Currently, in financial, banking, legal, and many other areas of activity, a real revolution is brewing, which is caused by the emergence of DEA (decentralized electronic currencies) and programmers who have missed it can lose a very interesting and profitable niche in which the pioneers will be fixed.
To find out if there is a DEI that you are interested in, you need to shovel mountains of information, or look for the DEV gurus. It is difficult, long, and you always risk to miss something important. This article was conceived as the most informative handbook on DEA for programmers and technicians.
As it turned out, to make a quality directory, you need a lot of time. Therefore, it was decided to release the first version of the article, and then rewrite it several times, add to the review many other DEAs, objectively compare them in many ways (using tables, graphs), without marketing and enthusiastic advertising statements. The more people will show interest in this article, the more complete and high-quality reference will work.
The author also plans to write a sequel, in which he proposes a model of the ETS, which uses a principle different from ProofOfWork and ProofOfState. And this article can be considered as leading to the second article.
Consider the prospects that should open to us DEVI:| No | Technological capabilities of DAV | Perspective for user DEV |
| one | High liquidity (The ability to have DEA money that is recognized and accepted in any corner of the world as a means of payment at least.) | There are no problems in traveling, no need to carry and exchange heaps of bills, look for exchange offices, spend time, look for the best exchange rate. |
| 2 | High liquidity (There should be a mechanism for quick and easy exchange of EEA among themselves, and fiat currency.) | - If local authorities limit the use of this DEA in the country, this solves the problem.
- There are no problems in traveling, no need to carry and exchange heaps of bills, look for exchange offices, waste time.
- The ability to work in the currency exchange market without an intermediary - a broker who takes money, and is an unreliable link capable of stealing money.
|
| 3 | Independence from strong players (money in the wallet exists only as entries in the registry on many independent nodes in the network (nodes)). | The state cannot at one moment deprive someone of the money in the account, freezing the user's account on some pretext. |
| four | Reliability (money in the wallet exists only as entries in the registry, respectively, they cannot be stolen in the traditional way). | Soon, convenient hardware wallets should be developed that will not allow the use of user funds without his knowledge. Accordingly, theft of a hardware wallet should not lead to the theft of money from it.
Currently, there are wallets for computer, phone, web wallets. |
| five | Multi-signatures, electronic contracts. | This technological opportunity of the EVA should revolutionize legal relations. Companies that have entered into electronic contracts can do without a lawyer. Unfortunately, they will need the help of a qualified programmer.
Nevertheless, the number of man-hours of programmer's work should decrease many times, in relation to the work of lawyers. |
| 6 | Reliability to attacks | Stability and low volatility. |
| 7 | Digital arbitration | The ability to regulate relations between the parties, a third party, quickly and flexibly. |
| eight | The possibility of issuing your money | It helps to revive the economy of a limited (closed) contour of economic relations, with the problem of the flow of ordinary money. |
| 9 | Simplified investment | The ability to quickly raise money for business, the distinction between the roles of investors, employees, managers. |
| ten | Simplified Investing, Simplified Crediting | Allow to replace traditional bank lending for retail consumers. |
| eleven | Electronic companies, electronic contracts | Should make a revolution in labor relations. |
| 12 | Distributed applications | The solution to the problem of fast access to information of many users, with the blocking of information and servers by the authorities.
Solving the problem with the sale of free computing power - each user will be able to sell the power of his computer, which is not used, and buy, if necessary, computing power, or another resource. |
| 13 | Issue ICO Tokens | Allows you to invest money in companies and make a profit (Replaces work on the stock market shares, companies go public, sell and resale shares). |
Thus, the introduction of the EEA revolutionizes the banking, legal, and labor relations:
- Banks will not be needed, or their role will be reduced to cash desks for the issuance of cash, and customer identification.
- Legal support of part of the transaction will no longer be required.
- The relationship between the employee, the boss and the employer can be electronically regulated.
Of course, traditional lawyers will remain, but part of the market for their services will go to
SEDE sector. Also, not all relationships in the labor sphere will be
regulated electronically, but the employee and the employer will have the choice of working traditionally or in the new format of labor relations.
