Blockchain Consultants

Blockchain Transformations Done Here

Hyperledger

Ethereum Vs. Hyperledger: A Comprehensive Guide

by

This article talks about the major differences between two of the most popular blockchain platforms, Ethereum and Hyperledger, explaining how they differ in terms of use-cases, operation, consensus, and so on. 

Table of Contents 

  • What is Ethereum?
  • What is Hyperledger?
  • Ethereum Vs. Hyperledger
  • Concluding Lines: Which Is The Best Among The Two?

What is Ethereum?

Ethereum can be defined as an open-source platform for decentralized applications. Based on Blockchain technology, this platform aims to empower users to come up with secure digital agreements and have full control of their money. 

Apart from this, Ethereum claims to have the second-largest market cap in the cryptocurrency world, Bitcoin being the first. 

What is Hyperledger?

Hyperledger is an open-source global collaboration that helps in creating and developing enterprise-grade and distributed ledger frameworks to accelerate the development of cross-industry blockchain technologies. 

Ethereum Vs. Hyperledger

Both Ethereum and Hyperledger can be distinguished based on the following parameters:

  • Purpose of the Platforms
  • Operation Mode 
  • Peer Role
  • Confidentiality Level In Each
  • Consensus Mechanism 
  • Programming Languages

Purpose of the Platforms

Ethereum: Ethereum was introduced with the sole purpose of running smart contracts on EVM. It also enables the deployment of decentralized applications, also known as dApps. 

Hyperledger: This platform was introduced to accelerate industry-wide collaboration for developing high-performance and reliable blockchain. This platform also enables people to develop personalized blockchains for their various needs.

Please note that Hyperledger is for a B2B business, whereas Ethereum is a B2C business.

Operation Mode 

Ethereum: The operation mode in Ethereum is public, which means anyone can access the Blockchain network, and no permission is needed to access the network. 

Hyperledger: Hyperledger, on the other hand, is a private Blockchain, meaning only the authorized participants can access the network. In other words, we can say that the network is limited to a predefined community of participants with permission.

Peer Role

In Ethereum, each peer has a role, meaning that if a transaction takes place, several nodes have to participate in it for its completion, which leads to several issues such as scalability, privacy, and efficiency.
On the other hand, Hyperledger offers a distributed ledger technology(DLT) that doesn’t rely on informing each peer in the network to perform a transaction.

Confidentiality Level In Each

If we talk about Ethereum, it is a public network, which means all the transactions recorded on the Blockchain network are visible and accessible by every peer. Whereas Hyperledger is private and permissioned, meaning transactions taking place on the network are only visible to the authorized members. 

Consensus Mechanism 

Ethereum leverages Proof-of-Stake(PoS) consensus in which all the nodes have to reach a consensus. Hyperledger, on the other hand, uses a different type of consensus. In this, nodes are allowed to choose between no consensus needed and an agreement protocol. For instance, the Robust Byzantine Fault Tolerance (RBFT) consensus mechanism is used in Hyperledger Indy.

Programming Languages

Smart contracts in Ethereum are written in Solidity programming language, and it is considered to be the native language of Ethereum. Hyperledger uses Golang for writing smart contracts.

Concluding Lines: Which Is The Best Among The Two?

As we have discussed all the major points of differences between the two, here comes the question: Out of these, which is the better one? 

Here it is important to note that there is no straightforward or right answer to this question, and each of these platforms has its own significance. One can use Ethereum when one wishes to come up with dApps and smart contracts for performing multiple tasks.  On the contrary, if one wishes to develop B2B applications, choose Hyperledger.

The demand for Ethereum Experts and Hyperledger Professionals is soaring. If you are planning to learn and upskill, this is the right time to invest your time and go for Blockchain Certifications.  If you want to start or revamp your career in the Blockchain space, getting enrolled in Blockchain Council can help you in doing so. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Ethereum Vs. Hyperledger: A Comprehensive Guide

Source

Demand Gap for Blockchain Talent Requires Top Rated Education

by

Demand-Gap-for-Blockchain-Talent-Requires-Top-Rated-Education

If you are a Blockchain enthusiast, you must be aware about its talent scarcity. In this article, we will explore what are the top-rated educational ways that can help in bridging the gap for Blockchain talent. So let’s get started.

Table of Contents 

  • The Growing Shortage of Blockchain Talent 
  • Blockchain Job Market is Booming 
  • Role of Education in Bridging the Gap
  • Conclusion: Career Building Opportunities with Blockchain Council

The Growing Shortage of Blockchain Talent 

Technology that was once considered to be overhyped is now recognized as a promising innovative technology. Since its introduction into the mainstream with other emerging technologies such as AI, IoT, and others, Blockchain developers and technocrats have found it revolutionary. Although the technology is maturing at a rapid rate, the growing shortage of blockchain professionals is a well-documented concern all around the world.

At present, there has been an unparalleled demand for blockchain developers. Major tech giants, including Google, Microsoft, IBM, and other well-known enterprises and even startups, have started leveraging Blockchain technology, but they are struggling to find sufficient talent. 

