The best thing about us humans is that, time and again, we come up with great ideas and new forms of technology that have the potential to change the world for the better. Yes, we go wrong at times and destroy things, wipe out entire nations… but let’s not get into that right now.
The curtains on blockchain technology were raised back in 2008 in response to the global financial crisis caused by the central banks and government of the United States. It’s a fact — absolute power corrupts absolutely. Now, more than a decade later, the scene looks like a race to be the best blockchain protocol — and rest assured, the contenders are many.
With that said, who deserves the “digital throne”? Or will it be hard-forked? What’s digital, doesn't burn… Not even with dragon fire.
Let’s find out by comparing some of the major blockchain protocols. I’ll review transaction time, scalability and purpose, which are the top three that lead to capturing the digital throne.Bitcoin — the Bran of Cryptocurrency
Remember the One-Eyed Raven? He was old, resilient and seemed immortal. Likewise, so is Bitcoin (BTC). Spoiler alert — there’s a twist here, just wait for it.
No matter who gets the crown, there’s one thing we can’t take away from the Bitcoin protocol. If not for its anonymous founder, I wouldn’t be writing this piece. So, all else aside, Bitcoin is — and will be — the “original blockchain.”
Now, how does Bitcoin fare otherwise? The Bitcoin protocol was conceived as open-source, peer-to-peer money, and that’s basically it. As a cryptocurrency, Bitcoin is still the most popular. However, the platform doesn’t fare well in terms of transactions per second (TPS), which is only seven. Moreover, owing to the resource-intensive mining process that could power entire countries, Bitcoin’s block time is pretty high, at 10 minutes.
So, like ultra-wise and eternal — yet crippled — Bran, our old friend Bitcoin has major scalability issues, ...