Blockchain Protocols: Transforming Business Operations for Unprecedented Growth

Blockchain is making its mark all across industries. With decentralization at its core, blockchain is helping startups and enterprises achieve speed, transparency, and efficiency with ease. Some of these include entertainment, real estate, healthcare, and entertainment, among others.

Besides, key decision-makers are betting high stakes on the potential of blockchain to optimize their operations and reduce the overall cost. As per International Data Corporation, the worldwide spending on blockchain solutions is slated to reach a whopping $12.4 billion in 2022.

At Prolitus, we offer end-to-end blockchain protocol development services to help you navigate your journey towards blockchain with ease. Our carefully crafted solutions and extensive domain knowledge help your client take the lead and scale their business with ease.

defi lending development

If you are a startup or a small or medium-sized enterprise looking for a blockchain protocol development company, we can successfully fulfil your needs.

But why are we so keen on blockchain? Well, when it comes to transactions, blockchain records them on a ledger. It is extremely important that every node has an identical copy of the database. If this is not done, it can lead to conflicting information.

A consensus algorithm lets users and machines coordinate a distributed setting. So, at Prolitus, we leverage consensus algorithms to build high-performance blockchain products.

Also, when it comes to DeFi, it has witnessed staggering growth over the last two years. DeFi protocols can address all the issues and pain points in the finance industry. These include centralized control, inaccessibility, delayed transactions, and more.

We also offer mission-driven solutions for protocol development in the DeFi space. So, take that plunge and tap into the billion-dollar market.

Types of Blockchain Protocols

Proof of Work (PoW)

It involves miners competing to solve a puzzle and leveraging their computers’ processing power. The first one to solve the problem is rewarded for their work.

Proof of Stake (PoS)

The PoS algorithm does not require competition among validators as the block creator is chosen by an algorithm. So, as the creators solve the puzzle, they receive a transaction fee.

Proof of Authority (PoA)

The Proof of Authority (PoA) lets a few network participants validate transactions or interactions in the network to update its more or less distributed registry.

Delayed Proof of Work (dPoW)

Yet, another modified version of the PoW algorithm is a modified version of the Proof of Work consensus algorithm. This lets one blockchain leverage the security of another blockchain by using the hashing power of a secondary blockchain.

Leased Proof of Stake (PLoS)

An enhanced type of Proof of Stake consensus algorithm, PLoS, is used by the Wave blockchain to achieve consensus across the network.

Delegated Proof of Stake (DPoS)

It is the advanced version of the PoS algorithm. These systems are maintained by a voting system. In this, nodes are chosen to verify blocks.

Popular DeFi Protocols

Here are some of the popular DeFi protocols:

Ethereum

Uniswap

It is a DEX built on Ethereum’s smart contract protocol. It lets you trade and swap ERC-20 tokens directly from the Ethereum wallet.

Programmability

Project Serum

A well known DEX built on blockchain, Project Serum is compatible with Bitcoin and Ethereum. It lets traders engage within transactions involving cryptos other than ERC-20 tokens.

Transparency

Compound

An open-source autonomous protocol, Compound boosts efficient money circulation on the Ethereum blockchain.

Immutability

Aave

One of the most popular DeFi lending protocols, Aave, is a non-custodial and open-source protocol that helps you earn interest on deposits and borrow assets.

Immutability

Yearn Finance

It consists of DeFi-focused protocols that leverage the power of multiple lending services, including Dydx, Compound, and Fulcrum, to optimize lending options.

Immutability

Fulcrum

Fulcrum was designed for streamlining tokenized margin trading and lending. It lets users lend assets for interest and easily enter into short/leveraged positions.

Immutability

Sushi

Popularly known as SushiSwap, it lets users deposit their tokens into a liquidity pool. Post that, the funds are lent out, and the participants can earn interest on the money.

Why Choose Prolitus As Your Blockchain Protocol Development company?

By joining hands with Prolitus, you get access to a team of technical experts that deliver products that stand the test of time and tide.

  • Sound Tech Advice : Our experts hold extensive experience in developing blockchain products and protocols.
  • 24/7 Support : We don’t brush off our hands after product delivery. Our post-delivery services are one-of-a-kind, and all you need to do is focus on your business growth.
  • Super Supportive Team : Our team of experts is super supportive and will help you fine-tune your products, use the best of tech approaches and even set up communities and campaigns.
  • 10x Outcomes : We build mission-driven solutions and ensure that you get 10x value from your investments.
  • Rapid Development : We deliver products that strike the right chord with your audience. Our roadmaps are comprehensive, and we follow a flexible approach to expedite development and deployment.

Our blockchain development services will help you expedite processes, make way for faster transactions, and achieve meaningful outcomes.

Frequently Asked Questions

Private, public and consortium blockchains are the three basic types of blockchains.

Contrary to a centralized system, cryptos use a network format in which transactions are stored in blocks. Post that, proof-of-value or work is attached then broadcasted across the network.

JavaScript is the most popular web language used to make blockchains. It can help developers build highly capable and creative blockchain applications because these scripts are already installed on most of the systems.

The issue of security has been lurking since the inception of Bitcoin. It is nearly impossible to hack blockchains as it is constantly being reviewed by crypto users.

Blockchain networks cannot work without consensus algorithms and need to verify each and every transaction that is conducted. So, it is very important to have your protocols in place.


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