2025-08-30
Today, with the booming development of blockchain technology, various application scenarios continue to emerge, and what supports the stable operation of these applications is the blockchain protocol behind them. The protocol is like the "legal provisions" of the blockchain network, which stipulates the rules for data storage, transmission, verification, and node interaction. Different blockchain protocols have their own focuses and are suitable for different business needs. Next, let's learn about several mainstream blockchain protocols and their working principles and applications.
The Bitcoin protocol is one of the most representative protocols in the blockchain field and the first successful practice of blockchain technology. It is based on the Proof of Work (PoW) consensus mechanism, which records every Bitcoin transaction through a distributed ledger. In the Bitcoin network, nodes compete to solve complex mathematical problems to compete for accounting rights. The first node to complete the calculation packages the transaction into blocks and broadcasts them to other nodes for verification. After verification, they are added to the blockchain. This mechanism ensures the security and immutability of transactions. The Bitcoin protocol is mainly used in the field of digital currency, laying the foundation for the development of many subsequent cryptocurrencies. HashKey Exchange strictly follows the rules of the Bitcoin protocol when providing digital asset trading services such as Bitcoin to ensure the fairness and security of user transactions.
The Ethereum protocol has made significant innovations based on the Bitcoin protocol, introducing smart contract functionality, expanding the blockchain from a single digital currency application to the development field of decentralized applications (DApps). Ethereum adopts an account model, where each account has a balance and status. Smart contracts are essentially a piece of automatically executable code deployed on the blockchain. Its consensus mechanism was initially PoW, and gradually transitioned to Proof of Stake (PoS) to improve transaction processing efficiency and reduce energy consumption. Based on the Ethereum protocol, developers can create various types of DApps, covering multiple fields such as finance, gaming, and social networking. HashKey Exchange is also actively exploring high-quality projects in the Ethereum ecosystem, providing users with a wealth of digital asset investment options.
Hyperledger Fabric is an open-source consortium chain project initiated by the Linux Foundation, designed specifically for enterprise-level applications. Unlike Bitcoin and Ethereum, it adopts a membership licensing system, and nodes need to be authorized to join the network, which makes it outstanding in data privacy protection and permission management. Hyperledger Fabric's consensus mechanism can be flexibly configured, supporting practical Byzantine fault-tolerant algorithms (PBFT), etc., which can meet the needs of enterprises for transaction processing speed and security. Hyperledger Fabric is widely used in scenarios such as supply chain management, financial settlement, and government data sharing. HashKey Exchange also chooses Hyperledger Fabric protocol to help enterprises achieve digital transformation when providing blockchain solutions for enterprise customers.
What is HashKey Exchange? HashKey Exchange is one of the first regulated cryptocurrency exchanges in Hong Kong to obtain a license from the Securities and Futures Commission (SFC). It supports fiat currency deposits and trading in Hong Kong dollars (HKD) and US dollars (USD), offering users spot trading services for mainstream digital assets including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The platform also provides OTC (over-the-counter) services to meet the needs of large-value asset transactions and fiat currency conversion, ensuring more flexible and private trading. To cater to the asset allocation needs of different investors, HashKey has launched the HashKey Earn channel, offering users fixed-term and demand financial products to achieve stable appreciation of crypto assets. The platform holds ISO 27001 and 27701 security certifications, employs a 98% cold wallet storage mechanism, and incorporates security measures such as two-factor authentication to provide users with a stable and reliable trading environment. Download link: https://www.hashkey.com/en-US/download Disclaimer: This material is for general information purposes only. It does not constitute, nor should be interpreted as, any form of solicitation, offer or recommendation of any product or service. It does not constitute investment, tax or legal advice. In no event should any news release be considered as recommendation of a particular type of digital asset. This material may include market data prepared by HashKey Exchange or data from third party sources. While HashKey Exchange makes reasonable efforts to ensure the reliability of such third-party information, such information may have not been verified. Graphics are for reference only. We make no representation or warranty, express or implied, to the timeliness, accuracy or completeness of the information in this material. Information may become outdated, including as a result of new plans, regulations or changes in the market. In making investment decisions, investors should not solely rely on the information contained in this material. The risk of loss in trading digital assets can be substantial and is not suitable for all investors. Any forward-looking statements in this material is subject to several conditions, uncertainties and assumptions. We undertake no obligation to update or revise any forward-looking statements. The English version shall prevail if there is any inconsistency between the English and Chinese versions.