ABSTRACT

Blockchain is increasingly gaining interest in both the academic and professional worlds. The implementation of this decentralised and distributed network has started taking place, firstly in the financial world and in recent years reaching to other industries. Nevertheless, not all blockchain networks are the same, and choosing the right consensus algorithm is important for companies willing to invest in this technology. Companies eager to implement blockchain should understand the underlying architecture when selecting a particular network. Through an in-depth analysis, this paper aims to explore and compare from a technical perspective the three biggest permissionless blockchain networks by market capitalisation: Bitcoin, Ethereum and Ripple. Our research shows that Bitcoin gains a competitive advantage as a widely adopted means of payment, Ethereum excels in adopting a robust and flexible smart contract functionality whilst Ripple is most suitable for cross-border payments due to its scalability and fast processing speed. Based on the comprehensive analysis of the networks and their consensus protocols, this paper is designed to set the ground for further studies on the emerging applications of blockchain in numerous sectors.

摘要

区块链越来越受到学术界和专业界的关注。这种去中心化和分布式网络的实施已经开始，首先是在金融界，近年来逐渐扩展到其他行业。然而，并非所有的区块链网络都是一样的，选择正确的共识算法对于愿意投资这项技术的公司来说很重要。渴望实施区块链的公司在选择特定网络时应该了解底层架构。通过深入分析，本文旨在从技术角度探索和比较市值最大的三个无许可区块链网络：比特币、以太坊和瑞波币。我们的研究表明，比特币作为一种广泛采用的支付方式获得了竞争优势，以太坊擅长采用强大而灵活的智能合约功能，而 Ripple 因其可扩展性和快速处理速度而最适合跨境支付。基于对网络及其共识协议的全面分析，本文旨在为进一步研究区块链在众多领域的新兴应用奠定基础。