Scalability Rat Race between Blockchains: Will it ever END?March 23, 2019
Bitcoin came at the time when there was no solution like it. It provided an approach like none other. The first blockchain technology stood out. Years passed by with the test of time, the tech stood consistent through the test of time. Even when impacted and congested with transactions signaling favor on the side of adoption, it stood through it. It proffered a solution to remittance of funds. Though the scalability remains a great challenge as it processes an average of 6 transactions per second. Can you count many other solutions that came at the time bitcoin came? Where are most of them today?
Ethereum and Scalability
Ethereum came into the scene to solve some intrinsic challenges that Bitcoin seems to have. Scalability, and ease of use by other applications that want in on the blockchain innovation through smart contracts. Can you still remember where it started from in terms of price? 0.31$, Yes, you saw it right, why not check ether scan. But do you think it had been hitch-free? Ethereum still processes almost 25 transactions per second and aiming higher with sharding and consensus transition to Proof of Stake. If you have been an enthusiast, you must have understood that Eth hit a peak price of $1000 around a year ago. Yet, Ethereum and Ethereum blockchain remain the same.
XinFin in the Rat race?
XinFin is said to be the first KYCed blockchain. One of the first blockchain to implement hybrid blockchain property. Combining the features of a public and private blockchain to suit the use of any user. It allows organizational use, transparent within the network without the public view. This is because of people who are raising eyebrows that blockchain’s ultimate transparency may not be good for organizational structures. Has the road been all rainbows and stars? Definitely NO. You can ask the team.
The steem blockchain also came into the scene as the first social media blockchain that incentivizes authors for their creativity. Steem became one of the most successful blockchains to implement DPOS- Delegated Proof of Stake, an update on the almighty Proof of Stake. It also came as a solution to scalability challenges making remittances as fast as instant without network fee.
The Stellar Protocol
You can remember the Stellar Protocol too, one of the most acclaimed blockchains with remittance speed and great potential? You definitely recall that XLM blockchain remains one of the simplest blockchains for developers to build applications. Talk about network speed of delivering transactions, Stellar blockchain remains one of the tops with near-zero fees.
And you must have heard of ADK- Adios Kuneen the first cryptocurrency to be an Exchange Traded Fund – ETF. Tradeable as both ETF and Crypto, it is already gaining momentum. You can already see the Stock market becoming one with the crypto market made possible by ADK. This is a banking solution that is the first of its kind and worthy of note.
Is the Rat Race needful?
Many of these blockchains listed above (and many more not listed) remained the best and first in their field of application not just because they profer solutions to blockchain scalability problems. Many of the top blockchain solutions are still standing today because they brought solutions that had not been heard of in the past. The rivalry between blockchains today need not be there if each focused on a very separate solution as it is meant to be. Scalability challenges is no more a challenge to cause a rivalry between blockchains.
Till date, almost none of the existing Blockchains has proffered a lasting and NOTABLE solution to the challenges of exchange hacks. Stolen funds from exchanges contribute to the biggest losses recorded on the blockchain history. This scares many people today. Hopefully, the newest Initial Exchange Offering- IEO that is gaining momentum recently will give a solution to the challenge. Up to this moment, there are no effective and RECOGNIZED solutions against scam ICOs. Any ICO operating outside the jurisdiction of the law can easily get away with funds. These are some of the prominent problems that tackle the blockchain sphere which needs attention. Blockchains rising today must be ready to tackle these challenges if the will be adopted by all.
Blockchains today also need to understand that it may take a loooooonnnnng (yeah count the o’s) way to reach a point where they are mainstream. Therefore they need to stay strong and not lose hope. This is an advice for the new day crypto investors who want to get rich quick. Stick with the projects you are sure of their integrity, it pays off. If you want proof, ask the early investors of Ethereum.
The Currency Analytics TCAT also stands out as one of the first blockchain based technologies to fight against fake news. Do well to research about it.