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Ethereum 2.0 vs Bitcoin Cash vs Algorand: A comparison of the upcoming features

Solihat Salahudeen Hacker Noon profile picture

@soljalSolihat Salahudeen

Blockchain ambassador

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2020 has seen significant growth and adoption for cryptocurrency projects that have overcome the hype and seedy, quick get rich projects.

Actual credible projects with viable solutions are now recognized.

The involvement of government and central banks in discussions about the regulatory environment in which this disruptive technology should exist has increased.

Great platforms have evolved, adoption rates have increased across the various industries, and several tokens have seen an increase. Bitcoin hit $ 14,000, an all-time high since the last bullrun.

With leading platforms trying to meet problem solving needs, new features or upgrades had to be added. Ethereum’s ETH2 is a rapid development which is an updated version of the protocol that introduces a dose of evidence of stake, increases Ethereum’s transaction capacity, and a method of generating passive income by securing the protocol for Ether owners , Bitcoin Cash Network, has completed another upgrade this year adding new features to the blockchain, and Algorand has added three new features to the blockchain

We have also seen a return of decentralized organizations with multiple initiatives suggesting new vectors for investment and income redistribution.

Ethereum 2.0 update

The first phase of ETH2, called Phase 0, will start this year, 2020. This upgrade will give the network the scalability and security it needs, reduce energy consumption, and allow the network to process more transactions.

ETH owners, Dapp users or Dapp developers do not have to do anything about the tokens they own. The ETH2 is compatible with the main Ethereum network in use today, so you can use the ETH that you own in the ETH2 as well.

The current limits of ETH today are speed, energy and opportunities. Visa processes more transactions than Ethereum within one second, which corresponds to a difference of 10000%.

Today’s Ethereum is evidence of the blockchain’s work. It relies on miners to keep the network safe and in sync by spending a lot of processing power creating new blocks. The cost of attacking the network is high, in other words, there is a financial barrier to participating as a miner.

Ethereum will ditch the terribly inefficient proof of work and translate it into Ethereum 2.0, a more efficient proof of the deployment system. In the proof-of-stake system, the node that records each transaction is selected by an algorithm, with the chances of selection increasing with the amount of currency that the owner of the node holds.

This leads to massive throughput gains for the entire network and is also better for the environment.

This upcoming change will also introduce sharding, a processing technique that creates a bottleneck that increases transaction costs and decreases throughput.

This will enormously increase the efficiency of resource use by Ethereum and the new Ethereum 2.0 would be much faster and more efficient than the current Ethereum.

Bitcoin Cash New Features

The latest upgrade for Bitcoin Cash, which took place on May 15, 2020, offers new opcode support, an expansion of the chain limit and improved counting of signature operations using the new Sigchecks implementation.

Chain limiter extension allows for a faster reissue of the unconfirmed transaction limit from 25 to 50. This was not included when Satoshi first released Bitcoin, but has been requested by various members of the industry for some time.

The extension solves the problem that you have to wait for the next bitcoin block after you cannot send a message in the on-chain Twitter alternative Memo.bch, as you have 25 messages per confirmed issue in your memo wallet or A limited case is that the mempool chaining limit is reached at conferences and meet-ups, while new users are given small amounts of BCH.

The opcode By adding, the bytes of the topmost stack element are reversed. Mitra, developed by Tobia Ruck, is an idea that OP_Reverebytes can use. The transaction version could unleash sophisticated potential for intelligent contracts in the BCH network.

The new Sigchecks Specifications explain the motivation behind the new implementation in the GitHub repository. The main idea of ​​Sigchecks is to only count the output transaction and to count the signature verification processes actually carried out.

Algorand New Features

The latest features from Algorand are Algorand’s Smart Contract Debugger, Algorand’s Fast Catchup, and Algorand Rekeying.

Smart Contract Debugger

Debugging a smart contract involves stepping through a transaction to understand how functions work internally and to continue where the actual transaction failed. Examples of some common errors are: syntax errors, runtime errors, logic errors, out of gas, reset, invalid opcode, invalid jump, stack overflow and stack underflow.

With Algorand’s Smart Contract Debugger, developers can debug their smart contract code line by line. It’s hosted on GitHub. Both stateful and stateless smart contracts are supported by the debugger. Individual transactions or atomic transfers that contain multiple grouped transactions can be debugged. Setting the specific context for debugging purposes, including the latest timestamp, transactions, balance records, lap number, etc., is supported by the debugger.

Fast catching up process

Smart contracts are one of the most powerful and amazing gifts the blockchain gives to the world, but they can be technically challenging. Traditional smart contracts are slow, expensive, and fragile because they are only implemented at Layer 2.

This new feature makes Algorand a viable competitor in the DeFi area. It offers security, speed, and simplicity in syncing a new node with the entire Genesis blockchain. Thanks to the fast catch-up process, developers in Algorand can start working on their DAPPs without having to wait for the entire blockchain to sync. This process typically takes hours or days, depending on the size. Algorand’s smart contract is extremely fast and runs at a thousand transactions per second, which can be compared to our general transactions. Algorand does not have any second class transactions.

Rekeying

Algorand rekeying is a powerful logging feature that allows an Algorand account holder to maintain a static public address while dynamically rotating the authoritative private spending keys. Re-entering it provides the flexibility to change your private key without changing your public key.

Security is more intact as users can change their private key at any time if they suspect a malicious product, falsely reveals their private key, or at their own discretion. Re-entering reduces the cost of ownership of changing personal expense keys. Users also have the choice between continuity and the right to continue using the same public key to store the assets at the same public address.

The Algorand re-encryption can be programmed in single or multiple keys in the configuration process. Users can perform rekey actions as many times as they want. The rekeying feature also works very well with Algorand’s stateless smart contract to determine the type of transactional actions each key can perform.

Multi-Sig allows the user to limit the spending of each account by developing the configurations in a stateless smart contract.

CONCLUSION

Many blockchain projects are constantly striving to improve their blockchain through version upgrades to solve problems that the underlying blockchain is encountering.

So many cryptocurrency projects have worked to discover and develop more blockchain use cases. We have found solutions to some lingering blockchain problems that make it more salable and usable in real life for new investors.

((Disclaimer of liability: The author is an ambassador for Algorand)

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