5.Failing to definitively address blockchain's scaling issues could have far-reaching ramifications.
Unless action is taken, it's likely that transactions will take longer and longer to process.
In a digital economy where fiat payments can be sent and received instantly, blockchain platforms need to offer the same if they are going to be regarded as a viable alternative - even if they offer an array of other compelling advantages.
It could also mean that centralization is here to stay, with all of the imperfections that motivated the dawn of the blockchain community in the first place.
From here, who knows how many brilliant crypto platforms may never come to fruition.
Fractonet worked on a "Complete redesign" of the blockchain to eliminate scalability issues once and for all.
With a block size of 1.5GB, the startup says it successfully managed to process 33,888 transactions per second during functional testing.
The company claims that its protocol can store data on-chain as well as transactions with real data immutability, meaning businesses no longer have to entrust third parties with sensitive information.
It has created a new protocol called RIFT to facilitate the synchronization of this data, and says the bigger block size will reduce the costs associated with transactions and mining.
Fractonet says the base of the blockchain is already functional, paving the way for different features like DApps, sidechains, smart contracts and the possibility to have data accessible only through private key with different levels of access.
Blockchain's Scaling Problem, Explained
Publicado en Aug 22, 2018
by Cointele | Publicado en Coinage
Coinage
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.