Blockchain technology has forced us to think about data, finance, custody, and development in a completely different way than in previous eras. With increasing blockchains and cryptocurrencies, developers are now tasked with finding the best blockchain platform to build, launch and develop their decentralized application (dapp).
When choosing the best blockchain platform for developers, each platform has its unique advantages. From the their ability to improve interoperability by linking blockchains, allowing users to transfer assets seamlessly from one project or blockchain to another, to its scalability. As the project’s adoption rates continue to skyrocket and the ecosystem expands, would the standards, energy efficiency, and security of the blockchain be compromised?
Each developer must evaluate their requirements and choose the platform that best aligns with their development goals and dapp. This article will compare the unique features of three blockchains: Polkadot vs Cosmos vs Venom, to determine the best one for developers.
What is Cosmos?
Cosmos is a decentralized network of blockchains that also aims to create an internet of blockchains.
Cosmos’ goal is to address the issue of scalability that plagues most blockchain platforms and to provide a more scalable and interoperable ecosystem. To achieve this goal, Cosmos uses a modular architecture that allows developers to build custom blockchains using the Cosmos SDK.
One significant feature of Cosmos is its focus on interoperability. Cosmos aims to create a truly interoperable hub where data and transactions flow freely between different chains. To achieve this, it has developed the Inter-Blockchain Communication (IBC) protocol, which consists of a Cosmos Hub at the center and customized blockchain zones that communicate consistently. Read this Cosmos blockchain guide to learn more about the blockchain.
What is Polkadot?
Polkadot is a next-generation blockchain platform that aims to create a more interconnected blockchain ecosystem. An internet of web3 blockchains and projects.
Polkadot was designed by Dr. Gavin Wood, co-founder of Ethereum, and its unique architecture allows users to launch and operate their own blockchains on top of a main network called a relay chain. This approach offers several advantages over other blockchain platforms, including increased scalability, interoperability, and customizability.
One significant feature of the Polkadot platform is its ability to operate multiple parallel chains, called parachains. This allows developers to create specialized blockchains for specific use cases, such as finance, gaming, or data management, and to connect them to other chains in the Polkadot ecosystem. By doing so, Polkadot aims to offer greater flexibility and interoperability. Read this Polkadot blockchain guide to learn more about the blockchain.
What is Venom?
Venom is a layer-0 scalable blockchain designed to meet the needs of real-world applications.
Its unique architecture and technology enable it to provide high levels of performance and security, making it an ideal platform for decentralized applications. Focused on achieving global adoption, Venom Foundation it is the first to be fully licensed by the Abu Dhabi Global Market (ADGM) which is compliant with international best practices through its transparent and pioneering regulatory frameworks, business-friendly operations, application of English Common Law and independent legal jurisdiction and its well-established local and international strategic partnerships
Venom is committed to ensuring the highest governance standards for community participation and engagement.
One significant feature of Venom is its consensus protocol, which uses a proof-of-stake (PoS) algorithm. This protocol is more energy-efficient than traditional proof-of-work (PoW) algorithms and provides faster transaction speeds. Combined with its BFT-based consensus protocol, Venom offers a higher security level than other existing PoS protocols. Read this Venom blockchain guide to learn more about the blockchain.
|Technology||Polkadot uses a sharded multichain network architecture||Cosmos uses a Hub Architecture||Venom uses an asynchronous architecture|
|Consensus Mechanisms||Polkadot uses a nominated proof-of-stake (NPOS)||Cosmos uses a Byzantine Fault Tolerant (BFT)||Venom uses a proof-of-stake (POS) combined with Byzantine Fault Tolerance (BFT) protocol|
|Security||Polkadot uses a multi-chain model that consists of a central relay chain and several parachains||Cosmos boosts an interchain model. The Cosmos Hub shares security with other blockchains||Venom’s model is made up of Masterchain, Workchains, and Shardchains|
|Scalability||Polkadot can reach 1 million transactions per second with the parachains||Cosmos allows one to start their network that runs parallel to the main hub||Venom has a dynamic sharding capability|
Polkadot is a next-generation blockchain platform that uses a sharded multichain network architecture consisting of a relay chain and multiple parachains. Parachains are independent chains that can be customized to suit specific use cases and can communicate with other parachains through the relay chain. The relay chain is responsible for network security and provides common features and functionalities for all parachains. This approach offers increased scalability, interoperability, and customizability.
