Current competitors are only providing a system for financial transactions and simple contracts. Thus, in the next subsection we will focus on the competitors in this limited market.
No company at this time can support distributed blockchain applications with large data exchange requirements. This market is much larger than the financial transaction market. Gorbyte will spearhead several sections of this very large market (e.g., superconnectivity, distributed social networks, asset registration).
All current crypto-networks provide currencies with a high degree of volatility. In addition, other crypto-networks have limitations in scalability, throughput and cost.
Bitcoin: The first and most notorious crypto-network can be used only for simple financial transactions and contracts. Its cost of operation is very high.
Ethereum: The second most successful crypto-network is moving to a less expensive consensus mechanism. Its smart contracts are more flexible than in Bitcoin, but are still costly. Smart contracts are impractical for applications that require exchanging large amounts of data.
Tezos: A startup that raised $232 Million in its 2017 ICO, solves some of the Ethereum problems, but still counts on a leader-based consensus mechanism and similar smart contracts.
EOS.io: A startup that raised $4 Billion in 2018, identified most of the current crypto-network problems, but still uses Ethereum and its smart contracts as its base platform.