Blockchain Job Market is Booming 

The salaries of Blockchain professionals are going off the charts. This is because of the fact that demand is highly outweighing the supply. Currently, Blockchain talents are in demand in the BFSI sector and almost in all sectors of the economy, including government institutions, federal agencies, healthcare, manufacturing, automobile, art and music supply chain, gaming, and much more.

Due to continuous efforts by Blockchain developers and experts, today, Blockchain is a matured technology that offers futuristic career opportunities to all enthusiasts. Compared to other IT professionals such as Machine Learning Experts, AI Developers, Data Scientists, Blockchain Professionals salaries stand out exceptionally well. 

According to job recruitment firm Hired.com, the average blockchain developer salary ranges from $150,000 to $175,000 per year in the US’s hi-tech regions, such as Silicon Valley whereas, Glassdoor reports that the average base salary of a blockchain developer in the US is $91,715/yr. 

Role of Education in Bridging the Gap

Initially, the market for blockchain talent was hampered by a lack of knowledge of the technology and limited resources accessible to professionals. However, this aspect has changed over the last couple of years. Companies that were struggling to find adequate talent have started their own educational programs. In order to cope up with the talent scarcity, online programs, university courses, and workshops are popping up at an exciting rate.

Let’s explore some of the best educational ways.

  • Truffle Suite and Hyperledger Fabric Document 

To educate learners about Blockchain technologies, there are online platforms such as Truffle suite and Hyperledger Fabric. Truffle Suite is an open-source framework that provides an in-depth, in-depth understanding of blockchain platforms, libraries, tools, etc. Similarly, Hyperledger Fabric Documentation offers online documentation that provides numerous tutorials at beginner’s level, covering architecture reference, operational guide, and much more, enabling learners to learn and progress.

  • Blockchain Council Certifications 

Backed by the extensive practical-based sessions, Blockchain Council offers Online training and certifications to aspiring students to render the desired competence to have a successful career in the Blockchain/crypto domain. It imparts most in-demand Blockchain certifications in various Blockchain technologies, including Bitcoin, Ethereum, Hyperledger, Quorum, and Corda. 

  •  In-house and Self-Paced Blockchain Training

Companies are currently looking to integrate blockchain-focused solutions, and for this, they are providing in-house training to build up the skill sets required for their organization. Such training helps employees address specific business needs and provide Blockchain-focused solutions for business growth. 

  • Self-paced training sessions have also started getting public attention because they are convenient, cost-effective, allow better focus, and of course, enhance the learning experience. There are many organizations that are offering Blockchain self-paced training to help the learner understand all the ins and outs of blockchain technology, including smart contract, Blockchain mining, its security and privacy, use-cases across various domains, and much more. 

To explore more about self-paced Blockchain training, checkout Blockchain Council. 

  • Blockchain-Based Communities and Webinars 

For a great initial experience, Blockchain communities and webinars can prove to be beneficial. These can help in providing effective platforms for communication and can even open vast opportunities for earning money. Apart from these, such platforms can facilitate communal support and engagement. For instance, the Blockchain Council Community is delivering education all around the world. Similarly, Cointelegraph, Blockchain News can keep you updated about the Blockchain and Crypto domain. 

Conclusion: Career Building Opportunities with Blockchain Council

As Blockchain is maturing, there’s an extensive professional network to help you become a successful Blockchain Professional. Enrolling in Blockchain Council, a globally recognized online platform, can help you gain in-depth knowledge of functional and technical aspects of Blockchain technology. Blockchain Council Certifications will not only prove to be your competitive advantage; instead, it will help you gain confidence in the quick hire. 

Blockchain Council has proved to be successful in creating a successful future for millions of people all around the world. If you want to give your career a head start, this is a one-stop solution.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Demand Gap for Blockchain Talent Requires Top Rated Education

Source

Why are Blockchain Professionals Salaries Going off the Charts?

by

Wondering why the salaries of Blockchain Developers and Blockchain Architects are soaring? This article will illustrate why Blockchain is the most lucrative profession and will throw light on their salaries patterns.   

Table of Contents 

  • Who is a Blockchain Expert?
  • Blockchain: The Most Lucrative Profession
  • Blockchain Developers Salaries Higher Than Other IT Professions 
  • Future Scope for Blockchain Specialists: Concluding Lines 

Who is a Blockchain Expert?

Guided by the advancement of robust scalability solutions, the exponential growth of Blockchain technology has caught industries and enterprises’ attention worldwide. Blockchain development has made significant progress in the most desired programmer skills, and the expenditure on Blockchain solutions globally is projected to grow from 1.5 billion in 2018 to an expected 15.9 billion by the year 2023.

A Blockchain Expert is a professional who understands Blockchain technology profoundly and can build Blockchain-based applications for businesses. But one has to be incredibly experienced in a single niche to call himself a Blockchain specialist. More so, you will need to have functional and practical knowledge in the Blockchain/Crypto space. 

At present, the demand for Blockchain developers and Blockchain architects are soaring. Before we understand why their salaries are going off the charts, let’s understand who is a Blockchain Architect, and what do they do?

Blockchain Architects offers end-to-end solutions to its customers using Blockchain technology and helps develop an overall Blockchain ecosystem engagement strategy. Experts who understand business components and technical elements of Blockchain architecture are high in demand. 