On the other hand, Cosmos is a decentralized network of blockchains that aims to solve the interoperability problem between different blockchains. Its Hub architecture provides a network of independent blockchains, called zones, that can communicate with each other through a shared hub called the Cosmos Hub. To address the scalability issue that plagues most blockchain platforms, Cosmos uses a modular architecture that allows developers to build custom blockchains using the Cosmos SDK
Venom uses an asynchronous architecture incorporating a Masterchain, Workchains, and Shard Chains. This allows it to function as the “Blockchain of Blockchains,” promoting interoperability by allowing the creation of both private and public blockchains with customizable token emissions, transaction fees, and block issuance time. Venom is committed to ensuring the highest governance standards, being the first to be fully licensed by the Abu Dhabi Global Market (ADGM), which consistently complies with international laws.
In order to be the internet of blockchains, Polkadot uses a unique consensus mechanism called nominated proof-of-stake (NPoS), which allows token holders to nominate validators to secure the network and earn rewards. Validators are responsible for processing transactions and adding new blocks to the chain. Additionally, Polkadot uses a finality gadget called GRANDPA to provide fast and secure block finality on top of its consensus mechanism.
Cosmos uses a consensus mechanism called Tendermint, which is a Byzantine Fault Tolerant (BFT) consensus algorithm that enables fast and secure transaction processing in a decentralized web of interconnected blockchains.
Venom uses a consensus mechanism that combines PoS and Byzantine Fault Tolerant (BFT) protocols to provide high levels of performance and security. This allows it to provide faster transaction speeds and higher security than other PoS protocols.
In Polkadot’s multichain model, The relay chain is responsible for network security and provides for all parachains. Each parachain has its own set of validators who are responsible for verifying transactions and ensuring the security of the parachain.
Distributing the workload across several chains reduces the risk of a single-point failure. Validators are selected based on their staked DOT coins. Their performance is constantly monitored through economic incentives and penalties, forcing them to perform honestly and efficiently.
The interchain model of Cosmos allows for greater security while moving between different blockchains, which can be beneficial for developers who want to build applications that require access to multiple blockchains.
The Cosmos Hub provides a network of independent blockchains called zones that can communicate with each other through a shared hub. The validators are also selected based on their staked ATOM, and their performance is constantly monitored to ensure they perform effectively
Venom’s security is leading with its innovative Master, Work, and Shardchain model. The model uses an advanced consensus mechanism and a distributed network structure to maintain the decentralization and security of the network. It combines the PoS mechanism with the Byzantine Fault Tolerance (BFT) protocol.
The Venom blockchain uses a PoS consensus mechanism that requires validators to stake VNM as collateral to participate in block validation. This ensures that participants have a vested interest in maintaining the security and integrity of the network, ensuring that the network can agree on the contents of a new block even if some participants are malicious. The BFT protocol, on the other hand, helps to prevent attacks on the network and ensures that the network can continue to function even in the event of node failures or malicious attacks.
For additional security, each account on Venom’s network is a self-executing and autonomous smart contract. For that reason, regular audits are crucial for maintaining the trust, stability, and growth in Venom’s ecosystem. This requires the blockchain to maintain strategic partnerships with leading audit companies and provide opportunities for engineers to research, train and audit smart contract codes written on the Venom blockchain.
