Exonum – Decentralized, Secure & Reliable Blockchain Applications?
Exonum is an extensible framework for blockchain projects. It lets you build decentralized applications. Find out everything you need to know about Exonum today in our review.
What Is Exonum?
Today, many businesses have heard about blockchain technology and understand its advantages. However, few businesses have implemented blockchain technology or know where to begin. Meanwhile, small and medium-sized businesses can’t afford to hire a blockchain specialist or an entire blockchain department. That’s where companies like Exonum see an opportunity.
Exonum is a platform that lets you build decentralized, secure, and reliable applications on the blockchain. The platform is designed for companies, organizations, and even governments. Using Exonum, these organizations can enjoy a tailor-cut private or permissioned blockchain that solves your challenges and delivers the unparalleled security of the bitcoin blockchain.
Exonum comes with all of the advantages you associate with blockchain technology, including auditability, transparency, and security. As added benefits, Exonum introduces privacy, efficiency, and controllability – so even if you don’t have a blockchain specialist at your company, you can reap the benefits of blockchain technology.
The Exonum blockchain can be adapted for a wide variety of uses. It has smart contract technology, for example. Proposed use cases include government registries, e-voting, supply chain management, P2P lending, and more. Demos for each of these use cases can be seen on Exonum.com.
Here are some of the key features of the Exonum platform:
Exonum has a “Byzantine Fault Tolerant” consensus algorithm that excludes any single point of failure, making blockchain resilient to nodes crashes or bad actors.
All received information is validated on the client side with the help of the Exonum light client, which means clients are secured against man in the middle (MitM) attacks.
Exonum anchors data to the bitcoin blockchain, which means it protects against history revisions. Like other blockchain technologies, Exonum creates an immutable record.
Exonum uses the Rust programming language at its core “to achieve top-notch level of security, performance and concurrency”, explains the official website. Rust is known for its speed and security.
How Does Exonum Work?
Exonum works in a similar way to other blockchain technology. It’s a decentralized database where records are kept in an immutable, easily auditable way. There’s no centralized server for hackers to target, and there’s no way to change records once they’ve been entered into the blockchain.
Like other blockchains, Exonum transactions are viewable by all parties and cannot be secretly altered or deleted. The network is secured by cryptographic proofs, so the data you provide cannot be tampered or altered. You can make data private on the blockchain, or make it publicly viewable.
One of the key innovations with Exonum is its consensus algorithm. Exonum uses a custom-built Byzantine consensus algorithm that keeps your data safe without needing to mine blocks – even in cases where nodes malfunction or become susceptible to bad actors. The Exonum consensus algorithm makes it almost impossible for a bad actor to add incorrect data or change the history in the Exonum blockchain.
Exonum remains secure even when many nodes are compromised. The blockchain will remain functional even if up to 1/3 of all nodes in the blockchain network are offline or compromised.
Exonum’s blockchain can handle up to 3,000 transactions per second (Within a global, distributed network), providing a clearing latency of 2.5 seconds. Exonum can handle up to 15,000 TPS in custom cases (i.e. within a corporate network and not worldwide).
You can use the Exonum client at any time to access a constant audit trail of your Exonum blockchain.
Finally, as mentioned above, Exonum is based on the Rust programming language, widely believed to be the most secure programming language to date. It’s a systems programming language similar to C++, although it has a greater emphasis on thorough memory management to protect against some of the most common programming exploits.
Rust is also faster than Java, Go, C, and C++ programming languages, and is one of the top 3 fastest programming languages (in addition to C and C++).
How Can Exonum Be Used?
What are some of the use cases for Exonum? Where will the technology be used? Here are some of the proposed uses for Exonum, according to the developers:
Exonum makes it easy to prove document authenticity-distributed trusted timestamping. Each document receives a digital fingerprint before being stored on the Exonum blockchain. Some of the possible uses for this function include a notary, prescriptions, certificates, coupons, and other use cases. Basically, any document that is susceptible to forgery or editing could be stored on the Exonum blockchain to provide an immutable, auditable record.
Blockchain technology is particularly popular in supply chain industries, where it can help producers track products from raw resources to the final stages of production. Exonum’s blockchain can be used to provide a single point of truth, helping companies manage business logic and create a platform where all parties have access to relevant information.
Digital Rights Management
Exonum can be used as a new form of digital rights management. Today’s system leaves artists with a new portion of earnings due to the presence of numerous intermediaries. Exonum’s smart contract system can create a powerful and robust money flow control system where all parties play by a predefined set of rules.
Exonum, like other blockchains, can be used as a P2P lending mechanism where users enjoy better security, better transparency, and lower risk.
Exonum’s blockchain can be used as a voting mechanism where users can vote in a transparent environment while maintaining their privacy.
Modern auctions can abuse their centralized nature to provide dishonest advantages to some participants. Exonum’s blockchain can provide an honest, decentralized marketplace where a truly competitive auction can take place.
Up above, we mentioned that Exonum was marketing itself to companies and governments. One of the proposed government uses cases for Exonum is as a registry. The Exonum blockchain can be used to create an entirely new process for citizen and government interactions. It can keep records safe while also giving citizens true control over their assets.
Exonum has demo versions available for many of these use cases on its official website.
Who Created Exonum?
Exonum is developed by an organization called the Bitfury Group. The group claims that “Exonum is the direct result of extensive research and testing by our elite team of the best-in-class mathematicians, scientists, developers and analysts coming together to create and support this inimitable platform.”
The company is based in Amsterdam. You can contact the company by email at [email protected]
The name “Exonum”, by the way, comes from the word Exonumia, which refers to “items representing value that are traditionally used to engage in a diverse marketplace.” The company chose the name Exonum “because you can use it to represent, store, exchange and secure anything of value – any digital asset.”
Exonum is a blockchain technology that allows businesses, governments, and organizations to access the benefits of blockchain without actually developing a blockchain in-house. The Amsterdam-based development team has created a highly-secure, Byzantine consensus-based blockchain that supports smart contracts.
The blockchain is adaptable to a wide range of uses case – including everything from government registries to e-voting to supply chain management.
You can learn more about Exonum’s blockchain by visiting the organization online at Exonum.com.