Blockchain: The Most Lucrative Profession

Many non-technical consumers consider this technology, especially in relation to cryptocurrency, which is not true. Today Blockchain has its scope in almost all industries, and therefore it is becoming impossible to ignore its emergence. Technology is now being seriously considered by tech giants, governments, startups, and even by FDAs, and therefore, they are looking for developers and architects all over the world. According to a study by LinkedIn, it is found that Blockchain tops the list of most in-demand skills for 2020, which indicates the demand for Blockchain professionals is soaring. According to the “Future of Nature and Business” study, “Emerging business opportunities across Blockchain in energy and mining supply chains, manufacturing, and forestry could create over $3.5 trillion worth of annual value and almost 87 million jobs by 2030. 

However, identifying individuals who possess the right skills needed to build Blockchain solutions is proving difficult for organizations of all sizes. 

Blockchain Developers Salaries Higher Than Other IT Professions 

With a limited talent pool, Blockchain professionals are in huge demand. As the Blockchain job market is exploding, industries and enterprises are searching for skilled Blockchain professionals. 

As per Hired, Blockchain experts’ average salary lies between $150,000 and $175,000 per year in the hi-tech regions of the US, such as Silicon Valley, whereas Glassdoor specifies $94,000 as the US national average for a Blockchain Developer. 

Talking about New York City, Glassdoor reports that the average base pay of a Blockchain Software Engineer is $ 97,215 / yr. Senior Blockchain Developers tend to have high packages as compared to entry-level Blockchain developers. According to indeed.com, the average salary of a Senior Blockchain Developer is $126,410 per year. Codementor reports that in freelance markets, the average hourly rate of a Blockchain Developer is around $81-100.  

As we already mentioned, Blockchain Architect is the other most-in profession that recruiters are searching for. According to Glassdoor, the average Blockchain architect salary in the US ranges from $146,258 to $157,987. 

Future Scope for Blockchain Specialists: Concluding Lines 

Blockchain developer jobs are hot right now, and this popularity is expected to grow in the coming years by leaps and bounds. Blockchain technology offers tremendous career opportunities as one can be a Blockchain Developer, Blockchain Architect, Hyperledger Developer, Solidity Developer, Quorum Developer, Corda Developer/Architect, and much more. But remember, the right skills along with certifications, is all you need to get a high paying job. 

Blockchain Council, a globally renowned online training and certification organization in blockchain space, is a one-stop solution if you are wondering about taking your career in the Crypto/Blockchain world. Getting enrolled in Blockchain Council can help you achieve the success that you are looking for. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Why are Blockchain Professionals Salaries Going off the Charts?

Source

Top 30 Hyperledger Interview Questions for 2021

by

Top 30 Hyperledger Interview Questions for 2021

Are you planning to prepare yourself for Hyperledger interviews and become a successful Hyperledger Expert? You have landed on the right page. This article talks about the top interview questions so that you can mentally prepare answers for them.

Excited? So let’s get started.

Table of Contents 

  • Top Hyperledger Questions You Should be Prepared for 
  • Concluding Lines: How to Learn and Become a Certified Hyperledger Professional 

Top Hyperledger Questions You Should be Prepared for 

  • What is Hyperledger?

It is an open-source global collaboration that helps in creating and developing enterprise-grade and distributed ledger frameworks to support business transactions and to advance cross-industry blockchain technologies, hosted by the Linux Foundation.

  • Is Hyperledger public or private?

It is a private blockchain. 

  • Enlist projects under the Hyperledger umbrella?

Hyperledger Fabric, Hyperledger Indy, Hyperledger Burrow, Hyperledger Iroha, Hyperledger Sawtooth, Hyperledger Besu, Hyperledger Caliper, Hyperledger Cello, Hyperledger Explorer, Hyperledger Avalon, Hyperledger Quilt, Hyperledger Ursa, Hyperledger Aries, Hyperledger Transact, and Hyperledger Grid. 

  • What are the major goals of Hyperledger?

  • The main aim of this technology is to create an enterprise-grade, open-source, distributed ledger framework to improve business transactions.
  • Next is to provide a community-driven, open infrastructure that is supported by technical and business governance. 
  • It aims at educating the crowd about the market opportunity for blockchain technology.

  • Distinguish between Hyperledger and Ethereum.

The major difference is that Ethereum is a public blockchain, whereas Hyperledger is permissioned and private. It is designed to create an enterprise-grade, open-source, distributed ledger framework to improve business transactions. Ethereum, on the other hand, runs the Smart Contracts on the EVM for applications that are attributed to being decentralized and are for mass consumption. Hyperledger is for a B2B business, whereas Ethereum is a B2C business. Another difference is that Ethereum utilizes Solidity programming language, whereas Hyperledger utilizes Golang. 

  • What is Hyperledger Fabric?

Fabric is one of the blockchain projects within Hyperledger that has a ledger, uses smart contracts, and offers a system by which participants can manage their transactions like other blockchain projects. It has a private and permissioned network whose modular architecture maximizes blockchain privacy, flexibility and eases decision-making capabilities.

  • What is Hyperledger Sawtooth?

Sawtooth is an open-source platform, a blockchain suit for developing, running, and creating new distributed ledgers. Sawtooth’s architecture is believed to be flexible and modular. It separates the core system from the application domain so that smart contracts can specify the business rules without needing to know the underlying design. This project aims at keeping ledgers distributed and making smart contracts safe for enterprise use.

