Blockchain has the two most popular and competitive platforms Multichain Vs. Ethereum. Blockchain has been a buzzword in the tech world. It also has more technical capabilities to offer in the global market. For business owners, investors, and even startups — how can Blockchain help?
The undaunting features of Blockchain make it a global leader in the tech stack, which makes it an exceptional choice for your next project. Features like transparency enhanced security, and improved traceability has made Blockchain a cult favorite among business owners, investors, and in fact, startups.
What does Blockchain hold for the business owners?
Drawing comparisons between the top most popular Blockchain platforms using Multichain and Ethereum.
Before digging into the actual comparison list between the features of Multichain and Ethereum and What makes them different from each other? Which one should you choose? Which platform will outshine the other?
Let’s start with Ethereum, which has been in the running for long.
Ethereum: It was proposed by Vitalik Buterin in 2013 and was bought in action in the year 2014. It can be termed as an open-source and public blockchain-based distributed operating system featuring Smart Contracts.
Ethereum also has a cryptocurrency named Ether, which is a token generated on the Ethereum Platform. It can be transferred between accounts and used to compensate participant mining nodes for computations performed.
Ethereum’s core innovation is Ethereum Virtual Machine, which is Turing Complete software that runs on the Ethereum platform. With given time and resources, it enables anyone to run any program regardless of the programming language involved. Instead of creating a new blockchain for every new application, it allows the creation of several applications through a single blockchain.
Features and uses of Ethereum in detail:
What can Ethereum be used for?
Ethereum enables developers to use and deploy decentralized applications. DApp or Decentralized Applications can be used for peer to peer transmission that enables Bitcoin payments. There can be many use-cases of decentralized application and in many sectors.
Likewise, we can see a clear implication in voting, financial services and banking, regulatory compliance, and much more. It can also be used as a platform to launch other cryptocurrencies.
The standardization of ERC720 by Ethereum Foundation, enables the developer to issue a token version of their choice and raise funds through ICO (Initial Coin Offering).
Illuminating features of Ethereum that makes it a distinctive choice:
- Ethereum Wallet: Ethereum Wallet facilitates crypto-asset holding, transaction, and transmission of crypto tokens such as Ether, writing code of lines featuring smart contracts.
- Language Compatibility: Supports programming languages such as Python, Go, and C++.
- Supports Decentralized Autonomous Organization: DAO, better known as Decentralized Autonomous Organizations, can be build using Ethereum without the intervention of intermediaries, thus collaborating without a centralized authority. A democratic way of decentralizing authority for assets ownership and censorship.
- Consensus Mechanism: A consensus mechanism that makes assets tamper and hack-proof.
- Immutability: A decentralized approach to make data untraceable which is prone to phishing and vulnerable attacks.
Multichain: Multichain is a platform that is entirely dedicated to the creation and deployment of private blockchains. It can be used within or between organizations. It is an open-source blockchain platform based on Bitcoin Blockchain but obviously an enhanced and new, improved version. With Multichain, you have to configure every node first before every transaction.
What can Multichain be used for?
The best approach that Multichain entails is the asset ownership cycle that can be used in asset exchange and payment lifecycle. Multichain’s faster and more straightforward approach for data storage rather than executing computations as you need no to write lines of code to execute operations.
The best way is doing it through Multichain. In Multichain, you can create a stream on the chain, thereby adding data to it using the publish API. Multichain facets such as immutable data storage and private blockchain architecture make it compatible with financial systems and supply chain solutions.
Features of Multichain:
- Multi-Currency Support: Supports multi-currency tokens for peer to peer transactions.
- Permissioned Management: Private blockchain architecture doesn’t allow any hinderance through network vulnerabilities and hacker attacks.
- Quick Deployment: Ease of configuration and installation makes Multichain a distinctive choice for your next Blockchain platform.
- Transparent and Secure: Transparency and security are some of the viable features of Multichain.
Comparison between Multi-Currency Support and Permissioned Management platforms.
The Ultimate Face-Off: Ethereum vs. Multichain:
Multichain has been drawn along the lines of Bitcoin Blockchain, and thus it emphasizes end-user control of choosing the blocks as private or public as per their business conviction and requirements. In contrast, Ethereum doesn’t allow the provision of choosing private and permissioned blockchains.
Ethereum only allows public and smart contract-based user roles. Aside from the operational and functional benefits, Multichain has more than just this to offer, which is an easy to integrate API through which you need not learn any new programming language. In terms of hosting and deployment solutions, Multichain is much cheaper than Ethereum. Thus, if you are willing to develop DApps, Multichain could be an ideal choice for your next project.
The platform comparison in a tabular form for your better understanding:
Ethereum Multichain. Release Date: July and August 2014. The system went live on 30 July 2015. The first alpha release of MultiChain was June 2015. Founder: Vitalik Buterin
Dr. Gideon Greenspan
The distributed consensus among identified block validators.
Reference for credit: https://www.recordskeeper.co/blog/bitcoin-versus-multichain-versus-ethereum/