The web3 landscape is constantly evolving, presenting enterprises with various choices for their blockchain initiatives. Previously, enterprises had the option of public or private networks when choosing a blockchain platform. However, now they also have to consider layer 2 networks and appchains, making the decision-making process even more complex.
Despite the numerous choices available, there is one platform that stands out as the most future-proof technology for enterprises to build upon: Ethereum, using the Hyperledger Besu client. The Ethereum Virtual Machine (EVM) is often referred to as the TCP/IP of web3. It is a common standard for executing programs on decentralized blockchain networks running on the internet.
Ethereum’s popularity is mainly due to its compatibility with the EVM and the Solidity programming language. Smart contracts written in Solidity have powered major trends in the blockchain space, such as initial coin offerings (ICOs), decentralized finance (DeFi), and non-fungible tokens (NFTs). By choosing a platform that is EVM compatible, enterprises can tap into a wide ecosystem with a plethora of tools, reducing the time to market for launching products.
When considering Ethereum, enterprises must also decide whether to work with a public, private, or appchain deployment. While private networks were initially favored by enterprises, public networks have gained traction due to their proven technology track record and global reach. Public blockchain networks allow organizations to reach a wider customer base and offer functionalities such as NFTs and stablecoins.
In addition to public and private networks, layer 2 blockchains and appchains are also relevant to enterprises. Appchains enable companies to launch a blockchain network that is secured by the public Ethereum network. This security is achieved by storing batches of transactions on Ethereum, ensuring their immutability. Appchains avoid the challenges associated with securing public blockchain networks that usually require a cryptocurrency for incentivization.
Hyperledger Besu emerges as the ideal choice for enterprises looking to work with Ethereum because it is the only Ethereum client specifically designed for enterprise use. Previously, companies had to rely on public Ethereum clients like Geth, which presented challenges such as licensing limitations, lack of support from vendors, and difficulty in modifying the codebase for private deployments.
Hyperledger Besu addresses these challenges by supporting both permissioned and public blockchain networks. Enterprises can use it to run as an execution client on the public Ethereum network or create their own independent blockchain network. Being associated with the Hyperledger Foundation adds further credibility to Besu, as the foundation provides technical and business governance for enterprise-grade blockchain technologies.
The neutrality and governance provided by Hyperledger ensures that the needs of enterprises are met, offering support services, contribution opportunities, regular release cadence, and permissive licenses. This is crucial for enterprises relying on blockchain technology, as they require projects with longevity that can provide essential services and support.
While layer 2 networks and appchains are still maturing, it is likely that Hyperledger Besu will adapt to support them in the future. Due to its modular architecture, adding support for these technologies is feasible without significant overhead.
In conclusion, enterprises seeking a future-proof blockchain platform should consider Ethereum with the Hyperledger Besu client. It offers compatibility with the widely used EVM and Solidity programming language, deployment flexibility for public and private networks, governance through the Hyperledger Foundation, permissive licensing, and the potential to support upcoming layer 2 networks and appchains. With Hyperledger Besu, enterprises can navigate the complex web3 landscape and build upon a technology stack that meets their needs.