  • What is Hyperledger Indy?

Like other Hyperledger projects, Indy is also a distributed ledger that comes with reusable components along with several tools and libraries, explicitly designed for identity-based solutions. It is a group of tools, libraries, and further components for digital identities rooted in blockchains.

As it offers an identity-based solution, that means one will have complete control over their identity, and no one can control it. This project is interoperable with other blockchains and also can be used standalone, powering the decentralization of identity.

  • What is Hyperledger Iroha?

Iroha is a distributed ledger software that offers varieties of libraries for developers, provides role-based access control, offers simple deployment and maintenance, and works on improving reliability, performance, and usability. 

  • What is a Hyperledger Quilt?

It is a Java implementation of the Interledger protocol. This project enables crypto and fiat payments across any payment network. It provides an implementation of all core primitives required to send and receive payments in a ledger-agnostic style. 

  • What is the Hyperledger Transact?

Hyperledger Transact is a library that aims to reduce the development effort in writing distributed ledger software by providing a standard interface that let’s execute smart contracts, including all aspects of scheduling, transaction dispatch, and state management.

  • What is Hyperledger Besu?

It is an open-source Ethereum client developed under the license of Apache 2.0 and uses java programming language. Besu is an enterprise-focused initiative that can be run on either of the networks, i.e., public and private permissioned networks, along with test networks such as Rinkeby, Gorli, and Ropsten.

  • What do you know about Hyperledger Fabric 2.0?

Fabric 2.0 has introduced various features in its latest version. These are as follows: 

  • Decentralized governance for smart contracts 
  • New chaincode lifecycle
  • New chaincode application patterns
  • Automated checks
  • Decentralized agreements
  • Private data enhancements 
  • New smart contract launcher
  • Decentralized ordering service
  • Introduction of fabtoken
  • Multiple chain codes on a channel
  • Performance enhancements

  • Can you name some of the top healthcare projects powered by Hyperledger?

  • MELLODDY Project
  • Axuall Project 
  • MyClinic.com
  • KitChain 
  • Verified.me 

  • What are the Nodes and Channels in Hyperledger Fabric?

    The communication entries in Hyperledger are nodes, and the subnet of a Hyperledger network is known as the channel. 

  • Chaincode is written in which language?

It is written in multiple languages, including Golang and Java SDK. 

  • What are the types of nodes in Hyperledger Fabric?

There are three types of nodes:

  1. A client that submits a real transaction-invocation and broadcasts transaction-proposals to the ordering service.
  2. A peer node is a node that commits transactions and maintains the state and a copy of the ledger.
  3. Ordering-service-node is a node running the communication service that implements a delivery guarantee.

  • Explain Hyperledger Burrow?

Burrow is a fully-fledged blockchain node and smart contract execution engine that focuses on simplicity and speed. Burrow runs and executes Ethereum Virtual Machine and Web Assembly (WASM) smart contracts and are synchronized using the Tendermint consensus algorithm. It is an open platform that is mainly optimized for public and permissioned Blockchain; however, it can also be used as private blockchains.

  • Explain the RBFT consensus mechanism, which is used in Hyperledger Indy. 

RBFT stands for Robust Byzantine Fault Tolerance (RBFT) and is inspired by Plenum Byzantine Fault Tolerance (Plenum). It has a pluggable election strategy, and it is set to a permissioned, voting based strategy by default. All instances do ordering, but the requests ordered by the master instance are actually executed. This consensus provides Byzantine fault tolerance. The only drawback is that the more nodes that exist on the network, the more time it takes to reach a consensus. 

  • Does Hyperledger use Proof-of-Work?

No, it does not use Proof-of-Work consensus, and this is the reason why it is fast and energy-efficient as well.

  • Explain what Hyperledger Explorer is?

This is a user-friendly web application tool that provides enterprise-level visualizations that helps decision-makers through intuitive graphs, tables, etc. It is used for viewing or invoking transactions and other crucial information stored in the ledger.

  • What is Hyperldger Caliper?

Caliper is a Blockchain performance benchmark tool for Besu, Fabric, Ethereum, and FISCO BCOS networks that allows users to measure the performance of a blockchain implementation with a set of predefined use cases. 

  • What is Hyperldger Cello?

Hyperledger Cello is a blockchain provision and operation system that aims to serve as the operational dashboard for Blockchain, which reduces the effort required for creating, managing, and using blockchains. 

Moreover, Cello manages the complete lifecycle of blockchain networks, supports customized blockchain network config, and extends with advanced features as well. 

  • What is Hyperledger Grid? 

Grid is a supply-chain-centric reference implementation solution. This project provides a set of modular components for developing smart contracts and client interfaces and also showcases how to combine components from the Hyperledger stack into a single, effective business solution.

  • What is Kafka in Hyperledger Fabric?

 It is a permissioned voting-based consensus mechanism where a leader does the ordering, and only in-sync replicas can be voted as a leader.

The advantage is that it provides crash fault tolerance, and finality happens in just a few seconds. The major drawback is that it is not Byzantine fault-tolerant, which prevents the system from reaching an agreement in the case of faulty nodes.

