Principles of Hyperledger Design
Hyperledger is referred to as an open-source project to develop blockchain applications or records. It is built using the Go developing language. It delivers a variety of frameworks, standards, models, and tools to build a P2P network. Its applications are in the department of finance, IoT, manufacturing, Information technology, etc. It is divided into two parts: tools and frameworks.
The article focuses on discussing the following principles of hyperledger design:
- Modular.
- Interoperability.
- Highly Secure.
- Cryptocurrency-agnostic.
- Easy To Use APIs.
- Scalability
- Governanace
Let’s discuss each of these hyperledger design principles in detail.
Principles of Hyperledger Design:
1. Modular: This principle defines that there should be modularity in all components of all frameworks. The following are some of the components of hyperledger projects:
- Consensus layer.
- APIs.
- Datastore.
- Smart contract layer.
- Communication layer.
- Pluggable cryptography.
- Identity services.
2. Interoperability: This principle is concerned with the backward interoperability and not the interoperability between the various hyperledger project-powered blockchain networks.
- The participants who are associated with each other through the network must have the ability to control the business model.
- Peer-to-peer networks that make the application connectivity can be easily managed.
3. Highly secure: This principle focuses on security and not just on the crypto abstraction but the communication between network components and the structure that directs the permission nature of permissioned blockchains.
- The security is so close that it is absolutely tough to hack the ledger and steal or manipulate the details because of utilizing a consensus algorithm.
- Many organizations that are based on blockchain technologies are well verified and organized industries.
4. Crypto-asset agnostic approach: Hyperledger projects don’t use crypto-assets, tokens, cryptocurrency, or coins as incentive mechanisms to establish a trust system.
- It uses tokenization that represents a physical, virtual, or dematerialized asset, tokenization of assets is quite a different concept.
- There is no preference built into the platform for any currency over any other.
5. Easy To Use APIs: The focus of this principle is to ensure that the blockchain systems have access to business networks, new systems, and existing participants without exposing the details of blockchain-powered business networks.
6. Scalability: Hyperledger is designed to be highly scalable, with the ability to handle large numbers of transactions per second. This makes it well-suited for enterprise applications that require high throughput and low latency.
7. Governance: Hyperledger has a strong focus on governance, with a set of rules and procedures that govern how the platform is developed, maintained, and updated. This helps to ensure that the platform remains secure and reliable over time.
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