues related to Bitcoin
  • The volatility of Bitcoin’s value as compared to government-issued currencies
  • Limited capacity of Bitcoin blockchain, it can only handle 300,000 transactions every day with a block size o maximum 1 MB
  • The Bitcoin blockchain is too open, anybody with the internet connection can connect to the Bitcoin network and transact. There is no screening of the participants.

Multichain, forked from Bitcoin Blockchain lays emphasis n end-user choice allowing the customer to control whether the chain is private or public, who can connect to the network, the target time for blocks, the screening of people who can connect to the network, maximum block size, and metadata. All these features are covered in Multichain and are a solution to the problems which currently exists with the Bitcoin Blockchain.

Apart from function and operational benefits which Multichain has to offer, it covers most use cases for blockchain. Furthermore, it has an easy-to-interact API; there is no need to learn a new programming language. When it comes to hosting solutions Multichain blockchain is cheaper and better than Ethereum. Thus if you are willing to develop DApps, then Multichain is better than Ethereum.

Here is a tabular representation of different between Bitcoin, Ethereum, and Multichain :

Bitcoin Ethereum Multichain
Release Date 2008-2009 July and August 2014. The system went live on 30 July 2015 First alpha release of MultiChain in June 2015
Founder Satoshi Nakamoto Vitalik Buterin

Dr. Gideon Greenspan

 

Type of Network Open Network Public, Smart Contract based Private, Permissioned
Supported languages C++ Python, Go, C++ Python,  C#, JavaScript, PHP, Ruby
Consensus mechanism Proof of Work Ethash, proof of work but now planning to move to a proof of stake.

 

 

The distributed consensus among identified block validators.

 

I hope that this post would have given you a better insight into, Bitcoin, Multichain, and Ethereum. Similar to any new theology, this is also at a nascent stage where we are witnessing new changes every day.