  • Mention some of the applications of Hyperledger Fabric.

  • Supply Chain Traceability 
  • Digital Identity
  • Real-estate Transactions
  • Music and Media Rights and much more.

  • What are the advantages of Hyperledger?

  • Permission membership
  • Performance, scalability, and levels of trust
  • Data on a need-to-know basis
  • Rich queries over an immutable distributed ledger
  • Protection of digital keys and sensitive data
  • Modular architecture supporting plug-in components

  • What is solidity? 

Solidity is an object-oriented programming language for writing smart contracts for several different Hyperledgers platforms.

  • What is Hyperledger Aries?

Aries is an infrastructure for peer-to-peer(P2P), blockchain-routed interactions. This project helps in the exchange of blockchain-based data that facilitates interoperable interaction between several distributed ledger technologies and other blockchains and supports P2P messaging in various situations.

  • Which is the best Hyperledger project according to you?

While all the projects are geared towards industrial use, selecting the appropriate framework is a matter of choice that varies as per business needs. Each frame has its features making it more beneficial for one niche while less serviceable for others. 

Concluding Lines: How to Learn and Become a Certified Hyperledger Professional 

If you are looking to upskill yourself in this technology, we are here to help you learn and become an industry-ready Professional. The certifications provided by the globally renowned online platform, Blockchain Council, give an in-depth knowledge of all the frameworks of Hyperledger.

The platform is known to provide the two most in-demand certifications, such as Certified Hyperledger Developer and Certified Hyperlegder Expert.

Certified Hyperledger Developer Training is excellently designed and carefully curated by experts to render a profound understanding of Hyperledger Fabric and Composer. Beginning right from the basics of Hyperledger Fabric to the fundamentals of Fabric architecture, the course covers all theoretical and practical aspects of this technology. 

Talking about Certified Hyperledger Expert, this certification will cover all the details regarding the architecture of Fabric and composer and will also help you to understand the hyperledger family, so you can begin building blockchain applications on top of the hyperledger platform.

So are you ready to open the world of excellent career opportunities in the Blockchain domain? If yes, why wait? Get enrolled in the Blockchain certification and become a Certified Blockchain Expert. 

To get instant updates about Blockchain Technology and to learn more about online blockchain certifications, check out Blockchain Council.

Top 30 Hyperledger Interview Questions for 2021

Source

Prepare Yourself With These Top 30 Blockchain Interview Questions 2021

by

Prepare Yourself With These Top 30 Blockchain Interview Questions 2021

Want to have a career in the Blockchain space? This article talks about the top 30 interview questions to get you ready for a big interview. Excited? Let’s get started.

Table of Contents 

  • Top Interview Questions You Should be Prepared for
  • Wrapping Up: How to Learn Blockchain?

Top Interview Questions You Should Know

In this section, let’s discuss the top 30 blockchain questions and answers.

1. What is the difference between Bitcoin Blockchain and Ethereum Blockchain?

Both Bitcoin and Ethereum have decentralized distributed databases of immutable records. But Bitcoin and Ethereum differ in purpose in a way that Bitcoin is considered as an alternative digital currency that offers various advantages, whereas Ethereum is regarded as the king of smart contracts that facilitates Peer-to-Peer contracts and applications via its own currency known as ETH. Ethereum was introduced with an intent to complement rather than compete with bitcoin.

2. How is Blockchain different from traditional databases?

A database is a kind of central ledger, whereas Blockchain has a distributed ledger, which means unlike the traditional databases, it is not governed by any central server. Due to this, Blockchain is a fully confidential and robust technology.

3. What is double-spending, and how can it be stopped?

It is the process of spending a balance of that cryptocurrency more than once. It is done by fooling the network to think that the original amount is never spent, thus making it available to be used for multiple transactions. 

However, this problem can be prevented in blockchain-based cryptocurrencies by utilizing a consensus mechanism known as Proof-of-Work (PoW).

Bitcoin’s solution to deal with this crucial problem is that if the majority of the nodes agree on which transaction was first to be received, later tries to double-spend are pointless.

4. Out of the three types of Blockchain, which is the best one?

Out of public, private, and consortium Blockchain, to state which one is the best would not be right because each of has its own features, usage, and requirements. If you want to design and implement your own enterprise blockchain, a private blockchain is a one-stop solution. Consortium blockchain, on the other hand, is likely to interest organizations who want to efficiently streamline communication among one another.

Features  Public  Private  Consortium 
Accessibility  Anyone  Single Person/ Central Incharge  More than one central in-charge.
Who can join? Anyone  Permissioned and known identities Permissioned and known identities
Consensus Mechanism PoS/PoW Voting or multi-party consensus algorithm Voting or multi-party consensus algorithm
Transaction Speed  Slow  Lighter & Faster  Lighter & Faster 
Decentralization Completed Decentralized  Less Decentralized  Less Decentralized 

5 How ICO differs from IPO?

ICO stands for Initial Coin Offering, whereas IPO stands for Initial Public Offering. The first difference between an ICO and an IPO is that ICO is generally for the young and risky, whereas IPO is mainly for well-settled companies. The process of issuing also differs in both. An IPO is an extensive process that requires underwriters and lengthy evaluations to determine the market price of each share. Moreover, for an IPO, you need lawyers, banks, and patience, whereas, for ICO, one needs programmers and the Internet. 

