Different blockchain protocols are streamlining the complex business challenges and making the industry future-ready. Exonum is one such protocol that enables blockchain adoption for businesses of all sizes and industries. Based on the Bitcoin network, Exonum has an extended set of features to offer better performance, security, and scalability. In this article, let's explore the critical elements of the Exonum blockchain protocol that make it ideal for businesses.
Decentralized application development:
Exonum blockchain protocol enables businesses to develop decentralized applications (DApps) without compromising on security. The platform uses Rust programming language, which is known for its safety and speed. It ensures that the created DApps are fast, reliable, and secure. Moreover, using Rust makes the Exonum blockchain compatible with major web development frameworks, including node.js and React.
The data stored on the Exonum blockchain is highly secure as it is encrypted using advanced cryptographic algorithms. Moreover, the platform uses a unique consensus algorithm, known as Tendermint BFT, which makes it resistant to common attacks, such as DDoS attacks.
Moreover, the Exonum blockchain protocol supports the development of smart contracts. This feature enables businesses to create self-executing contracts that can be used to automate various business processes, such as supply chain management, KYC/AML compliance, etc.
One of the critical features of the Exonum blockchain is that it supports permissioned and permissionless blockchains. This makes it ideal for businesses as they can choose the type of blockchain that best suits their needs. For instance, a company can opt for a permissioned blockchain if they want to restrict access to specific nodes. On the other hand, a permissionless blockchain can be used if the business wants to allow anyone to join the network.
The Exonum blockchain is highly scalable as it can process up to 10,000 transactions per second. This is made possible by using the Rust programming language and the Tendermint BFT consensus algorithm. Moreover, the Exonum blockchain can be scaled horizontally as well as vertically. As businesses need a robust platform to scale their operations, the Exonum blockchain is an ideal choice.
Support for multiple languages:
The Exonum blockchain supports multiple programming languages, including Rust, Java, and Go. This makes it easier for businesses to develop decentralized applications on the platform. Moreover, using multiple languages makes the Exonum blockchain more robust and secure. With this feature, it becomes convenient to perform full-fledged legacy system migration as businesses can develop smart contracts in the language of their choice.
Bespoke Byzantine consensus algorithm:
The Exonum blockchain uses a bespoke Byzantine consensus algorithm known as Tendermint BFT. This algorithm is faster and more efficient than the traditional proof-of-work (PoW) and proof-of-stake (PoS) algorithms. Moreover, the Tendermint BFT algorithm is resistant to common attacks, such as DDoS attacks. This makes the Exonum blockchain more secure and reliable.
Works even if 30% of the nodes are offline:
In a permissioned blockchain network, it is not necessary for all the nodes to be online all the time. Therefore, the Exonum blockchain protocol can work even if 30% of the nodes are offline. This feature makes the platform more robust and scalable. Moreover, it helps businesses to save on infrastructure costs as they need not maintain a large number of nodes.
Low transaction costs:
The Exonum blockchain supports Atomic Cross-Shard Transactions (ACSTs). This feature helps businesses to save on transaction costs as it allows them to perform multiple transactions in a single block. Moreover, the use of ACSTs reduces the time required to confirm a transaction. This makes the Exonum blockchain more efficient and convenient to use.
These are some of the core features of the Exonum blockchain protocol that make it ideal for businesses. In addition, the platform is highly secure, scalable, and supports the development of decentralized applications. Moreover, companies can choose to use either a permissioned or permissionless blockchain. In a nutshell, the Exonum blockchain protocol is packed with features that make it ideal for businesses. From data security to scalability, the Exonum blockchain has everything that companies need to streamline their operations.
Get started with Seven Bits!
Seven Bits is a leading blockchain development company offering a wide range of services, including Exonum development. We have a team of experienced developers who are well-versed in the Exonum blockchain protocol. We can help your business with:
Business process digitization:
We can help you digitize your business processes using the Exonum blockchain protocol. We will develop smart contracts that will automate your business processes. This will help you save time and resources.
Decentralized application development:
We can develop decentralized applications (DApps) on the Exonum blockchain platform. Our DApp development services are tailored to meet your business needs. We will create a DApp that is secure, scalable, and user-friendly.
Migration to the Exonum blockchain:
We can help you migrate your existing systems to the Exonum blockchain platform. Our team of experts will assess your current system and develop a plan for the migration. We will migrate your data and smart contracts to the Exonum blockchain platform.