Before starting to consider the main DEA, I can note that until now there is no DEA that solves the main tasks of the actual money:- Payment in real time purchases between counterparties (the situation - to pay for goods in the store or on the street).
Problems - there is no widespread DEA, there are no well-established mechanisms for exchanges for fiat money, means of payment (e-wallets) are inconvenient. - There is no reliable, fast and well-established system for the exchange of EEA.
All of the below DEA - very good, with a maximum of opportunities, but they mostly solve other problems. The main task of money as a means of fast, liquid and reliable means of payment, in fact, so far only solves Bitcoin.
Until DEVA appears, which has the following characteristics:- Fast (less than a second) payments.
- Infinite scalability.
- Trouble-free and fast conversion.
- Exceptional reliability to attacks.
- Minimal system operation costs, low cost transaction maintenance and saving savings.
- Controlled emission and distribution of money.
No DEVA will have a chance to make a real revolution. So it will be toys with a mass of interesting narrow circle of things.Below we briefly review the main DEA. (If someone disagrees with me, I missed something, I ask in the commentary, discussion, we will do together a good reference book).
For the review I chose DEI, which are most interesting from the point of view of solving the above problems.
1. Of course, the first will be
Bitcoin . This is the first successful DEA.
What are its advantages:
- Decentralization.
- Wide use.
- High capitalization.
Minuses:
- Slow transaction speed (very slow - up to a day or more!). It is unrealistic to use this currency in real calculations without specials. services. (Some services allow you to make payments quickly - but they take some risks, and therefore a commission.)
- High volatility rate. (Does not allow the use of currency in everyday calculations - the risk of losing, and not to acquire).
- Slow development, lagging behind the set of the next generation of energy sources (contracts, etc.).
- Problems with the exchange (in theory, the currency should be built interfaces that allow you to safely make the exchange, without any third-party services).
- Instability to attacks (the statement is controversial, but I think we will soon see attacks on this currency that will bury it. Only one attack with a capacity of more than 50% of the power of all nodes is quite real).
- The inconvenience of storing the registry is blockchain - which takes up more and more space, and continues to grow at an alarming rate.
- And one of the key problems is the need for high computational power of the nodes, which causes unnecessary costs for the purchase of new hardware, energy. Sooner or later, the currency with such costs will lose more economical DEA.
- As the number of transactions and users grows, problems with speed, size of the blockchain registry, and costs increase multiply.
The currency provides the following technological capabilities:
| No | Technological capabilities of DAV | Implementing in Bitcoin |
| one | The opportunity to have DEI money that is recognized and accepted anywhere in the world as a minimum as a means of payment. | Implemented. |
| 2 | There should be a mechanism for quick and easy exchange of the EEA between each other, and for fiat currency. | Not implemented. |
| 3 | Money in the wallet exists only as registry entries - this cannot be changed without the owner’s desire | Implemented well. |
| four | Money in the wallet exists only as registry entries, respectively, they can not be stolen in the traditional way. | Implemented well. |
| five | Multi-signatures, electronic contracts. | Only multi signatures. |
| 6 | Electronic companies, electronic contracts. | Not implemented. |
| 7 | Digital arbitration | Implemented poorly. |
Other features of the EVA:
| No | | |
| one | Mode of emission | It is mined by nodes. Emission limited 21 million coins, with a slowdown in speed. |
| 2 | Open code | Open source, originally open source, was developed by an open community. |
| 3 | Basic principles | ProofOfWork SHA 256, blockchain |
| four | Originality code and ideas | The code is written from scratch, the idea is new, |
| five | Capitalization | The highest among all DEA. 58 billion dollars. |
| 6 | Transaction speed | The transaction may take more than a day. |
| 7 | Anonymity | It is impossible to establish the owner of the wallet by standard means (anonymous wallet), but you can see the movement of funds from the wallet to the wallet. The standard methods do not hide the movement of funds, however, “mixers” are used to disguise the movement of funds. |
| eight | Other | |
Conclusion: this is the first most promoted currency. Behind the new DEA in the possibilities, with the growth of transactions and with the growth of users, it will become more and more difficult to use it. As soon as a new leader appears in the DEVA, Bitcoin will lose capitalization, the rate will start to fall sharply, the currency will cease to exist.