6 Name a few popular platforms for developing Blockchain-based applications?

There are multiple platforms available but before deciding on one, understand what type of Blockchain do you need, how popular is the chosen platform, what kind of scalability does your solution need, and ensure whether your preferred blockchain platform supports smart contract functionality or not. 

Blockchain platforms enable the development of blockchain-based applications that are in great demand and useful for businesses and enterprises. A few of the top platforms for developing Blockchain-based apps are Hyperledger Fabric, Ethereum, R3 Cords, Quorum, and Ripple.

7 What do you know about the lightning network?

It is an off-chain, micropayment system designed to make transaction processing faster in the Blockchain. In Lightning Network, the members can directly interact with each other without offering anything to the miners, and members can engage in numerous microtransactions with each other. And finally, when the payment channel is locked, the concluding transaction set is added to the Blockchain.

Lightning network not only helps in scalability but also makes payments instantaneous, and transactions are not dependent on miners. The network is micropayment and multi-signature friendly and, moreover, reduces the load of the main chain and decreases waiting time.

8 Distinguish between Fungible and Non-Fungible.

  • Fungible are Interchangeable: Fungible tokens are interchangeable and can be exchanged with any other token of the equivalent kind. 
  • Non-Fungible are Non-Interchangeable: Unlike Fungible tokens, such tokens are non-interchangeable as they cannot be replaced with the non-fungible token of the same type.
  • Fungible Tokens are Uniform: Each token is different from all other tokens of the same type. 
  • Non-Fungible Ones are Unique: All tokens of each type are identical in specification, and each token is identical to the other. 
  • Fungible Tokens are Divisible: These tokens can be divisible into smaller units, and one can get any number of units, and it does not matter to holders as long as the value remains the same.
  • Non-Fungible Tokens are Non-Divisible: These tokens cannot be divided in any sense.  

9 What is Blockchain Wallet?

A blockchain wallet can be defined as a digital wallet or E-wallet that allows individuals to store, manage, and transfer their cryptocurrencies such as Bitcoin(BTC), Ethereum(ETH), and many more. With such wallets, users can manage their balances of these two cryptocurrencies by paying transaction fees that depend on various factors such as transaction size. Since digital assets or cryptocurrencies are just a number, that is why the wallet keeps the private key of any particular individual, and the private key fetches the balance of that individual from the Blockchain.

10 Explain the features of DeFi.

  • Autonomy — DeFi platforms ensure that your assets are all yours, and no one has control over them.
  • Enables affordable and faster cross border payments
  • Tradability — You can trade more efficiently as they aren’t prone to an entire high-value investment at once.
  • Accessibility: DeFi has a financial system that is accessible to everyone regardless of their location.
  • Interoperability: DeFi apps and protocols are built to integrate and complement one another.
  • Transparency — In the DeFi environment, data is available publicly, which helps keep service providers impartial.
  1. Question: What are the requirements for implementing Blockchain technology for enterprise usage?

Answer: Here are the most basic ones:

  • Is the network peer-to-peer? 
  • Does the system offer smart contract functionality for the execution of decentralized applications or not? 
  • Can data be stored permanently without compromising the security measures?
  • Does it offer decentralized data storage?
  • What are its data privacy aspects? 
  • Is the immutability ensured?

12 Question: What is blockchain mining? 

Answer: Blockchain mining is a process by which transactions of a blockchain are verified without involving any third-party. Every time a transaction is sent from a Bitcoin wallet, it is sent to the transaction pool. Miners then pick hundreds of transactions and combine them to form a block with other overheads like Merkel Root, SHA-256 Hash, Nonce, etc. 

13 List some of the top blockchain development tools. 

  • Solidity
  • Remix
  • Geth 
  • Meta Mask
  • Truffle Framework

14 What, according to you, are the key Challenges for Blockchain Adoption

  • Scalability 
  • Interoperability 
  • Energy Consumption 
  • Lack of Talent 
  • Lack of standardization 

15 What are the drawbacks of Blockchain?

It is a complex technology that is hard to understand and implement. Scalability is another issue related to Blockchain. Moreover, network speed and transaction costs vary, and human errors still persist. 

16  Is it possible in Blockchain to remove one or more blocks from the networks?

No, it is not possible to manually remove a block. However, blocks can be removed with the help of default options and filters. Deleted blocks can be re-downloaded again whenever needed.

17 Enlist key features of Blockchain technology.

Transparency– Transparency is one of the significant issues in the current industry. Although to improve it, organizations have attempted to implement more rules and regulations, but there is one thing that doesn’t make any system completely transparent,i.e., centralization. But with the help of Blockchain, organizations can go for a complete decentralized network where there is no need for a centralized authority, improving the transparency of the system.

Immutability– Blockchain is immutable, meaning nobody can modify the data over a blockchain. This feature enables companies to ensure that there is no hamper of data, making their system more functional in a highly competitive market. 

High Availability– As we already defined Blockchain as a decentralized system of peer to peer network, thus it is highly available due to the concept of decentralization. It offers decentralized services that provide unique access to the options that are otherwise unavailable.

