GeoDB. Technical discussion I

Approach

  • DLT 1.0: In 2009, Bitcoin emerged, and with it, the starting signal for DLT was given. All those DLTs based on a chain of blocks or blockchains which are focused on the transmission of an asset can be considered as DLT of the first generation.
  • DLT 2.0: Just over four years ago another small revolution happened. Vitalik Buterin brought to the table a new concept, the smart contract, with which anyone can deploy, in a DLT created to support it, a decentralized application or dApp. With the emergence of smart contracts, the concept of DLT as a service began to spread and the new generation of DLTs or DLT 2.0 started, headed from its inception by Ethereum.
  • DLT 3.0: Vitalik Buterin, which is one of the most recognized faces in this field, and for us, one of the most lucid minds too, raised few years ago the famous scalability trilemma which refers to the tradeoffs that crypto projects must make when deciding how to optimize the underlying architecture of their own blockchain [https://medium.com/@aakash_13214/the-scalability-trilemma-in-blockchain-75fb57f646df]. The third generation of DLTs is made up with proposals which are using new approaches to face this reality. We set aside blockchains, consensus algorithms based on proof of work and other things and we begin to explore new ways to create DLTs. Within this generation, the DLTs which are using directed acyclic graphs or DAGs stand out from the rest, being IOTA the most recognized project.
  1. Permission. We want to deploy our token in a public permissionless DLT. This moves away solutions created to provide privacy in transactions such as Monero or Zcash as well as permissioned DLT frameworks such as HyperLedger or Corda.
  2. Community support. The infrastructure must have great support in the community, as we believe this is a guarantee of a higher level of infrastructure refinement, rapid error detection and greater resilience to external attacks. Based on the above, the level of community support has been analyzed based on: i) market capitalization, ii) volume of transactions over a period of time and iii) activity in public repositories. To analyze the above, the values shown by CoinMarketCap, StateOfTheDapps, Blocktivity and Coinchekup have been taken as a reference.
  3. Smart contracts support. It’s necessary that the infrastructure allows us to deploy a fungible asset with the characteristics we need. This rules out solutions such as Bitcoin or IOTA among others.

Study of alternatives

Ethereum

  • The best known platform by our team.
  • High adoption.
  • It provides the necessary features for our token and our needs.
  • There are multiple standards developed and audited for cryptoactives deployment.
  • Worst operating performance among all the alternatives considered.

EOS

  • Very fast.
  • Turing complete.
  • New paradigm without validation in the medium term.
  • Complex computing cost mechanism.
  • Centralized. A single organization decides who can participate in the consensus. A legal agreement, called Constitution, is also signed to be a masternode.
  • It isn’t immutable. The masternodes may be forced to reverse transactions and the history of the ledger for legal imperative (Constitution).

Stellar

  • It’s faster than Ethereum.
  • Good reputation.
  • Smaller adoption than Ethereum.
  • More limited smart contracts than Ethereum.

NEO

  • Turing complete.
  • Smart contracts development in general purpose languages.
  • Its consensus algorithm minimizes the computational resources to be used.
  • High transaction speed.
  • Lower adoption.
  • Reduced technical knowledge of the proposal as a whole by our team.
  • There are rumors that it’s supported by the Chinese government, which makes the community suspicious of its future evolution.

Waves

  • Fixed transaction cost.
  • Quite fast.
  • Their smart contracts are not turing complete.
  • Very oriented to ICOs and token exchange through its decentralized exchange.
  • Low diffusion.
  • Strong community, but very small compared to other alternatives.

Why Ethereum?

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