What is Hyperledger?

What Is Hyperledger? 

The world of cryptocurrencies has evolved dramatically in the past few years. The technology needed to support these digital currencies, as well as blockchain networks and blockchain ledgers has also changed significantly. Hyperledger, or more accurately, the Hyperledger project, is a combination of several different tools and open-source solutions to support the development and distribution of those ledgers.

What Does Hyperledger Do?

According to the Hyperledger website, “Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration including leaders in finance, banking, Internet of Things, supply chains, manufacturing and technology.”

Is Hyperledger a company, or a cryptocurrency itself? No, it’s not. It’s closer to a consortium of interrelated tools and services designed to support non-currency blockchain projects and initiatives. You can think of it is as a hub, or an umbrella project, and it was originally created by the Linux Foundation.

Does Hyperledger Support Cryptocurrencies? 

It’s important to note that while cryptocurrencies make use of blockchains, Hyperledger does not directly support those digital currencies. With blockchains, a new generation of applications will be built to help ensure transparency and accountability within the cryptocurrency sector, but this will also apply to numerous other areas, ranging from healthcare to manufacturing and everything in between.

What Is Hyperledger All About?

While the language used by the Hyperledger website to describe its purpose and function is more than a little confusing, a few things can be gleaned. First, it’s a network formed of members (both companies and individuals). In reality, Hyperledger focuses on recruiting members from the software development industry, as well as technology and finance companies. The point of Hyperledger is to build blockchain networks and coordinate the development of related tools, techniques and technologies.

A quick glance at the list of the 100-plus members now part of Hyperledger reveals some familiar names. These include:

  • Airbus
  • Daimler
  • IBM
  • Nokia
  • Intel
  • Samsung
  • American Express
  • Wells Fargo
  • Deutche Borse
  • Factom
  • Consensys
  • Blockstream

Obviously, this is just a partial list, but it exemplifies the types of industry leaders taking part. You’ll also find the heads of many other companies, most of which have extensive experience not only with blockchain development, but also with open source projects (think Apache and the W3C Consortium).

Hyperledger is led by a committee made up of 20 executives. There is also a steering committee, comprised of an additional 12 people. Most of these individuals also have significant experience with blockchain development, as well.

Really, perhaps the best way to describe the purpose of Hyperledger in layman’s terms is to relate it to the way a local chamber of commerce might host networking events. At such events, attendees would be introduced to other business leaders in the area, and get to know some of the more important developments. The same can be said for Hyperledger. Members are provided with tools and solutions, software and techniques, but also with connections to others in the industry, including developers and experts who might be able to provide knowledge, guidance or even skills.

Existing Blockchain Frameworks

There are currently five business blockchain frameworks in existence, all of which are hosted with Hyperledger. These include the following:

Burrow: This is a modular blockchain client that features a permissioned smart contract interpreter. It was developed partially to specifications of the Ethereum Virtual Machine.

Fabric: Created by IBM, this is a plug-and-play component designed to help design fast-scaling blockchain applications with permissions in a flexible manner.

Iroha: Iroha was developed by several Japanese firms in an attempt to create a blockchain framework that can be easily incorporated.

Sawtooth: Developed by Intel, Sawtooth is a suite of modular tools that rely on PoeT (Proof of Elapsed Time), which is a new consensus algorithm.

Indy: Indy is a collection of libraries, tools and multi-use components related to digital identities for use with distributed ledgers and blockchains.

Developer Tools and Solutions

In addition to the modules and platforms mentioned above, Hyperledger also offers a number of tools and solutions for developers. These include Cello, which is used for blockchain deployment, and was built by IBM, Composer, which is a package management tool for blockchains, and Explorer, which is an analytics tool developed jointly by Intel, IBM and DTCC. Indy was originally classified as a developer tool, but has since been reclassified as a platform according to the Hyperledger website.

The Future for Hyperledger

As mentioned, Hyperledger focuses primarily on non-monetary blockchain development. Several of the projects that have been detailed to the public are geared in this direction, including both Sawtooth and Fabric. Other areas of development currently include finance, healthcare and supply chain applications. However, there has been little information released concerning these projects. Ultimately, the success of Hyperledger is yet to be realized, but the future does appear bright based on successful early projects.

Building a blockchain for business with the Hyperledger Project

 

Best Cryptocurrency for 2017 – Five Crypto-Coins to Consider Buying this Summer

In this post, we will discuss three cryptocurrencies (also called alt-coins), that you might want to take a close look at and include in your basket.

1. SteemIt

Steemit is the coin behind SteemIt.com, a community that earns these coins by generating web content (articles, replies, pictures, and videos). It’s still in Beta, so the user interface isn’t really all that spectacular. The content is actually stored on the blockchain, is based on Graphene, created by Dan Larimer (of BitShares and EOS fame). In the last year, the price has risen from as low as $0.13 to as high as $2.30, and is currently around $1.87.

See chart: https://www.worldcoinindex.com/coin/steem

2. Augur

Augur is one of the more promising decntralized applications (dApps) being developed today. It is coined as a “prediction market” but basically, this means gambling. And gambling is big big business. Throw in the fact that the supply is limited at 11 million tokens and you can see the scarcity may motivate a higher price.

