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How Is Scalability Finally Solved by Jax.network?
Scalability is a significant aspect of every blockchain-based solution. Several blockchain networks today, including the popular Ethereum and Binance Smart Chain, struggle with scalability issues. However, Jax.Network has established sharding as the absolute solution to this age-old problem. Using precise sharding technology allows the Jax.Network blockchain to scale the network as the demand for transactions grows.
Since blockchain networks are designed to handle loads of data every second, taking 100 GB per second worth of data requires careful scalability considerations. The JaxNet protocol uses a precise sharding strategy that doesn’t involve the conventional validator nodes. The decentralized sharding strategy makes Jax.Network the most promising scalability solution today, competing with Binance Smart Chain and Ethereum.
Unlike Jax.Network, other networks have a lot of validators, and they need to manage them. However, multiple validators within a network are drawbacks to scalability. Jax.Nework solves this through sharding. Jax.Network employs a pure-state sharding solution. In other words, you don’t have to download the whole blockchain to verify one shard. As a small node, it cuts down on your storage costs. So, at any point, any user will be able to verify his account balance, which is one of the pro points.
The JaxNet approach to sharding
The sharding technique on Jax.Network allows the network to handle a theoretically unlimited number of transactions per second. This level of scalability is incredibly advanced, rivaling traditional centralized modes of payment such as Visa. But how exactly does sharding work on the network?
Essentially, each shard works independently and can be seen as parallel chains. Therefore, data is split into multiple chains that grow as the network grows. The JaxNet protocol is responsible for regulating the total number of shards created within the network. They can only be created when some network parameters are met.
Although different blockchains have various approaches to sharding, the JaxNet protocol allows any node to contribute to as many shard chains as possible. As long as a node has the right qualifications (adequate storage and bandwidth) to participate in a specific shard, the JaxNet protocol will allow it to do so. This way, the network achieves significant scalability advantages since there is no fixed number of shards in the Jax.Network blockchain. One other peculiarity is that sharding is done through a Proof-of-Work consensus algorithm, which makes it the first sharded PoW network.
How sharding solves scalability issues
So, how exactly does sharding solve the perennial scalability problem facing several blockchain networks? Well, for starters, the technology ensures that a network can scale on demand and thus handle a significant amount of transactions per second (their team is still running stress tests). This is a novel feature in a blockchain network that is currently available only on Jax.Network. Ideally, due to sharding, the platform can grow to handle unlimited online payment transactions, completing transactions up to billions of dollars of JAX coins.
This solution is ideal for a project that aims to provide a practical online payment system. Today, billions of dollars change hands daily. An appropriate online solution that can handle a large volume of these transactions needs to be decentralized, secure, and scalable.
Sharding ensures that Jax.Network can provide fast online transactions using its native stablecoin JAX. This way, users can enjoy the benefits of a decentralized value transfer ecosystem that is secure and scalable.
Conclusion
Scalability is a significant aspect of any project that aims to revolutionize the online payment industry. Jax.Network put together a unique ecosystem based on sharding and merge-mining to provide us with a scalable yet highly secure blockchain.
To learn more about JAX.Network, visit their Telegram group or Twitter. Testnet will be launched soon where miners can earn additional rewards.
South Korean Startup Claims to Have Solved Blockchains Speed Problem
n South Korean startup reportedly develops a new technology that reduces blockchain transaction times to fractions of a secondn
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Scalability Problem Solved with RIFT Protocol
Blockchain progression is stopped short with clogged transactions as exemplified by Bitcoin. From 2017, the rising transaction costs, security risks, delays in transfers and losses in trade opportunities made interests on transitioning businesses to blockchain wane to a standstill.
The unsolved problem of scalability is emerging as a bottleneck to blockchain adoption and practical applications, but now a solution has been created to put an end to the scalability issue: RIFT Protocol.
RIFT Protocol is the foundation and basis of DCB (Decentralized Cloud Blockchain). In other words, RIFT Protocol and C2P (Command Chain Protocol) are the prerequisites for DCB. Setting up an on-chain based data storage system like DCB is simply impossible without the RIFT Protocol.
Decentralized Cloud Blockchain is the world’s first data storage platform based on a decentralized blockchain system that can provide services off-chain. However, DCB relies on storing data with an on-chain system; a system that is built upon the SHA-256 ILCoin Decentralized Hybrid Blockchain system. Off-chain storage is no longer needed for this platform.
The idea behind the DCB project is to have wider range of data storage possibilities including but not limited to videos, pictures, and files. The ILCoin Development Team offers not only a simple cryptocurrency to its partners but also its own platform. This third type of ILCoin-exclusive feature – which is closest to true blockchain utilization – will revolutionize the current concepts of cryptocurrencies.
