In this article, you are going to find out what is Hyperledger Coin? and what are the top Hyperledger Coins available on the internet.
When it comes to cryptocurrencies, Bitcoin has dominated the market since its inception in 2009, with an estimated value of $50 billion as of June 2017.
But what are the alternatives? Which cryptocurrencies are gaining popularity? And which ones should you know about? We’ve got answers to these questions and more in our top list of the best Hyperledger coin(s).
What is Hyperledger Coin?
As a cryptocurrency, HyperLedger coin (ticker symbol ‘HLC’) is an open-source, peer-to-peer (P2P) network designed with business on its mind.
Created in 2015 by Calin Culianu and aimed at enterprise use cases, it’s built upon open standards and hosted by The Linux Foundation.
It was inspired by blockchain technology but uses Directed Acyclic Graphs instead of a blockchain to record information that can be used to build decentralized applications (DApps).
When you write data to a ledger in Hyperledger, there’s no centralized server recording those transactions; each node on the network stores copies of each transaction individually.
That makes it harder for fraudsters to tamper with records because multiple parties would have to agree on any changes.
And if even one party doesn’t agree, those changes aren’t considered valid by other nodes even if they’re being endorsed by a government agency or Fortune 500 company.
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Top 7 Hyperledger Projects and Coins
For those who don’t know, Hyperledger is an open-source project created to support the development of blockchain-based distributed ledgers.
it consists of a collaborative effort to create the needed frameworks, standards, tools, and libraries to build blockchains and related applications.
1. Metacoin
Metacoin is a Hyperledger-based cryptocurrency and was developed in 2013 as an open-source project.
It was created as a fork of Litecoin to get away from centralized ASIC miners for mining coins.
The main purpose of Metacoin is to create a new currency that is free from centralized ASIC miners and replaces them with GPU/CPU mining.
Metacoin is a blockchain platform for building dApps on top of their network which utilizes smart contracts for their transactions.
2. HyperLedger Fabric
The introduction of blockchain technology in enterprise solutions is growing at a rapid pace.
Businesses and organizations are now racing to find ways to implement blockchain in their own industries, with many looking to HyperLedger Fabric as a solution.
In order to better understand why Fabric is a perfect fit for enterprise blockchains, it’s important first to take an overview of how it works.
Compared to other Hyperledger projects, Fabric has been around much longer; it was created more than three years ago as part of IBM’s effort to build enterprise blockchains.
And with many Fortune 500 companies having already built networks on top of Fabric, there’s little doubt about its maturity one key milestone came last year when IBM contributed Fabric and all relevant code changes back to Hyperledger as an open-source project.
3. Sawtooth Lake
This is an open-source, general-purpose blockchain framework that allows for blockchain implementations to be customized using an object-oriented language. It is built in Python and has a modular architecture.
The main thing that differentiates it from other frameworks is its support for distributed ledgers, not just blockchains.
This means that business processes can run on top of Sawtooth Lake with smart contracts, in fact, these are generally easier to implement with Sawtooth Lake than on Bitcoin or Ethereum.
Also noteworthy is Sawtooth Lake’s Proof of Elapsed Time algorithm which dramatically increases performance compared to other systems.
And if you’re wondering what made us decide on Sawtooth Lake instead of Sawtooth Peak Explore about it more.
As you might guess from its name, Sawtooth Lake operates at what could be considered a higher level of abstraction than some other Hyperledger projects. It supports both permissioned and unpermissioned distributed ledgers.
One unique feature: it lets businesses program smart contracts directly into their chaincode through Solidity an Ethereum programming language.
If your business wants to host multiple ledgers in a single network, Sawtooth Lake may be your best option since it offers compatibility across blockchains.
4. Iroha
At just over two years old, Iroha is not only one of the younger projects in Hyperledger, but also one of its most active.
The project’s mission is to make it easy for developers to create a blockchain using JavaScript and integrate that blockchain into their existing applications.
Key features include a proof-of-stake consensus mechanism and support for private chains, which are operated by permissioned groups (or companies) rather than being publically accessible.
5. Indy
This project is dedicated to bringing cryptocurrency and blockchain technology to mainstream society.
It was recently voted into being by community members who felt that crypto-to-crypto transactions were slowing down worldwide adoption of cryptocurrencies.
This is because transactions between digital currencies require a middleman (such as Coinbase) in order to complete one that charges for its services.
The Indy project seeks to create a truly decentralized, peer-to-peer network where people can exchange money directly without any third parties or additional fees.
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6. Burrow
Although Burrow’s mission is to make Ethereum scalable, it can still be used as a hyperledger coin.
At its core, Burrow seeks to improve Ethereum and allow it to achieve high speeds with much lower transaction fees than other coins.
Moreover, one of Burrow’s goals is for it to include a permissioned blockchain mode in order to work with private organizations and businesses.
This would enable permissioned entities to use Ethereum for more sensitive transactions without risking breaches or leaks of data or information.
7. Explorer
This is a tool that helps you view transactions and other blockchain data. It’s good for people who want to dig into transactions but aren’t interested in writing code.
A command-line interface allows for additional functions, including mining new blocks, creating a wallet, or programming smart contracts.
As an open-source project based on Java libraries, it can be used in languages including C++ and Go.
8. uPort
uPort is a personal identity platform on Ethereum, The project aims to enable self-sovereign identity, where you own your data and control your digital identity.
uPort allows users to verify their identities and transact in both virtual and physical environments without third parties being involved.
Using uPort, an individual can create an ID for themselves that is stored on a blockchain that cannot be lost or stolen.
This identity becomes a key component of accessing many different types of services.
Businesses will also benefit from using uPort’s decentralized structure as it provides secure transactions with privacy protections using encrypted keys via smart contracts.
Conclusion
HyperLedger is a collaborative effort to create and contribute to frameworks, standards, tools, and libraries to support blockchain implementations.
This includes permissioned blockchains with enterprise use cases (such as Hyperledger Fabric) as well as public permissionless blockchains like Bitcoin.
In May 2018, Hyperledger introduced two new top-level projects: Sawtooth for modular distributed ledgers, and Composer for building applications that compose sub-blockchain elements into a complete solution.
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Meet Nitin, a seasoned professional in the field of data engineering. With a Post Graduation in Data Science and Analytics, Nitin is a key contributor to the healthcare sector, specializing in data analysis, machine learning, AI, blockchain, and various data-related tools and technologies. As the Co-founder and editor of analyticslearn.com, Nitin brings a wealth of knowledge and experience to the realm of analytics. Join us in exploring the exciting intersection of healthcare and data science with Nitin as your guide.
