Components

The distributed ledger and cryptocurrency ecosystem can be broken down into various components that each play a role in the design of applications.


DLTs & Blockchains

The first component is the Distributed Ledger platform itself which is foundational to any application whether that be cryptocurrency, supply-chain, identity, or smart-contracts for example.  There are two main primary flavors of DLTs, permissioned, and permissionless.  In a permissioned network, each node in the network requires permission from the network in order to participate.  These type of networks are set up between industry partnerships, for example financial institutions or supply chains.  Permissionless networks allow anyone to join by running a node that operates the protocol of the network, Bitcoin and Ethereum are examples of permissionless networks. 

Some other areas of differentiation between platforms are: consensus algorithm, support for smart-contracts, governance protocols, on-chain exchanges, etc.


Identity

Identity management enables users to create a digital identity and then control who is able to access data related to that identity, under what circumstances, including ability to revoke access.


Smart contracts are agreements where some or all of the affects are governed by code.

Smart Contracts


Decentralized Infrastructure

Decentralized consensus creates a resilient currency such as bitcoin.  The same principles can be applied to file storage, CPU, Bandwidth and Databases.  Decentralized and distributed infrastructure makes it possible for a network to come together to guarantee a service level agreement.


 Wallets

Consumers and enterprises need solutions to securely store private keys that are used to access their identities.  Many entrants are coming on the market.



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