Blockchain Protocols: Transforming Business Operations for Unprecedented Growth
Blockchain is making its mark all across industries. With decentralization at its core, blockchain is helping startups and enterprises achieve speed, transparency, and efficiency with ease. Some of these include entertainment, real estate, healthcare, and entertainment, among others.
Besides, key decision-makers are betting high stakes on the potential of blockchain to optimize their operations and reduce the overall cost. As per International Data Corporation, the worldwide spending on blockchain solutions is slated to reach a whopping $12.4 billion in 2022.
At Prolitus, we offer end-to-end blockchain protocol development services to help you navigate your journey towards blockchain with ease. Our carefully crafted solutions and extensive domain knowledge help your client take the lead and scale their business with ease.
If you are a startup or a small or medium-sized enterprise looking for a blockchain protocol development company, we can successfully fulfil your needs.
But why are we so keen on blockchain? Well, when it comes to transactions, blockchain records them on a ledger. It is extremely important that every node has an identical copy of the database. If this is not done, it can lead to conflicting information.
A consensus algorithm lets users and machines coordinate a distributed setting. So, at Prolitus, we leverage consensus algorithms to build high-performance blockchain products.
Also, when it comes to DeFi, it has witnessed staggering growth over the last two years. DeFi protocols can address all the issues and pain points in the finance industry. These include centralized control, inaccessibility, delayed transactions, and more.
We also offer mission-driven solutions for protocol development in the DeFi space. So, take that plunge and tap into the billion-dollar market.
Types of Blockchain Protocols
Proof of Work (PoW)
Proof of Stake (PoS)
The PoS algorithm does not require competition among validators as the block creator is chosen by an algorithm. So, as the creators solve the puzzle, they receive a transaction fee.
Proof of Authority (PoA)
The Proof of Authority (PoA) lets a few network participants validate transactions or interactions in the network to update its more or less distributed registry.
Delayed Proof of Work (dPoW)
Leased Proof of Stake (PLoS)
An enhanced type of Proof of Stake consensus algorithm, PLoS, is used by the Wave blockchain to achieve consensus across the network.
Delegated Proof of Stake (DPoS)
It is the advanced version of the PoS algorithm. These systems are maintained by a voting system. In this, nodes are chosen to verify blocks.
Popular DeFi Protocols
Here are some of the popular DeFi protocols: