Ethereum Blockchain Technology USA | Distributed Ledger & Smart Contract Company USA

Ethereum Blockchain Technology USA

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Making a vibrational impact with the digital transformation, Blockchain technology has gained an exorbitant value in the market, pleasing so many Software development companies to adopt it. The idea is not just to replicate the services into digital form but also to enhance them with a high level of security and transparency.

iFour Technolab US. Inc. an esteemed Blockchain Software development service provider offers exceptionally fine services in crypto token development, custom DApps development, blockchain wallets, smart contracts development, integrated blockchain services, etc.

Our ingenious Blockchain developers create custom solutions by utilizing the latest tools and updated technology stack following with Agile methodology. Our highly secure and reliable services renovate the client businesses to reach their expected goals lacerating the complex challenges in the market.

Let us try to understand what exactly the Blockchain is.

What is Blockchain?


Blockchain is a tamper-proof platform that stores the list of transaction records in the form of blocks arranged chronologically and visible publicly. It ensures user privacy and data security with the help of cryptography. Unlike the current financial institutions, the Blockchain network is decentralized network.

The network participants maintain the data and hold the legal authority to approve the transaction that happens in the network. As long as you are in a Blockchain network, you would have access to the data. In fact, all the participants in the network would have the same copy of ledger at their end. Another important fact to remember is that Blockchain uses Cryptocurrencies. Now, let us understand something about cryptocurrency.

Blockchain Technology
Blockchain Technology

Cryptocurrency


Cryptocurrency is a type of digital currency that is used for purposes like to verify the transfer of treasuries, adding new units, to make a secure transaction using cryptography. Being a medium of exchange, this is completely decentralized i.e., not controlled by any kind of central power, and for this reason, it is almost impossible to hack.

To understand the analogy of the shared nature of cryptocurrency with a simple example, you can think it as a Google spreadsheet shared with multiple users. If you make any changes in the Google spreadsheet, it gets reflected in every shared node. This nature keeps everyone on the same page. Similar scenario would be with cryptocurrency.

Types of Cryptocurrencies


You can find so many cryptocurrencies in the market that are utilized in Blockchain. Few of the essential ones are - Bitcoin, Ethereum, Ripple, Litecoin, Dash, Stellar, Monero, Z Cash, NEM, etc.

Bitcoin logo

Bitcoin

The brilliant idea of Bitcoin digital currency was introduced in 2009 by an anonymous person called Satoshi Nakamoto, the mysterious identity yet unknown. The main aim of introducing this in the Blockchain is to overcome the concerns faced with fiat currencies. The consensus mechanism used in Bitcoin to achieve reliability is Proof of Work.

Ethereum logo

Ethereum

Ethereum has got introduced in the market in late 2013 by a well-known cryptocurrency Researcher and Programmer called Vitalik Buterin. It is recognized as the second-largest cryptocurrency platform that features smart contract functionalities. Basically, it uses a cryptocurrency called Ether and to achieve reliability, it uses the consensus mechanism called Proof of stake.

What is Proof of Work?


Proof of Work is a consensus algorithm that is followed in a Blockchain network to confirm valid transactions and produce new blocks to the chain. In POW, the confirmation process is done by special nodes called miners. Now leveling the challenges, these miners compete with each other to finish the transactions and add new block into the blockchain. The winner also gets rewarded with coins.

To talk about the mining process, it is done by solving complex mathematical puzzles, that utilizes enormous computational power. The final output of the puzzle would be a unique hash.

Blockchain Technology
Blockchain Technology

What is Proof of Stake?


In this type of consensus algorithm, the validation of a new block in a blockchain is decided based on the quantity of coins held (stake) rather than cracking the mathematical puzzles done by miners in POW. The authorized candidate would get the collected fees as a reward. This mechanism highly promotes decentralization. Actually, this concept was first introduced in the year 2011, aimed to reach the same goal of POW but in a different manner. The validator for the next block would be considered by combining the factors like node’s wealth, staking age, and randomization.

As the blocks are supposed to be ‘forged’, the candidates who want to take part in the forging process would have to deposit a certain number of coins as a stake. One of the benefits of POS is enormous power saving.

Are you looking for cost-effective and leading-edge Blockchain development solutions? Then your search ends here with iFour Technolab US. Inc. Connect us and share your business requirements.

Our Services

Level-up your Business with our seamless Blockchain development services

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    Custom Blockchain software development

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    Blockchain consulting

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    DApps development

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    Cryptocurrency (ICO)

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    Smart Contract Development

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    Hyperledger Service

Industry Verticals


Being a top-notch Ethereum Blockchain development company, iFour Technolab US. Inc. assists with crafting with best-fitting Ethereum software solutions for various industry verticals such as

Construction
Environment
Healthcare
Finance
Retail
Legal
Fleet
Aviation
Education
Hospitality
Entertainment
Transportation and Logistics
FAQs for Blockchain Technology

Many technologies have created certain hype in the world, and among them are the Ethereum and Bitcoin. Let us find out some differences between these two concepts

  • Ethereum is a blockchain-based ledger technology through which we can build DApps and other smart contract projects as per the client requirements. Ethereum utilizes ether as currency whereas Bitcoin is just a type of digital currency.
  • ransactions with Ethereum could be finished in seconds while Bitcoin takes minutes.
  • Many Blockchain Software development companies prefer Ethereum for Blockchain project development because of robustness and far better quality than Bitcoin.
  • Bitcoin transactions can never be automatic whereas in Ethereum automatic transactions can be possible.
  • Ethereum is advanced to Bitcoin.

Mining helps in maintaining the neutrality of a network as no one can add consecutive blocks in the blockchain at the same time. It ultimately prevents one from gaining power over a transaction. Because of mining, the rollback or reversing of a transaction becomes impossible.

Reports say that the average transaction speed of the Ethereum network would be 6 minutes.

Throughout the years, we have been assisting with sustainable and result-oriented services to the clients using an array of technologies such as

Ethereum, Eris, Ripple, OpenChain, Quorum, Multichain, BigchainDB, Corda, Hyperledger Fabric, IOTA Tangle, etc.

Because of the electronic Consensus of the nodes that manage the block inclusion and its validity, it is almost impossible to generate a fake block in the blockchain. As soon as the result comes out, it gets scattered to millions of nodes over the world. Therefore, an intentional attempt to capture this number of nodes is not feasible.

KeyGens are nothing but Key generators that generate Cryptographic keys and play a crucial role while transactions performed at both ends. These are generated by using mathematical logic with prime numbers.

The outlooks of Public blockchain and Private blockchain are quite different from each other. You can find these difference between them

  • Public blockchain has a lesser rate of transactions than that of Private blockchain.
  • At some stage, private blockchain would need a third-party intermediary to perform transactions whereas public blockchain is completely decentralized.
  • Istanbul BFT, Raft, Proof of Elapsed Time would be used by private blockchain but not in the public blockchain.
  • Public blockchain is more secure when compared to Private blockchain.
  • In a private blockchain, you may find trust issues but not in the public blockchain.

Depending on certain factors of the Blockchain project like complexity, size, modules, type, etc., this US-based Blockchain development company follows any of the two methodologies i.e., Agile methodology and DevOps methodology.

Our meritorious Blockchain smart contract developers manage client communication and team coordination by using essential software setups such as Skype, Microsoft Team, voice call, Slack, JIRA, GoToMeeting, email, etc.

Being a top-notch and trustworthy Ethereum smart contract development company, we keep everything confidential, and make all the necessary measures for maintaining the privacy and security of the client project. Not just these, we also make our Ethereum professionals sign NDA contract before starting the development.