RIFT Architecture
The RIFT Protocol has a potentially unlimited network size. The mined Block contains Mini-Blocks, and Mini-Blocks contains transactions. Technically speaking, RIFT has two chains (one of the Blocks and the second one of Mini-Blocks), all connected with the references.
ILCoin’s Mini-Block size is 25MB as opposed to Bitcoin’s 1MB current block size. Once the RIFT is implemented, the block size will be over 1.5 GB.
The special feature of ”self-contained Mini-Blocks which mirror down just as fractals replicate” allows for faster transactions per second (TPS) as evidenced by continuous tests in this regard.
Mini-Blocks are Blocks as the traditional Blocks are, except they are not mined. Mini-Blocks are self-contained inside the traditional Blocks through a reference of them, and they contain the references to transactions.
Mini-Blocks’ hash is generated automatically by the code; thus eliminating the need for them to be mined. The only block to be mined is the traditional Block.
Having these two layers in harmony implies a complete redesign of the blockchain; maintaining the principal boundaries of being decentralized and having peer-to-peer synchronization. This achievement is done by the RIFT Protocol, which maintains and supports decentralization.
Transactions need not exist outside of the Blockchain; they are, in fact, within the second layer – the Mini-Block Layer. This is an amazing achievement because the scalability problem is solved. The opportunity to process a huge amount of transactions is thus made possible with RIFT.
Problems of scaling solved
In order to scale a blockchain, increasing the block size or decreasing the block time by reducing the hash complexity is not enough. With either method, the ability to scale reaches a ceiling before it can hit the transactions necessary to compete with businesses like Visa, which “handles an average of 150 million transactions every day” or around 1,736 transactions per second (TPS).
The ILC Team has tested the technology and performed enough transactions to have 1.5 GB blocks in the ILCoin Network. This technology has the potential to completely solve the upcoming challenges of the blockchain service demand, but it will take some time to prove itself live as the demand grows.
With RIFT implemented the number of TPS for ILCoin blockchain can reach as high as 33,888 transactions (with 1.5 GB block size) depending on how fast the block is mined. This is much faster compared to Bitcoin or even Visa.
Since they manage the network of ILCoin, they simply adjust it to their needs. From 170,000 transactions per block, they can handle reportedly 15 million transactions per day or more depending on the blocks they mine. At the moment, Bitcoin can handle only 375 thousand per day.
The cost issues are directly derived from the scalability issues, however, it can also be associated with increasing mining complexity for large cryptocurrencies. The same has been relevant for cryptos like Bitcoin, Ethereum and Litecoin as well, all of which have gone through their relative halvings in order to regulate and maintain the system.
For more information, visit: https://ilcoincrypto.com/ or connect with the ILCoin community at: t.me/ILCoinDevelopmentTeam.
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Crypto Has One Major Obstacle in Mass Adoption, Can it be Solved?
Cryptocurrency advocates often ponder over mass adoption. But in truth, the usability of cryptocurrency, or lack of, presents a significant hurdle for no-coiners. On top of fears over security and the association with illicit activities, mass adoption will remain a distant fantasy unless it gets easier to buy, store and use cryptocurrency.
Crypto Is Full Of Scammers
Today, blockchain puts us at the cusp of a technological revolution, but everyday people are put off by its complexity. The good news, however, is that this is typical behavior. After all, when the internet first came out, it was also the reserve of “techies,” yet decades later has become ubiquitous.
All the same, one issue that presents a problem is the scam reputation that cryptocurrency has amongst the general population. This alone is enough to turn tentative interest into outright rejection. And with CiperTrace reporting thefts, scams, and fraud totaling .2 billion in Q1 2019, it’s easy to understand why many outsiders feel this way.
Ciphertrace Q1 Anti Money Laundering report out today – https://t.co/qQBq5HK8jL
— nickfx (@nickfx) May 1, 2019
As well as that, the “shadowy” nature of cryptocurrencies doesn’t help the cause. And the fact is, criminals, do favor the remote and (semi) anonymous properties of transacting in crypto. On this point, economist, Joseph Stiglitz called for cryptocurrencies to be shut down. Speaking to CNBC, he said:
“I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending.”
Responsibility Of Crypto Is Too Much For Some
As much as early adopters value the independence of a trustless system, in reality, most people want an intermediary. Without a third party layer of protection against loss of private keys, fraud, and mistakes, having sole responsibility for managing your cryptocurrencies can be a frightening prospect for some.
