Blockchain technology has been receiving a lot of attention in recent years for its potential applications beyond cryptocurrency. However, there are other distributed ledger technologies (DLTs) that are worth exploring. CCN.com recently published an article highlighting some of these alternative DLTs.
One such technology is directed acyclic graph (DAG), which differs from blockchain in that it does not require miners to validate transactions. Instead, each transaction is validated by confirming two previous transactions. This eliminates the need for transaction fees and allows for greater scalability.
Another alternative DLT is hashgraph, which uses a consensus algorithm known as gossip about gossip to achieve consensus. This technology claims to be faster and more secure than blockchain, with the potential to handle hundreds of thousands of transactions per second.
IOTA is another DLT that uses a technology called Tangle to achieve consensus. Unlike blockchain, IOTA does not have miners or transaction fees, making it a more cost-effective and scalable option.
While blockchain remains the dominant DLT, these alternative technologies offer unique advantages that make them worth exploring. They could potentially address some of the limitations of blockchain, such as scalability and energy consumption.
As the demand for decentralized technologies continues to grow, it is important to consider the full range of options available. By exploring alternative DLTs such as DAG, hashgraph, and IOTA, businesses and developers can find innovative solutions that better meet their needs. Blockchain may have paved the way, but there are other promising technologies waiting to be explored.
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