2. Ethereum (Ether)
What are its advantages:
- Decentralization.
- Wide use.
- High capitalization - second place after Bitcoin.
- Rapid development, leading in many areas.
Minuses:
- Slow transaction speed. It is difficult to use this currency in real calculations - for example in a store.
- High volatility rate. (Does not allow the use of currency in everyday calculations - the risk of losing, and not to acquire).
- Problems with the exchange (in theory, the currency should be built interfaces that allow you to safely make the exchange, without any third-party services).
The currency provides the following technological capabilities:| No | Technological capabilities of DAV | Implementation |
| one | The opportunity to have DEI money that is recognized and accepted anywhere in the world as a minimum as a means of payment. | Implemented. |
| 2 | There should be a mechanism for quick and easy exchange of the EEA between each other, and for fiat currency. | The implementation is very weak and unreliable. |
| 3 | Money in the wallet exists only as registry entries - this cannot be changed without the owner’s desire | Implemented well. |
| four | Money in the wallet exists only as registry entries, respectively, they can not be stolen in the traditional way. | Implemented well. |
| five | Multi-signatures, electronic contracts. | Implemented well. |
| 6 | Electronic companies, electronic contracts. | Implemented well. |
| 7 | Digital arbitration | Implemented well. |
Other features of the EVA:
| No | | |
| one | Mode of emission | It is mined by nodes. Emission is limited, with slowing down. |
| 2 | Open code | Open source. |
| 3 | Basic principles | ProofOfWork |
| four | Originality code and ideas | Most of the ideas are original (contracts, electronic companies, distributed Dapp applications) |
| five | Capitalization | 22 billion dollars. |
| 6 | Transaction speed | The fastest transaction - 14 seconds |
| 7 | Anonymity | Ether provides better anonymity compared to Bitcoin |
| eight | Other | Date of foundation 07/30/2015 |
3. Ripple
Internal currency XRP, for conducting transactions you need to have at least 20 XRP on your account.
Ripple is not a DEVI - it got into the review because of the exchange possibilities, which many other currencies do not have.
The Ripple system is centralized, since the center determines not only the currency development vector, as with Ether, but also affects the operation of the system, the authorization of the nodes, and many other parameters.
The strength of this currency is the possibility of currency exchange. In essence, this is an attempt to make a decentralized exchange, but it turned out to be a centralized exchange, with signs of the ETS.
Pros:
- Wide use.
- High capitalization.
- Rapid development, leading in many areas.
- High enough transaction rate for currency exchange and payment on the Internet.
Minuses:
- The dependence of the network from the center.
- It is difficult to use this currency in real calculations in everyday life - for example in the store.
- High volatility rate. (Does not allow the use of currency in everyday calculations - the risk of losing, and not to acquire).
- Problems with the exchange (in theory, the currency should be built interfaces that allow you to safely make the exchange, without any third-party services).