And third parties, such as banks, offer a convenient solution in sorting out mistakes. Being able to call a number and speak to someone, who will immediately deal with your problem, provides a level of reassurance that doesn’t exist in crypto. With that in mind, perhaps the mainstream isn’t ready for the responsibility that comes with being your own financial custodian.
Mass Adoption Will Come
But then again, Brian Armstrong, CEO of Coinbase, thinks it’s only a matter of time. In a recent AMA, he spoke about volatility, scalability, and usability as the obstacles to mass adoption.
In terms of volatility, Armstrong cited the increasing use of stablecoins as a way to offer price stability. He also addressed scalability by talking about the development of the Lightning Network, which he sees as rivaling Visa for TPS one day. However, he was less optimistic about usability, admitting that the space faces many challenges in this respect. He said:
“[On apps] it’s still too complicated to go there. To be able to sign in to your wallet, whether that’s a Chrome extension or on mobile. It should work like WeChat, or something like that. Where when you go to the app, it already knows who you are, and it has your payment method already attached. And with one tap you can complete an action or pyament. So we need to get that useability simplier, and simplier and simplier.
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Parisian Artist: $1,000 Bitcoin Yellow Vest Puzzle Solved
Although France’s Yellow Vest movement isn’t directly tied to Bitcoin, cryptocurrency, and blockchain technologies, the two revolutions (of sorts) have quickly joined hands.
Crypto Enthusiast Solves Paris Bitcoin Puzzle
On January 6th, Pascal Boyart, a pro-crypto Parisian artist and muralist took to Twitter that he or she painted a puzzle, which depicted contemporary revolutionaries clad in Yellow Vests and a woman with the French colors in hand. Although the mural seemed innocuous enough, Pascal explained that he/she, along with pro-Bitcoin venture capitalist Alistair Milne, had hidden a secret private key in the art installment. The private key led to a wallet containing 0.26 BTC, valued at approximately ,000 at the time of deposit.
Now, just one week later, after crypto media touted the mural en-masse, Pascal took to Twitter again to claim that someone solved the puzzle, citing address data from Blockchain’s block explorer. And, just an hour later, Twitter users going by Antoine and Brito responded to Pascal, claiming that they were the ones that solved it.
Antoine wrote that he and his partner in crime were “very happy to win this race,” before subsequently noting that the mural “exposes” the determination that French citizens have had to “triumph over bankers’ lies.” The enthusiast, who is a self-described blockchain technology engineer, didn’t divulge what clues were present but noted. However, Antoine explained he would release his team’s findings in the coming days, quipping to “spread Bitcoin!”
The two detectives walk away with 0.289 BTC, valued at ,025 factoring in Sunday’s sudden market downturn.
Buy Crypto! Gilet Jaunes Embark On “Bank Run”
This little treasure hunt came amid cries that France’s Yellow Vest (Gilet Jaune) movement, focused on curbing an array of policies from Macron’s government, have begun a bank run. Per previous reports from NewsBTC, an activist going by Nicolle Maxime took to social media to rally individuals to withdraw money from centralized financial institutions. In a thirty-three minute video, the French national beckoned his fellow Gilet Jaunes to take more severe action.
While Maxime’s thoughts were scattered, as he covered an array of topics in a rant-esque style, the key takeaway was that during “Act 9” (the ninth week of this movement), individuals participating should embark on a bank run. Maxime explained that this would turn the tide in the Yellow Vests’ favor.
Even though Maxime didn’t mention the French equivalent of “crypto,” many Bitcoin enthusiasts began to run with the “bank run” narrative, claiming that they would be happy to accept Frenchmen into the tight-knit community of decentralists. After hearing of the supposed plans, one Reddit user wrote:
“The French have always been the tip of the spear when it comes to societal change and the humiliation of tyrants.”
This comment was hinting at the commenter’s thought process that Bitcoin could garner adoption in the European powerhouse.And in Anthony Pompliano’s words, it seems as though the virus has already begun to spread.
On Wednesday, Reuters reported that along with cigarettes, cigars, lottery tickets, and other corner store staples, visitors to Paris Tabacs will be able to purchase BTC for their Euros.
This integration, first activated in six stores, is supported and backed by Keplerk, a fintech startup based in the nation. Adil Zakhar, one of the pro-crypto firm’s co-founders, claimed that by February, over 6,500 Tabacs will support purchases for the leading blockchain-based asset (via a voucher system).
Zakhar explained that as many consumers find it “complicated to get BTC online,” an integration into trusted local tobacco shops is better than anonymous, often hard-to-use websites.
Featured Image from Shutterstock
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Bitcoin May Have Solved Its Scaling Problem
Bitcoin simply doesn’t scale very well because of the way transaction history need sto be stored. As long as the rate of blockchain growth can’t be …
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