Tendermint is the leading name in the blockchain industry as its tools have a wide variety of applications in the development of distributed applications. The network is the major contributor to blockchain space and has carved a special place for itself. Especially when it comes to the Byzantine Fault Tolerant (BFT) consensus mechanism and proof of stake (PoS) algorithm, the distinctive capabilities of Tendermint are something that one can easily bank upon.
Products and Services
Delving into specific details regarding the products and services offered by Tendermint, the BFT consensus mechanism comes on the top of the list. The USP of BFT is its ability to have a cushion for allowing failure of communication of up to one-third of machines in the network. What’s more, the consensus mechanism offered by Tendermint’s can even tolerate malicious behaviors as it uses the ABCI protocol, which can easily extend support to machines irrespective of their programming language.
Another advantage of Tendermint is the Cosmos SDK blockchain framework it works on and offers to its clients. The framework is the most widely used framework in the blockchain industry thanks to its custom-fit feature, which helps to build the customized decentralized applications for networks. The popularity and efficiency of the SDK network can be easily ascertained from the fact that more than $6 billion assets are being managed on the blockchain-powered by the SDK network.
The communication between different blockchains is also an important parameter of consideration when it comes to achieving high interoperable effectiveness and efficiency. Thanks to the IBC protocol adopted by Tendermint, the communication between different blockchains becomes a seamless procedure.
What’s even more beneficial is the fact that the application of IBC is a very cost-effective measure and its versatility makes it preferred choice among the users. The layered nature of security offered by the IBC is another plus point of the building using the Tendermint’s blockchain tools. Owing to these distinctive capabilities, the blockchain ecosystem of Tendermint is quite vast and comprehensive. There are a number of famous players involved in the network that include the likes of Binance, Oasis Labs, Regen Network, Terra, IRISNet, and Loom, among others.
Tendermint 2020 Expansion Plan
Tendermint has chalked out ambitious expansion plans for 2020 as the organization looks forward to having a substantive presence in all verticals it operates in. The most important part of its business strategy is to increase the number of contributors as engineering prowess is at the heart of the company’s business model.
Another key focus of the company in 2020 is to lower costs associated with the project entries as the requirement of high resources acts as a deterrent factor for many organizations to take a plunge into blockchain space. In addition, the company is focusing on prioritizing the features and fixes in order to strengthen its leadership position in the market. It is specifically looking to work upon issues related to fork accountability, handling of evidence, and the feature of syncing applications whereby the status of the application can be updated without the need to replay the transactions. All these plans of Tendermint emphasize the laser-sharp attention of the company on delivering quality services without compromising on the aspect of decentralization, open-ledger characteristics of blockchain.
As the leading blockchain software developer in the world, Tendermint has been instrumental in making the blockchain networks grow at an enviable pace. The blockchain revolution that we are witnessing today is well-contributed by the Tendermint and if the expansion plans of the company for 2020 are anything to go by, we are sure to witness a new wave of blockchain expansion across the businesses cutting across industries.