Filecoin, Swarm, PHA, Chia, zkTube Projects Comparison
Years back in 2009, Satoshi Nakamoto introduced the very first cryptocurrency, Bitcoin. At that time, people feared crypto, but now everyone is interested in cryptocurrency investments and implementations. Numerous projects are coming up in the market; among them, many have great potential and use cases.
Today we will talk about some projects which are working to solve problems in the crypto space.
So, let's dig in!
1-zkTube
zkTube is a project developed on Ethereum Layer-2 based on PLONK algorithm protocol in mining using ZK-Rollups. It improves scalability by transferring batches of transactions to a single transaction. It is working to solve the congestion problem of the Ethereum network. Its goal is to provide decentralized payment services for the more global entity by providing fast, reliable, safe, and high-performance.
zkTube has unique features.
Cost
The transfer between off-chain tokens usually costs only 300-500 Gas. It is because zk-Rollups split the settlement cost of a single block equally across the packing block from Layer 2 to Layer 1, which reduces the charges.
Throughput and Scalability
Each transaction contains less data which improves the throughput and scalability of Layer 2. Users can use the Layer-2 account balance directly without waiting for confirmation at Layer 1. But in the end, it requires final certainty at Layer 1 through a ZK-proof mechanism.
Security
zkTube ensures security by sending transactions to Layer 1 for uniform verification after generating a zk-proof.
Speed
zkTube uses slicing technology that makes the transactions flow between Layers faster; TPS 3000+, meeting many financial applications in decentralized finance.
Mutual Transfer
zkTube supports mutual transfers from Ethereum Layer 1 and Layer 2, enabling users to receive funds without creating a wallet. It supports transfer to Ethereum address or Ethereum contract address.
Swap Transactions
zkTube Protocol supports all swap transactions in the Ethereum ecosystem on both Layer 1 and Layer 2.
Sale and Purchase
zkTube supports purchases in fiat currency directly and also direct sales of fiat currency to Layer 1 or the Layer 2 accounts. Both accounts support linking to NFT applications.
zkTube Browser
zkTube has developed its web3.0 browser and supports main network and test network Deposit, Withdraw, Transfer, Buy, Sell related records queries.
zkTube Labs Scaling Solution
zkTube Labs aims to improve the Ethereum system, which runs computations off-chain and provides a secure base layer. It reduces data processing on the blockchain. Its goal is to overcome the current performance limitations in the blockchain space.
Language
It supports Solidity language for developing smart contracts.
Eco-Friendly
zkTube follows an eco-friendly mining mechanism based on decentralized distributed energy management.
Future
zkTube will support a wide range of applications built on ERC721 and Web 3.0 and provide a wallet as an entry point to enterprise-scale decentralized scenarios. The team is working to improve the processing speed of all provers per second and shorten the proof time as much as possible. According to estimates, it can achieve TPS 20,000+.
zkTube will become more mature, having great potential for future development.
2-Chia Network
Chia is a new blockchain and smart transaction platform which is easy to use, secure and efficient. It is adopting and helping Bitcoin adopt new technologies such as bech32m, taproot, and graftroot.
New Nakamoto Consensus
Chia is working to improve on the Proof-of-Work bases blockchain with a new consensus algorithm called Proof-of-Space and Time. Proof of Space is a way to prove that you are keeping some storage unused on your hard drive.
Less Electricity Consumption
It is considered to be an eco-friendly alternative to Proof-of-Work. Because it does not consume a massive amount of electricity and wasteful single-purpose ASIC hardware to validate transactions. Proof of Space leverages the over-provisioned exabytes of disk space that already exist in the present world.
Language
Chialisp is Chia Network's smart coin language based on the functional language 'Lisp.'
Functionality
Chia Network's blockchain will enable users to customize custody and clearing arrangements. Its core focus is on financial controls, payments clearing, settlement, and managing the issuance of assets.
Security
Chialisp allows chia controls to match and exceed internal accounting controls and to safeguard funds from accidental loss, theft or hacking with various risk tolerance levels in an auditable manner.
Trust
Chia comes with numerous native features that should make familiar crypto applications easier to trust and build, ensuring safety for users.
New Problem Coming with Chia
Chia appears to offer many benefits, but it is creating a new problem in the form of hard drive and SSD shortages. The prices of hard drives and SSDs are increasing to reflect the demand. In Hong Kong, prices are predicted to jump by between 200 HKD and 600 HKD (around $26 to $77).