Augur might be compared with its director competitor Gnosis, but Auguar seems to be further down the path. Their github repository of its source code also seems to be far more active with the amount of code being written and committed. The Augur beta app still isn’t that impressive. That said, considering they are planning a launch in late summer 2017 there is time for them to apply the final touches. This system will handle smart contracts as well, and that’s perhaps more important than the user interface. The marketcap of Augur has been going up, which is what brought it to my attention. Perhaps they could do a better job of marketing and social media to beef up public awareness.

3. Stratis

Stratis is essentially similar to Etherum, i.e. executing smart contracts. The primary difference is that Stratis will use C# and .net platform integration to create and exeute the smart contracts. Later, they will also support java and javascript API. Stratis is also PoS and segwit ready. I’m enthusiastic about this platform becaus eof the huge base of C# and Java programmers in the world.

4. LiteCoin

I like Litecoin because …
I see it could actually go up in value if the Bitcoin hard fork coming August 1 (2017) goes badly. Litecoin and Bbitcoin development has always been a parent-child sort of relationship. Segwit activation on Litecoin was a landmark and many feel it prompted the upcoming Segwit implementation which could result in the hard fork. There is also a very strong chance of the lightning network being tested on Litecoin first

The community is solid, the exchange presence is huge – including direct fiat to litecoin options. Litecoin was just added to Coinbase in the last few months, making it more easily available and visible to hundreds of thousands of new buyers. It is a great ecosystem, my only criticism is that the marketing is very quiet about it.

5. NEM

NEM is another sleeping giant that is fortunate to have some really cool and unique tech. Specifically, it supports multisignature contracts, built in namespace support, messaging support. Yes, you can actually attach a message to your blockchain transactions. It also is very scalable and has a limited supply. This is always something an investor should look for.

On the negatives, there is some confusion in their naming (XEM/NEM … ) The community is pretty neutral as well and there does not appear to be much excitement related to their technology. Marketing seems to be really quiet as a mouse! I’ve rarely seen anything in advertising, videos, or social media from NEM. Although NEM will be showing at some upcoming blockchain conferences there is no single big event to look forward to this year.

Summarized from @deanoza on https://steemit.com/cryptocurrency/@deanoza/my-cryptocurrency-investment-picks-for-june-2017

EOS (ERC-20) Coin Token Launch – How To Participate

EOS has been defined as:

“a consensus blockchain operating system that provides databases, account permissions, scheduling, authentication, and internet-application communication to massively improve the efficiency of smart business development that uses parallelization to make possible blockchain scalability to millions of users and millions of transactions per second.”

The ICO for ESO began this week, Monday June 26, 2017. An Initial Coin Offering, or ICO, is an unregulated (as far as I know) method to raise funds for a new cryptocurrency venture.

The ICO for ESO is structured differently from most other initial coin offerings. There is an initial 5-day sale, then every 23 hours (for 350 times) there is another sale. I think the 23 hours is a clever way to be fair to people living around the world, and not tying the 24-hour day to any one time zone. Based on how much Ethereum you “contribute”, you will get a proportionate share of ERC-20 tokens.

By creating the ERC-20 token on the Ethereum blockchain, every token issued on the Ethereum network can be considered a “sub-currency” of the Ethereum network. This means it can be readily traded on the existing exchanges. Ethereum is the best blockchain currently available to execute “smart-contracts” and thus is being used to handle the distribution. Some people are already claiming that EOS may be the Ethereum “killer”.  See also https://steemit.com/eos/@trogdor/the-eos-ico-for-dummies  (SteemIt seems to be the source of Dan Larimer fans and cryptogeeks who will be the first to buy this distribution.  So look there for the best information on the technicalities of how to buy.

There is some trust required in the EOS launch, as a person must buy ERC-20 tokens on the Ethereum change.

They EOS instructions have “scary language” like this:

EOS TOKENS MAY HAVE NO VALUE. 7.9. EOS Tokens Will Become Non-Transferable. Buyer acknowledges and understands that EOS Tokens will become non-transferrable within forty-eight (48) hours after the end of the EOS Distribution Period.

In English, what this means is: They won’t be transferring the tokens from the Ethereum blockchain to EOS blockchain, if that is even possible. Instead, new tokens will be created on the new EOS blockchain when it is available, and will built to match the ownership already established of the ERC-20 tokens on the Ethereum blockchain.

The website was originally blocking people in the United States.  Now instead of block them, they just have to click a few buttons and swear they are not US Citizens; then apparently they are allowed to continue.  This is probably to avoid breaking any US laws.

According to COB on SteemIt, this same technique has been used by the Dan Larimer family of blockchains and cryptocurrencies, such as Muse and BitShares.  Cob also emphasizes that it’s critical for any blockchain to have a widely distributed ownership stake.

Sandwich on Steemit, gives a guide to buying your ERC-20 tokens with MyEtherWallet (MEW), along with guidelines and protections, but instead, he recommends using the official EOS launch/distribution page http://eos.io/distribution with MetaMask integration. MetaMask is accomplished with a free plugin to the Chrome browser.

All in all, the whole thing is a little scary, and there are lot of steps involved. I think this means that mostly techies and high end investors with techie staffs will be the first to invest. However, this maybe one of those opportunities of a lifetime, to get in on the world’s future “operating system on a blockchain”, which stands to revolutionize the world.

 

 

 

 

Categories EOS