Security– Unlike traditional databases, Blockchain provides a high level of security to its users. High security is due to the cryptographic algorithms which are being run behind the Blockchain. Rather than trusting any individual or third party, in the Blockchain, one needs to trust only cryptographic algorithms.

Fast Dealing- Traditional banking organization takes a lot of time in initiating and processing the transactions and is prone to human error and often requires a third-party intermediary. Blockchain can streamline and automate the entire process without any human intervention and with complete accuracy.

Reduced Transaction Fees- As Blockchain removes the involvement of the third party, it eliminates the overhead cost of exchanging the assets; thus, it leads to reduced transaction fees. 

18 Mention types of Consensus Algorithms?

  • Proof-of-Work (PoW)
  • Proof-of-Stake (PoS)
  • Delegated Proof-of-Stake (DPoS)
  • Proof-of-Authority (PoA)
  • Proof-of-Elapsed Time (PoET)
  • Byzantine Fault Tolerance

19 Explain how PoW consensus works.

The central principle behind PoW consensus is to solve complex mathematical problems and make the largest number of guesses as quickly as possible. Such requires a lot of computational power, and by using a more efficient mining machine to run calculations, a miner can maximize profitability in terms of crypto rewards. 

In this type of consensus mechanism, miners compete to be the first one to find a hash regarding a particular block, which can only be solved using sheer computing power to make the largest number of guesses. When a miner finds the right solution, they advertise it to the whole network, receiving a reward in cryptocurrency provided by the protocol. 

20 Explain the Concept of PoS

Proof-of-Stake is a consensus algorithm that deals with the main drawbacks of PoW. In this mechanism, every block gets validated before the network adds another block to the blockchain ledger. Unlike PoW, where miners have to solve complex puzzles, in PoS, miners can join the mining process using their coins to stake. It allows users to mine for rewards using very minimal hardware and software resources. Here, the mining capacity of a particular miner depends on how many coins they already have; thus, the more coins one has, the better chances are, which indicates only the richest can have control of the consensus. 

21 Define the term CBDC

CBDC stands for Central Bank Digital Currency, which is controlled directly by the country’s central bank and is backed by national credit and government power. 

In other words, CBDC is an electronic form of central bank money that can be used to store value and make digital payments seamlessly.

22 What is DeFi technology? Explain the term, DeFi Pulse 

Decentralized Finance can be defined as financial services using smart contracts that don’t need any central authority and uses decentralized, distributed ledger technology, Blockchain. Most of the DeFi protocols are based on the Ethereum Blockchain network. 

DeFi Pulse is a data site that lets individuals find the latest analytics and rankings of all DeFi protocols. Pulse rankings track the total value that is locked into the smart contracts of DeFi protocols so that individuals can stay up to date on the latest trends.

23 What is Hyperledger Fabric? 

Hyperledger Fabric is a distributed ledger platform that comes with versatility, modularity, and performance specially crafted to provide enterprise-grade solutions. It is an open-source enterprise-grade permissioned DLT platform known to provide modularity and versatility for a broad set of industry use cases, including banking, insurance, healthcare, supply chain, human resources, etc.

24 What are Smart Contracts? What are its benefits?

A smart contract is used to describe computer code that can facilitate the exchange of money, content, shares, or anything of value. When running on the Blockchain, smart contracts becomes like a self-operating computer program that executes automatically when desired conditions are met. Since such contracts run on the Blockchain, they run exactly as programmed, without any possibility of censorship, downtime, fraud, or any third-party interference. 

  • No intermediaries ensure a quick transaction process
  • Secure and Efficient
  • No Middleman, more savings 
  • Works with accuracy and precision 
  • Establish confidence
  • Automation saves time and effort. 

25 What are dApps? Mention some of the popular dApps.

Decentralized applications (dApps) are digital applications that exist and run on a peer to peer network of computers instead of a single computer. 

Some of the dApps that are popular, innovative, and feature-rich are:

  • Cipher
  • Chainlink 
  • EOS Dynasty
  • TraceDonate 
  • Brave  

26 Explain the role of Blockchain in Governance

Due to increased decentralization, data integrity, and transparency, along with better efficiency and reduced operational costs, blockchains are becoming popular in governance. From improving transparency to streamlining the tax collection mechanism, Blockchain distributed networks can help governments to operate more efficiently and build higher levels of trust among their citizens. 

27 Mention some of the myths related to Blockchain. 

  • Blockchain and Cryptocurrencies are the same. 
  • All blockchains are public blockchains.
  • Technology only targets the finance domain. 
  • Blockchain is just a database.
  • Blockchain is free and highly accessible. 

28 Are there any restrictions for putting records in Blockchain?

No, there is no such restriction. One can store any kind of record, depending upon their requirements. The most common type of records that are recorded in Blockchain are records of transaction processing, identity management, business transactions, health management data, and all other crucial documentation.

29 Is Blockchain a trusted approach?

Blockchain is undoubtedly a trustable technology that helps participating parties to share their valuable data in a secure and tamper-proof manner. It makes use of cryptography for securing crucial information, thus making it extremely hard for attackers to play with stored data. Due to its high potential to provide security, it is widely adopted and implemented by various organizations and businesses for their operations.