3-Swarm (BZZ)
Swarm is an official part of the Ethereum project, working to create a non-stop, zero failure and audit-proof point-to-point storage and services solution technologies in the Ethereum blockchain. Its primary focus is to meet the growing demand for low-cost IoT networks with 100% global continuous coverage. BZZ is the utility token of Swarm.
Exceptional Privacy
Swarm responds to the growing demand for security on the web by providing exceptional privacy in anonymous browsing, deniable storage, untraceable messaging, and file representation formats that leak no metadata.
DISC-Distributed Immutable Store of Chunks
DISC is the underlying storage model of Swarm that enables the network to attain properties such as,
- Privacy-preserving and permissionless upload and download
- Robust defense against blockchain or changing access to content once published
- Autoscaling with increased demand
- Integrity protected content
- Eventually forgetting content that is no longer relevant to preserve
SWAP- Swarm Accounting Protocol
SWAP ensures that node operators collaborate in routing messages while protecting the network against frivolous use of bandwidth.
Free to Use
SWAP protocol of Swarm ensures that Swarm is free to use for those who are downloading or uploading a small amount of content.
APIs
Swarm exposes APIs for dealing with higher-level concepts such as files, hierarchical collections of files with various metadata, and inter-node messaging.
Future
The longer-term vision of Swarm is to become the operating system of the re-decentralized internet that provides a scalable and self-sustaining infrastructure for a supply-chain economy of data.
4-Phala Network (PHA)
Phala Network is a privacy-preserving cloud computing service built on Substrate. It runs as a parachain of the Polkadot ecosystem to offer computing power and protects the privacy of the managed programs. PHA is the native utility token of Phala Network.
Technology
Phala applies TEE (Trusted Environment Execution ) technology that allows confidential data to run in an isolated and private environment and outputs results with authorization.
Interoperability
Phala allows different contracts to call each other before executing computation. It focuses more on the cross-chain of data, not only deposits and assets.
Products
Phala offers pLIBRA, a confidential computation component built for Libra granted by the Web 3 foundation. Web 3 Analytics is another product that is a cutting-edge data analysis tool for next-generation, can analyze user data, and provides results without invading personal privacy.
Consensus Mechanism
Phala applies NPOS (same as one of Polkadot) in which nominators may nominate Gatekeeps they trust and gain returns from validator's production by staking PHA for them.
Security
Phala is a secure and reliable data storage and processing ecosystem based on decentralized storage and random scheduling algorithms. The integrity of code and data is guaranteed, as only authorization actions are allowed. Your sensitive data is processed in the hardware secure enclaves.
Khala Network
Phala recently launched Khala Network, the pre-mainnet for Phala running the same code, token economics, and base token. It will help sort out potential problems.
5-Filecoin
Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market that runs on a blockchain with a native protocol token i-e Filecoin. It implies Proof-of-Spacetime, in which blocks are created by miners storing data.
Filecoin allows anyone in the world to rent out their spare hard drive storage space, which will create an immense pool of global data storage.
Security
Filecoin is the best option to store important information that can easily be hacked using centralized methods. Filecoin takes data stored and first encrypts it before breaking it into smaller chunks and keeping them in multiple nodes.
The person holding the private key can reassemble all the pieces of data.
Cost
Decentralized data storage increase the efficiency of storage and reduces storage cost. For example, Amazon S3 charges $25 per terabyte data storage per month, whereas Filecoin will charge only $2 per terabyte data storage per month.
Fast and Smooth
Filecoin ensures smooth and fast data transfer. Also, its currency layer provides incentives for storage nodes and data retrieval.
Consensus Mechanism
Filecoin follows two consensus mechanisms to make its storage system publicly verifiable. These consensuses are Proof-of-Replication (PoRep) to convince users that it has replicated data in its physical storage and Proof-of-Spacetime (PoSt) to check if it is storing the expected data.
Mining
Mining on Filecoin is different from mining on a PoW blockchain because it is based on storage power consensus instead of raw computing.
The Bottom Line
Blockchain and cryptocurrency are ever-growing industries, which are addressing problems of the modern world. All the projects mentioned above are facilitating in their specific ways.
zkTube is one of the projects receiving a lot of attention, which is working to change crypto payment with cutting-edge technology for the financial revolution. It aims to be the most viable technology to enable the mainstream adoption of the public blockchain.
Since its launch, zkTube has been succeeded in providing quality extended services. The project was initiated back in 2020, and it has achieved many significant milestones in less than a year. Its outstanding developers' team is always working, and it is making progress at a faster pace as compared to the projects mentioned above.
We can expect to see more out of these projects in the future.
I hope that you have found this article informative. Stay tuned for more knowledgeable content!