The currency provides the following technological capabilities:| No | Technological capabilities of currency | Implementation in Ripple |
| one | The opportunity to have DEI money that is recognized and accepted anywhere in the world as a minimum as a means of payment. | Implemented |
| 2 | There should be a mechanism for quick and easy exchange of the EEA between each other, and for fiat currency. | Implemented best of all |
| 3 | Money in a wallet exists only as entries in a distributed registry, on independent nodes - this cannot be changed without the owner’s desire | It is implemented reliably - the nodes are dependent. |
| four | Money in the wallet exists only as registry entries, respectively, they can not be stolen in the traditional way. | Implemented well |
| five | Multi-signatures, electronic contracts. | Not
|
| 6 | Electronic companies, electronic contracts. | Not |
| 7 | Digital arbitration | Automatically provided
|
Other currency features:
| No | | |
| one | Mode of emission | There is no emission, the mining of the local currency was carried out during the launch of the system. Total released 100 billion XRP |
| 2 | Open code | Open source, the program code is written from scratch, the opening of the code occurred a long time after the start of operation of the system. |
| 3 | Basic principles | Ledger ledger, consensus between network members. Close work with banks, cooperation. |
| four | Originality code and ideas | Logical continuation of more centralized systems |
| five | Capitalization | 6 billion dollars. USA |
| 6 | Transaction speed | 3-4 s |
| 7 | Anonymity | High |
| eight | Other | Is not DEV, no blockchain, centralized |
4. Stellar
Other currency features:
| No | | |
| one | Mode of emission | The currency of the XLR system. There is no emission, the mining of the local currency was carried out during the launch of the system. Total released 100 billion lumens XLR. The currency was evenly distributed to many people for free. |
| 2 | Open code | Open source, program code rewritten from Ripple, system developed by non-profit foundation. The system protocol is always open. |
| 3 | Basic principles | Ledger ledger, consensus between network members. Close work with banks, cooperation. |
| four | Originality code and ideas | Fork Ripple.
It was created to correct the situation, which did not suit many people involved in the development of the EEA:
- Ripple used closed emissions in favor of the founders.
- Commercial organization authoritatively controls the system
|
| five | Capitalization | 179 million dollars. USA |
| 6 | Transaction speed | 3-4 s |
| 7 | Anonymity | High |
| eight | Other | |
5. Nxt
The currency provides the following technological capabilities:
| No | Technological capabilities of DAV | Implementation |
| one | The opportunity to have DEI money that is recognized and accepted anywhere in the world as a minimum as a means of payment. | Partially achieved |
| 2 | There should be a mechanism for quick and easy exchange of the EEA between each other, and for fiat currency. | Implemented |
| 3 | Money in a wallet exists only as entries in a distributed registry, on independent nodes - this cannot be changed without the owner’s desire | Implemented |
| four | Money in the wallet exists only as registry entries, respectively, they can not be stolen in the traditional way. | Implemented |
| five | Multi-signatures, electronic contracts. | Limited to patterns
|
| 6 | Electronic companies, electronic contracts. | Limited |
| 7 | Digital arbitration | Limited
|
Other features of the EVA:
| No | | |
| one | Mode of emission | Issue at the start of the system - 1 billion coins distributed among investors |
| 2 | Open code | OpenSource, the code is opened a long time after the system starts. Programming and design takes place closed. Opening the code serves only to prove the absence of BackDoor. |
| 3 | Basic principles | ProofOfStake - the first successful system with this principle |
| four | Originality code and ideas | The code is written from scratch in Java |
| five | Capitalization | 71 million USD |
| 6 | Transaction speed | High |
| 7 | Anonymity | High |
| 7 | Other | Wallet as a web application |
6. DarkCoin - Dash
Dev like Bitcoin
Other featuresDEV:
| No | | |
| one | Mode of emission | Mining |
| 2 | Open code | Open source |
| 3 | Basic principles | ProofOfWork, X11 hashing algorithm (combination of 11 cryptoalgorithms), voting on important issues - nodes take part in voting. |
| four | Originality code and ideas | The main difference from Bitcoin is the mining algorithm, transaction speed (high)
|
| five | Capitalization | 2.5 billion |
| 6 | Transaction speed | High |
| 7 | Anonymity | High |
| eight | Other | |
7. Lisk
DAV serves to monetize decentralized applications. Lisk is a platform for running decentralized Dash applications.
Other features of the EVA:
| No | | |
| one | Mode of emission | Only 100 million coins |
| 2 | Open code | Written in JavaScript, OpenSource |
| 3 | Basic principles | Blockchain, sidechain is a technology that allows you to speed up the blockchain,
modularity - as I understand it, is implemented using distributed Dash applications - it is not clear how they work for the user. |
| four | Originality code and ideas | Voting on the development of the currency is conducted by 101 users, with the largest amount of currency.
|
| five | Capitalization | 670 million dollars |
| 6 | Transaction speed | High |
| 7 | Anonymity | |
| eight | Other | The beginning of the work of the DEVA - the end of May 2016, |