EOS, TRON… Watch Out as Blockchains Scramble for Asia’s Market
The competition on which would be the most used blockchain especially in Asia seems to be growing fierce. According to dApp rankings, EOS and TRON dominate the sector as the two blockchains with most decentralized applications (dApps) and users (on a 24-hour basis) in the top 50. Only two in this category are run on the Ethereum blockchain. However, new players have found their way into the market and the jury is out on what the impact would be on the landscape.
Aside EOS, TRON, there’s NEO continuing to peddle its agenda to be “an open network” for the future smart economy. Speaking at the Chinese platform’s developer conference in Seattle (US) this month, Da Hongfei believes the world will move to a smart economy soon after today’s industrial economy with its capitalism and market socialism and NEO would be the choice blockchain to use.
Tomochain, IOST, AuxLedger
Tomochain, with its promise of a 1,000TPS and 150 masternode coin developed by NEM co-founder, Long Vuong, is also in the race since launching its mainnet in Dec. The Singapore and Vietnam-based platform says it will be a solution to the scalability problem facing Ethereum. Compatible with the Ethereum Virtual Machine, Tomochain seeks to seamlessly port every contract written in Ethereum to its blockchain.
Another Singapore-based public blockchain infrastructure launched its mainnet this week. According to its CEO, Jimmy Zhong, the IOST platform has about 150 dApps running on it already before it went live. The dApps, which include games, wallets and decentralized exchanges, were reportedly built by partners like Huobi, DDEX and CoinGecko. Its Proof-of-Believability (PoB) consensus mechanism needs to be proven though. Zhong says IOST would be the first to use it as “a proprietary protocol built solely by IOST from the ground up” and it has been running on their testnet for over six months to reach speeds of 8,000 txs/per sec.
“PoB combines the decentralized benefits of Proof-of-Work (PoW) and Proof-of-Stake (PoS) systems, with the high throughput, transaction rate, and scalability of a Delegated Proof-of-Stake (DPoS) system,” he explains via email. “This essentially combines the benefits of both systems to address the challenges of the “scalability trilemma“, or having to select between levels of security, scalability, and decentralization, faced by other blockchains today.” Zhong claims the PoB protocol also retains significant decentralization due to its unique consensus algorithm, where hundreds or more nodes participate in block production each day.
In India, Auxledger became the country’s first public blockchain network to go live last week.
All these are ongoing as Ethereum revamps its network with a system upgrade that could see it gain more ground. Ethereum’s Constantinople and Petersburg hard forks are expected to take place later this week at block number 7,280,000. In a recent media statement, a co-founder at B9lab which provides blockchain education and training, Elias Haase, says a successful execution will demonstrate Ethereum’s ability to “assess and mitigate the risks while advancing the technology.”