30 What do you know about the future of Blockchain?

Blockchain is likely to discover a whole new way of economic transactions and contribute to global economic development immensely. Although its mainstream adoption is yet to be achieved, once it is done, it will change the way businesses operate and transform the landscape of the technology sector forever.

Wrapping Up: How to Learn Blockchain?

We hope all the questions mentioned above will help you get ready for your interview.

If you are a beginner and want to get started with Blockchain, Blockchain Council can assist you. Whether you want to become a Blockchain Developer or an Expert, or an Architect, Blockchain Council can be your one-stop solution. Blockchain Council is a globally renowned organization with an authoritative group of subject experts and enthusiasts who are evangelizing Blockchain research and development, use cases and products and knowledge for a better world. 

All Blockchain certifications offered by Blockchain Council are meant for a duration of roughly 6-8 hours and to be completed as self-paced training. 

Getting certified will help you gain an in-depth understanding of Blockchain & its implementation and prove your Blockchain skills & understanding.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.

Prepare Yourself With These Top 30 Blockchain Interview Questions 2021

Source

Hyperledger Vs Ethereum — Which Blockchain Platform Will Benefit Your Business?

by

Codezeros

The two popular open-source Blockchain platforms, Hyperledger and Ethereum have created ripples of innovation in the blockchain world. They have not only found numerous blockchain applications but are also continuously encouraging blockchain developers around the world to engage in its collaborative development of framework and tools. Ethereum development company has tremendously changed the very face of the technology industry, and Hyperledger Blockchain Development, on the other hand, is warming up and doing a great job on the block.

In this article, we will underline the differences between these two highly sought-after blockchain platforms by discussing in lengths about their features.

What is Ethereum?

Ethereum is an open-source distributed public blockchain network which allows access of data to each participant in the network. Every time a new block is added to the Ethereum Blockchain, it will also be added to the universal copy that exists with all the individual nodes in the network. Everyone across the globe can connect with the help of Ethereum Blockchain Development and maintain the current state of the network. For this very reason, Ethereum is widely referred to as the “World Computer”.

What is Hyperledger?

Developed and hosted by Linux Foundation, Hyperledger is an open-source blockchain project. It was developed keeping in mind the distinctive needs of organizations. So, the Hyperledger Blockchain framework allows enterprises to customize Blockchain applications in accordance with their unique requirements. Hyperledger comprises tools and projects that assure to deliver high scalability, confidentiality, and resilience.

Purpose

Ethereum is designed and developed with the purpose of running smart contracts on EVM for the mass consumption of decentralized applications.

Hyperledger development, however, leverages blockchain technology for business. It has a modular architecture and provides flexibility in the way the enterprises want to use it.

Ethereum is a public network so it is entirely transparent and all the transactions recorded in the Blockchain network are both visible and accessible by every peer.

Contrary to Ethereum, Hyperledger being a permissioned Blockchain platform is highly secured. All the transactions on the network are visible and accessible only to the parties having correct encryption keys.

With Blockchain Ethereum Development, all the participant nodes must reach consensus over all the transactions, irrespective of whether an individual node participates in a particular transaction or not. By leveraging the Proof of Work (PoW) consensus mechanism, all nodes must agree on a ledger to access the recorded entries in the network.

Hyperledger, on the other hand, allows nodes to choose between a no-op (no consensus needed) and Practical Byzantine Fault Tolerance (PBFT). In the latter approach, two or more parties can agree on a key to influence the desired outcome. This precludes undesirable third parties from intervening in the agreement.

Ethereum uses a high-level contract-oriented programming language called Solidity to write smart contracts. However, Hyperledger uses the term “chaincode” as a synonym for “smart contracts”. These “chains codes” are written in Golang, which is a programming language created by Google.

Ethereum has a built-in cryptocurrency, Ether (ETH) and participants can mine Ether by paying “gas” as the cost of each transaction they carry out on the network.

Unlike Ethereum, Hyperledger does not require cryptocurrencies for transactions. Hence mining of cryptocurrencies is not required at all which allows for a scalable consensus algorithm that enables it to handle high transaction rates that further automate business deals made across the network.

But looking at both sides of the coin, as Ethereum has its own ether, it can turn out to be advantageous over Hyperledger in the cases which require a cryptocurrency.

Ethereum vs Hyperledger: When to use which?

Ethereum can be used when,

  • You want to develop public applications or B2C applications. With Ethereum Development Company, one can create a node and each node on the network possesses a copy of the blockchain.
  • You want a community-led by blockchain developers as Ethereum is enhanced and improved by developers worldwide.
  • You are open to working with third parties since most of the tools used for Ethereum Development rely on third-party, open-source projects.

Hyperledger can be used when,

  • You specifically want to develop B2B applications as it is explicitly designed to cater to B2B requirements.
  • You want to define your unique Blockchain infrastructure right from consensus algorithms to which nodes can decrypt which block on the network.
  • You are comfortable using in-house tools supported by top companies as the Hyperledger Blockchain framework is backed by Linux Foundation.

To conclude, both Ethereum and Hyperledger are highly flexible and come with their own set of advantages that are useful for different business scenarios and challenges. You can choose to work with any of these two tools based on the requirement of your blockchain project.

Hyperledger Vs Ethereum — Which Blockchain Platform Will Benefit Your Business?

Source