Smilo Project Overview

fian2015 (0)(1)in #ico • 5 years ago

In this post I will try to explain in an accessible form the technology that defines the Smilo platform. In this case, I will try to compare all the major blockchain platforms, highlighting both positive and negative features.

The comparison includes thirteen blockchain platforms and I will try to present them as accurately as possible.

Language support

Comparison will start with the support of a programming language. In my opinion, it is extremely important that the blockchain platform supports several programming languages in order to simplify the general implementation of the blockchain technology. In addition, it is important that the blockchain platform supports Solidity, since this is the first major programming language for smart contracts. Solidity support makes transitions to and from Ethereum possible.

Decentralization

The second category of blockchain comparison focuses on decentralization. Initially, the blockchain focused entirely on the benefits of decentralization, mainly due to security concerns. Smilo strongly believes in decentralization and therefore checked all the platforms that provide decentralization.

Consensus mechanism

The mechanism of consensus is the Achilles heel of each blockchain platform. This mechanism determines the security level of the platforms, as well as their scalability, transaction speed and transaction costs. The mechanism of Proof of Work over the past 10 years has demonstrated incredible resistance to cracking. However, this security is expensive, and in this case the price to pay is a slow and inefficient network.

The mechanism of consensus "The task of the Byzantine generals" (BFT) is similar to the mechanism of Proof of Stake (PoS) - fast and efficient, however, they are not perfect. BFT and PoS mechanisms are not the most reliable mechanisms of consensus.

To solve these problems, Smilo improved the standard BFT mechanism and created the unique consensus mechanism Smilo BFT +. The mechanism is completely secure, scalable, fast, and robust when loaded with transactions.

The Aion consensus mechanism, which uses a combination of PoS, BFT and Pol, is also very interesting, since it is highly suitable for their platform.

Scalability

Most existing blockchain platforms implement various technologies in order to be able to process an infinite number of transactions. Common solutions are sharding, offline transactions and sidechains, each of which has its own advantages and problems.

Resilience

Since the advent of blockchain technology, one of the most well-known consensus algorithms has been the proof-of-work (PoW) algorithm. This algorithm is an economic measure to prevent various attacks on the network, requiring a certain amount of work done, usually in the form of computer processing time. These computers, also known as miners, consume enormous amounts of energy.

Most corporations, community organizations, and governments seek more sustainable and efficient solutions, such as BFT and PoS.

Confidentiality

Smilo is currently the only platform for providing on-chain privacy functions. However, there are a number of platforms that provide similar off-chain features. Smilo specifically chose to ensure on-chain privacy in order to be completely independent of other networks. Its on-chain privacy features provide its users with the security, privacy and transparency they value.