Blockchain is currently going through a great transformation. The innovation is done on how to approach the idea of blockchain, rather than sticking with just one idea. Bitcoin used one way of solving the decentralized approach, and from there, you will find many diverse solutions out there. Here, we are talking about Hyperledger, Corda, and Ethereum. Hyperledger and Corda are well-known frameworks that provide their own way to solve decentralized approach. Ethereum is yet another popular blockchain that solves many issues with the first-generation blockchain solution.
In this article, we will explore how these three popular frameworks stack together. At the core, all three tries to solve the distributed ledger approach.
Let’s get started..
To get a glimpse of what each of the platforms has to offer, let’s quickly go through each one of them individually and then compare them based on some metrics.
What is Ethereum?
Ethereum is a well-known distributed ledger technology that is devised by Vitalik Buterin. Ethereum DLT is capable of hosting web applications and solutions that can run by themselves. It acts as a platform where decentralized applications(dApps) are a thing — that can run operations on the network. Ethereum platform is well known for its impact on the blockchain ecosystem. It is also one of the favorite platforms for developers as they are free to create interesting dApps.
The key benefits offered by Ethereum include:
- Tamper proof
- Zero downtime
What is Hyperledeger?
Hyperledger is also a well-known entity in the blockchain ecosystem. Hyperledger is an open-source project managed by Linux Foundation. It is a collection of open source technologies including frameworks, libraries, and tools. Hyperledger enables businesses to take advantage of the technologies and work towards an ecosystem where standards are defined and shared across the different organizations.
Hyperledger aims to integrate different standards and open protocols that let you create a native cryptocurrency as well. However, it is not like Ethereum and hence doesn’t have its own cryptocurrency. Infact, Hyperledger has rightly denied that they will ever have any crypto for their solution.
What is Corda?
Corda is another interesting project that aims to provide organizations and enterprises the ability to truly utilize blockchain technologies. It defines itself as the open-source blockchain platform for business.
Corda has some familiarity with Ethereum as it lets businesses create CorDapps. Corda’s most impactful sector is the financial sector where many organizations are using it to create their solution.
Some of the core Corda key features include:
- Prevent unnecessary sharing of data
- Archive consensus at the individual level
- No central controller required for data sharing
- Utilizes industry-standard tools
- It has no native cryptocurrency embedded within the system.
Key differences between Ethereum, Corda, and Hyperledger
Now that we have got a good idea about all three of Ethereum, Corda, and Hyperledger, it is now time to check out how they differ in our comparison of Ethereum, Corda, and Hyperledger.
To truly understand each one of them, let’s go through the below points of comparison.
In general, there is a major difference in the platform description. Ethereum, for example, is a generic blockchain platform. Hyperledger Fabric, on the other hand, is an open-source collection of tools, libraries, and frameworks. Lastly, R3 Corda is a specialized distributed ledger platform that lets businesses utilize blockchain technology in the best possible way. The R3 Corda platform is ideal for the financial industry and is widely used there.
When it comes to governance, Ethereum utilizes the popular Proof-of-work(PoW) approach. Here, the miners need to invest in hardware to provide the computation power to solve the mathematical puzzles provided by the consensus. However, Ethereum is planning to move to a more eco-friendly consensus algorithm, Proof-of-stake(PoS).
Hyperledger ecosystem has different components that have different consensus approach. It allows a broad range of consensus algorithm that is open to changes and interpretation.
Lastly, we have R3 Corda which uses its own specific approach to consensus algorithm, i.e., notary nodes which work at the transaction level.
Mode of operation
When it comes to mode of operation, R3 Corda uses a permissioned and private. This is done to enable businesses to have complete control over their different sections of the business. Hyperledger also offers a mix of permissions and private solutions. Ethereum, on the other, has the option to select permissionless, private, and public modes of operation.
When it comes to governance, Ethereum is governed by Ethereum developers, R3 Corda by R3 organization, and Hyperledger Fabric by the Linux Foundation.
In Hyperledger, you can create smart contract code in different programming languages such as Java, GO, and so on. Etheruem, for instance, also offers smart contract capability which can be coded in Solidity. Lastly, we have R3 Corda that also supports different programming languages such as Java, Kotlin, legal prose, and so on!
This leads us to the end of our Corda vs Ethereum vs Hyereldeger comparison.