This post is part of our Blockchains Study Group. Take a look there to learn more about related topics.
In the Telegram white paper, they present a very useful classification of blockchains. I think it is a little biased to present their own blockchain as the final step in the evolution of this technology, but it's very useful nevertheless. We will use it as a base to classify the projects we are learning about in our blockchains study group.
As usual, this post is a wiki that will grow over time. Feel free to leave a comment or edit it directly.
This is the criteria we will use to classify blockchains:
- Chain architecture: single-blockchain or multi-blockchain.
For multi-blockchain systems:- Types and rules of member blockchains: homogeneous, heterogeneous, mixed.
- Presence of a master chain, internal or external.
- Support for sharding, static or dynamic.
- Interaction between member blockchains, loosely or tightly-coupled.
- Consensus mechanism: Proof-of-Stake, Proof-of-Work, or Proof-of-Authority.
For Proof-of-Stake systems:- Consensus algorithm: Byzantine Fault Tolerance, Delegated Proof of Stake, etc.
In particular:- Who can produce or mine a new block?
- Are the blocks validated by validator signatures, or are all full nodes expected to validate them?
- Is there a designated producer for the next block? Is it known in advance?
- Is a newly-created block originally signed only by its producer, or must it collect a majority of validator signatures from the very beginning?
- Consensus algorithm: Byzantine Fault Tolerance, Delegated Proof of Stake, etc.
- Support for smart contracts: only value transfers, limited scripting, or Turing-complete.
- Permissioned or permissionless.
Here are a few examples:
- Bitcoin, Litecoin, Monero: single-blockchain, Proof-of-Work, no support for smart contracts.
- Ethereum: single-blockchain, Proof-of-Work, with support for smart contracts.
- Ethereum 2.0: multi-blockchain with masterchain and sharding, Proof-of-Stake, with support for smart contracts.
- Polkdadot: multi-blockchain with masterchain, Proof-of-Stake, with support for smart contracts.
- Telegram Open Network: multi-blockchain with master chain, Proof-of-Stake, with support for smart contracts.
In the following months we will be exploring some of these blockchains more in-depth.
Thanks to Nikolai Durov and the Telegram Open Network team for proposing this classification.