In the past year, several blockchain projects have emerged that aim to perfect the path paved by Bitcoin and Ethereum. In this article, we introduce projects that aim to provide the next generation in blockchain technology.
ICON is a huge and revolutionizing platform, which would link different blockchain networks with each other via smart contract. It would allow inter-linkage via ICON’s loopchain technology. Like the World Wide Web, it aims to create a large single network where different players can coexist and interact at one place. It will bring industry players from finance, security, insurance, etc to transact in a single network.
The thing about this South Korean based venture is the provision of autonomy along with linkage. There would be different communities on the network such as education, healthcare, etc. Each of these communities would have complete independence – it would have its own currency, set its rules and have own consensus algorithm. However, these different networks could be connected via ICON. It’s like different countries with own language, culture, etc that are connected with each other for global trade.
ICX will be the cryptocurrency used on ICON Republic blockchain. On ICON, third parties can either interact inter-community or intra-community, or create DAPPs for such interaction, or just be standalone operations. For all these features, the coin would be needed. For instance, when one blockchain community interacts with another, such as healthcare community interacting with insurance. Such interaction would require ICX. However, ICX is not needed for intra-community interaction.
Therefore, the best thing about ICON is that it will be able to integrate blockchain with real life services such as finance, education, healthcare and insurance, which will transform blockchain’s future like today’s internet.
Like all other New Generation Blockchain networks, Wanchain is also working towards making Blockchain a more inter-connected network. It aims to rebuild financial infrastructure of the crypto world with private cross-chain smart contracts. These cross-chain smart-contracts will allow banking services on isolated networks to be connected with each other.
The founders of Wanchain believe that the crypto economy is expanding exponentially, and in near future, it will become “the economy”. Financial services have especially been quicker to adopt this technology. From borrowing to saving to insurance, blockchain and smart contracts have integrated finance with Blockchain. So the impact on financial services is going to be profound.
However, the issue is that today’s digital assets and services sit segregated from other chains. They are working in isolation. So what Wanchain does it connects these isolated units. It enables banking applications to be connected and developed that guide their flows on-chain. This removes “centralized counterparty risks”.
The platform has various other revolutionizing features. It will allow an on-chain exchange of the world’s assets. Transactions on Wanchain will be carried out using its multi-asset wallet. It is also built on decentralized exchange applications to ensure that centralized counterparty risks are removed.
The platform also ensures that privacy is enhanced. It has the famous “ring signature” that will provide complete anonymity to traders and their transaction. It also has “One Time Addresses (OTA)” to provide complete anonymity to receiver for every transaction.
As the website states, “AION is the third generation blockchain network.” It is especially designed to address the issues that Bitcoin currently faces – of scalability, privacy and interoperability.
In regards with interoperability, AION aims to connect blockchain like the internet connected websites. It believes that while there are hundreds of blockchain networks today, they are not connected. These platforms deal with different areas and try to individually solve their issues. However, their operation and function would enhance immensely if they work together. Thus, AION will integrate different blockchain networks into a multi-tier hub. It will send data and value between AION-compliant or Ethereum-compliant networks. It will also enable inter-blockchain communication.
Neblio is an open source blockchain platform, which is built to offer business blockchain solutions. It focuses to simplify the usage of APIs, tools and services. This allows users with even the most basic programming skills to develop their own blockchain.
Neblio believes that blockchain is the future of technology and most people will be using it in the future. In fact, more companies have started to use blockchain for better transparency and security. However, many lack the technical skills to utilize it. So platforms such as Neblio are providing a simplified platform for mass usage.
Neblio is a well-planned and punctual blockchain platform. It is flexible and convenient to use (which indicates why its wallet has 4.9 ratings on Google Playstore). Moreover, after its first ICO, the value of Neblio coin shout up by 400% in mere two weeks.
Other appealing aspect about Neblio is its total supply. The value of a cryptocurrency (also) depends upon its total token supply and the circulation in the market. Simple economics say that the more supply and less circulation a coin has, the lesser is its value. However, Neblio entered the market with 100% and limited supply. There are only around 12 thousand tokens in circulation and 13 thousand in supply. Its limited supply will drive up its value.
The aim of LINK is to resolve the connectivity problem of blockchain. Connectivity issues usually restraint smart contracts from functioning most efficiently. They prevent the contracts to connect with external resources that are critical to carry out any function, such as off-chain data and APIs. But LINK provides “smart contracts with data, bank payments and access to APIs” for better connectivity.
The platform has resolved this problem for over 90% cases. LINK has worked on Ethereum and Bitcoin, and has led to major results over the past 3 years. It has connected the smart contracts on these networks with various external resources such as triggers, off-chain systems, etc.
LINK has simplified this process. Now, anyone with these external services (such as APIs, data feed or off-chain service) can provide it to other user in exchange for LINK tokens. It is also easier for online service providers and API-based service providers, e.g. seller of e-signature to sell directly to a smart contract. This has made data provision and serviceability more efficient.
In this sense, these Next Generation Blockchain networks are ensuring that while the core issue of Blockchain – privacy, still remains in the picture; the network also becomes more interconnected and wholesome to develop into a complete picture.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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