Asia Witness Fierce Competition in Blockchain Networks

March 12, 2019

Asia markets are witnessing a growth in blockchain-based networks scrambling for users’ attention. Rankings among 50 applications revealed that the networks with the most users and decentralized applications (dApps) are EOS and TRON, and only two out of the 50 dApps are on the Ethereum blockchain. Nonetheless, more competition is on the way, as new players are emerging in the blockchain ecosystem.

Apart from EOS and TRON, NEO is steering the blockchain system towards a future smart economy with its open network. Earlier, Co-Founder of NEO, Da Hongfei, expressed his belief that a smart economy is in the cards for the foreseeable future and that NEO will rise to the top of blockchain systems that is widely preferred among users.

Another player to watch out for is Tomochain. The system’s founder disclosed that Tomochain is set to offer a solution to scalability issues faced by Ethereum. Tomochain has also promised to launch a 1,000 TPS (transactions per second) and 150 masternode coins developed by NEM co-founder, Long Vuong. Its ultimate goal is to port every contract written in Ethereum to its blockchain.

On the other hand, Jimmy Zhong, CEO of the IOST platform, which recently launched its mainnet, said IOST already offers more than 150 dApps, from decentralized exchanges and games to wallets. Developers such as DDEX, Huobi, and CoinGecko have joined to create dApps on this new platform. Zhong added that IOST would be the first to use its Proof-of-Believability (PoB) consensus mechanism as “a proprietary protocol built solely by IOST from the ground up.” Developers on the platform have been running trials on IOST’s testnet for more than six months to achieve a speed of 8,000 TPS.

Zhong said, “PoB combines the decentralized benefits of Proof-of-Work (PoW) and Proof-of-Stake (PoS) systems, with the high throughput, transaction rate, and scalability of a Delegated Proof-of-Stake (DPoS) system.” According to the IOST executive, “This essentially combines the benefits of both systems to address the challenges of the “scalability trilemma“, or having to select between levels of security, scalability, and decentralization, faced by other blockchains today.”

Meanwhile, in India, Auxledger is now the country’s first public blockchain network to launch its services to users.


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