Steemit Crypto Academy | Season 2: Blockchain and Platforms by @pandev. My homework.

Thanks to Professor @alphafx for today’s class.

Credit to Professor @alphafx

Blockchain is a database. A database is a program whose information are stored electronically on a computer. It makes use of tables in storing data to make it easy for accessibility. Blockchain works with this principle. As the name suggest, blockchain stores data in blocks. These blocks are then chained to together to make them a unit. Any new data is being stored in a new block before it’s chained to the previous existing blocks. It’s then chained in that order. This gives us the name blockchain. Number of blocks chained together to store data. With blockchain database, even though it is use in storing data, its main purpose is for transactions. Blockchain cannot be accessed by one person. Considering Bitcoin as an example, all users gain control over it and no one person or a group can access it. Transactions performed are link information being stored. Once they enter into the block and it’s chained together, it’s irreversible. Some investors should always be conscious when dealing with blockchain.

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We have various platforms blockchain operate on. All have their unique features and what makes them special. An example is the Tron which performs about 2000 transactions per second. Another example is Ethereum which is a multi-use and works with permissionless. Its speed for Ethereum (2.0) is about 1000 transactions per 2 seconds. There are many but I would love to differentiate between Tron and Ethereum.

Tron was first founded in 2017 and headed by Justin Sun. It was founded by Tron Foundation. It seeks to end the middle man. It wants to reduce the charges. Which is a plus to both investors and consumers. It also makes sharing of content free. Looking at the features of Tron, it is permissionless. Meaning a new user is free to interact with the system. Since time is money. Considering the transaction speed of Tron, we realize it can perform 2000 per second. Its token rank is 17. It uses the means of voting and election process to protect blockchain from centralization and malicious usage. This consensus algorithm is called the Delegated Proof of Sake. This what Tron is all about and contract it with Ethereum,

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Ethereum came before Tron. It was founded in 2013 by a Russian-Canadian programmer named Vitalik Buterin.
Ethereum have some features in common to Tron. They are all multi use and both are permissionless. But their difference comes in is the transaction speed, the consensus algorithm, token rank. In transaction speed, while Tron can process about 2000 transactions per second Ethereum (1.0) can only process 30 transactions per second and that of
Ethereum (2.0) can process 1000 per second.

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Consensus algorithm is key in every blockchain because it helps in manage the credibility of the platform. While Tron uses Delegated Proof of Sake Ethereum uses proof of work.

Considering my last difference, I choose market value. The value of each platforms shows how influential it is in blockchain. Considering the positions of Tron and Ethereum, Ethereum have more value than Tron. Investing in Ethereum brings more returns than Tron. Even though Tron can perform more transactions in a second than Ethereum,
Ethereum is still valued more than Tron.

Conclusion

These are the differences I can highlight on Tron and Ethereum. Making a decision as to what to choose to invest in, I will go for Ethereum. It has higher security and also have a developed community for its users. Its market value is also good for investors.

Thank you for your time.