Symbol in many ways, has similarities with Polkadot.
Commonly, Polkadot is described as a heterogeneous multichain protocol, even non-blockchain systems or data structures can become a parachain if they fulfill a set of criteria.
Let’s look at some distinct similarities and differences between Polkadot and Symbol.
Polkadot uses the relay chain to enable arbitrary message passing between blockchains in its ecosystem. The relay chain is generic enough to allow adjacent chains — we call them parachains — to have their own application logic. — https://medium.com/polkadot-network/
Polkadot’s Relay Chain was launched in May 2020. It is like the mainnet of Symbol…
What you can do with US$70 million? You can buy Kim Kardashian and Kayne West’s California house at The Hidden Hills, or a Bombardier Global Express, or adopt 7 million trees a year. Maybe you can consider buying digital art over the blockchain.
Non-fungible tokens (NFT) are making it into mainstream media and almost every other person you know is talking about NFT after Beeple’s “Everydays: The First 5000 Days” was auctioned off by Christie’s recently for US$69.3 million.
In this article, I am not going to discuss what are NFTs, but about WTF.
Why do people buy NFTs? There…
Is there a panacea for all the blockchain headaches we have?
In the previous 6 articles, I have been comparing the features of Ethereum and Symbol side by side, and I am just scratching the surface. To recap:
You are one of many; you are one of a kind. You bear the common features of humankind, yet you are the one and only. You are non-fungible.
Blockchain allows parties to exchange assets without an intermediary. Sometimes, we exchange something fungible, like monies of different denominations. Sometimes, we exchange something fungible for something unique, like paying money to buy a house or exchange something unique for another unique thing, like a Pokemon trading card for another. Here, is where non-fungible token (NFT) plays its roles.
When we talk about tokenization in the physical world, we want to make something intangible tangible. For example, a “token of appreciation” is how we make the intangible “appreciation” tangible through representing it with a gift. While in the digital or virtual world, when we talk about tokenization, we want to make something tangible intangible. For example, tokenizing USD to USD Tether.
Tokenization is an important and most used function of blockchain. It allows assets to be transferred from one party to another without an intermediary. There are 2 categories of tokens, the fungible ones, and the non-fungible ones. Fungible…
Nodes are like the cells of your body. You are made up of cells but a single cell alone does not define you. You are not an amoeba. Neither is a blockchain. Your body comprises of different types of cells, blockchain has different types of nodes. You have cells that built up your heart and brain (and other organs) that you cannot live without, blockchain has its heart and brain distributed amongst the nodes.
Ethereum 1.0 uses Proof-of-Work has 3 types of node. You may set up nodes with different clients written in different languages.
Contrary to what most people are advocating, I believe comparison brings out the best in both parties. It is a matter of perspective.
Though might be considered an extended family member to one another, they are under the big Blockchain family after all.
The Parent and the Child
Let’s imagine a blockchain is a family tree of the generations of a species, called the “block”. What each block carry with them is the “transactions”, something that happened during their lifetime. This is the karma that will follow them forever. There are many different types of blockchain, just like different human races.
There is something strange about this species. Other than the first block, usually called a Genesis Block, which is born without a…
NEM started with Proof-of-Stake (PoS) derivatives, and Ethereum has been planning in moving from Proof-of-Work (PoW) to PoS and it is now partially implemented. Let’s together look into how they mitigate some shortcomings inherited from PoS.
NEM Infrastructure System 1 (NIS1) uses Proof-of-Importance (PoI), a proprietary consensus protocol that makes “the rich get richer” shortcoming in PoS.
The process of forming a block is called harvesting and the account that proposed and signed a block is called harvester. Harvesters in PoI protocol do not need to run a node. …
Both blockchains are released in 2015 and both are having their 2.0 released about the same time. With their second iterations underway, I dived in to look for the similarities and differences between them.
I always think it is important to look back on history as it tells us the direction of the future.
“It’s the world’s programmable blockchain.” — www.ethereum.org
Ethereum introduces smart contracts (computer codes that execute when criteria are met), DApp (Decentralised Application), and Ethereum Virtual Machine (EVM, Turing-complete and stake-based). It allows conditioned actions to be carried out. For example, Bitcoin allows A to send money…