But technical security is not the only requirement to achieve the goal of mass adoption, as even projects with impressive technical security still risk collapsing. With so many questions surrounding the need to regulate the blockchain sector, the Venom Foundation aims to achieve mass adoption by creating a framework that upholds the rule of law and ensures a safe environment for every user, which includes retail customers, institutions, and sovereign nations. The Venom Foundation is dedicated to driving the development of the blockchain ecosystem and contributing to its growth.
In a bid to maintain the highest governance standards, Venom Foundation aims to transform the blockchain into a fully decentralized platform accessible to the public. by fostering innovation, inclusivity, and transparency, they create value and opportunities for users globally.
Polkadot’s scalability options are robust, thanks to its sharded multichain network architecture. The platform consists of multiple parachains, which run parallel with the main chain. Each parachain is a full-fledged blockchain that can be customized for specific use cases. This allows Polkadot to reach a transaction speed of 1m transactions per second. Polkadot’s scalability is further enhanced by cross-chain message passing (XCMP), which allows the parachains to communicate.
On the other hand, Cosmos offers developers the ability to start their own blockchain from scratch without the need for complex coding skills or deep knowledge of blockchain technology. The platform provides a consensus mechanism, network infrastructure, and application layers to form a blockchain using the Cosmos SDK. Developers can create custom zones that run parallel with the main network, which solves the congestion problem and makes the Cosmos network more secure.
Venom’s scalability is driven by its dynamic sharding capability. The platform’s dynamic sharding protocol allows for vertical scalability, which means the network is highly adaptive to load changes, splitting transactions into smaller, faster-processing pieces known as shards, or merging shard chains where necessary.
Each shard chain processes a specific range of contract addresses and transactions, allowing for the parallel execution of transactions between validators without sacrificing security or decentralization. This allows for parallel processing, improved scalability and energy efficiency.
By processing tasks simultaneously and avoiding the formation of queues, the network is designed to handle high transaction volumes without bottlenecks. This innovative approach to sharding has enabled Venom to process transactions much faster than its competitors, such as Polkadot, allowing it to potentially surpass the “1 million transactions per second”.
In addition, Venom is also capable of horizontal scalability thanks to its workchains. Venom’s workchains achieves this by enabling the creation of specialized blockchains, each with its own validator set, and distributing required workload across the multiple blockchains. This design allows the Venom network to achieve impressive transaction speeds and provide efficient solutions, capable of catering to the specific needs of any industry or application.
Adoption and community
Polkadot was launched in 2020 and has grown into a thriving community of developers and enthusiasts. One factor contributing to its success is its governance model, which is built on stake-weighted voting. This model ensures that decisions made by the community are representative and that stakeholders have a say in the platform’s future. This approach has resulted in a robust and active community contributing to the platform’s growth and development.
On the other hand, Cosmos has gained significant traction due to its unique on-chain governance. This allows for improvements and upgrades to the blockchain through formal on-chain collaboration and informal off-chain discussions among community members. Unlike Ethereum and other networks without on-chain governance features, Cosmos is focused on participation and engagement among vibrant community members, contributing to its success.
Venom, a relatively new player in the blockchain space, is establishing its developer community. However, the project is generating attention in the MENA region. Entrepreneurs from the MENA region are being recognized as trailblazers in adopting blockchain tech globally. It has become imperative for companies to consider the accountability that comes with decentralization and decentralized data flows, not just for businesses but also for governmental and social projects. As a result, Venom is poised to attract a growing community of developers and enthusiasts in the region.
Which blockchain is the best for developers? It depends on the project, team, and application in question, as each blockchain platform has unique features and advantages that make them appealing to developers.
Polkadot’s focus on scalability, interoperability, and customizability makes it an excellent choice for developers who want to build specialized blockchains that can interact with other chains in the Polkadot ecosystem.
Cosmos’ modular architecture and focus on interoperability make it a good fit for developers who want to create custom blockchains and connect them to other chains in the Cosmos ecosystem.
Venom’s commitment to governance and compliance and its energy-efficient consensus protocol make it an attractive option for developers who want to create secure and scalable decentralized applications.
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