Blockchain is very well publicised and the shortcomings go all the way back to 2009. This was the very first time it was built for Bitcoin. The scalability issues are plaguing the technology and the result is some nodes that are performing at a speed that is less than optimal. This happens to lead to clogs in the system and even transactional congestion as well. The idea of blockchain technology adoption is leading the way when it comes to global traction and it is also revolutionising the many aspects of the economy. The distributed public ledger is being used to refine transactional congestion. This includes the fact that it is trying to eliminate any third parties and this includes financial institutions and even banks as well, The technology really is hampered by its own limitations.
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The result is brainstorming for some of the developers over at Bitcoin and this is especially the case with Bitcoin. Ethereum birthed some kind of insight as to how the distributed ledger and the consensus could be changed and altered to meet the new requirements of the internet. Brainstorming has been done so that new blockchain developers, including Bitcoin could then get some insight as to how the distributed ledger and even the current consensus could be altered to try and provide an incentivised mesh network.
Blockchain in Chains
Transaction speed really is one of the most popular pedestal related challenge that start-ups face. This new wave of developers are working hard to try and develop a new algorithm that is going to be backed with POW, POI and POS. When Ethereum was created back in 2013, it was supposed to deliver a definitive answer to some of the problems that blockchain faces. The Ethereum blockchain is one of the first platforms to write a smart contract that would work across the board, even for distributed applications. This would allow it to become home to over a thousand sub-chains that would be created out of different sectors. All of this would be built on trusted networks and it would also have zero interoperability and even scalability as well.
If scalability was the only problem that is plaguing this technology then this would have been addressed in the shortest possible time. The problem stretches out much further than this and it is also culminating in a centralised and decentralised chimera.
Cutting Blockchain Loose
Decentralisation is one of the many features that blockchain technology tries to advocate and even though this is the case, nearly every single type of cryptocurrency is still being minted under a decentralised network. Skycoin’s own Fiber platform is designed to overhaul the idea of a centralised blockchain and it is also designed to handle any scalability issues as well. This happens when every token is issued, and it is then tailored to meet the apps’ specific needs. There is also an imminent interoperability that offers a lot of support to those who have held the token since its inception. This ultimately delegates those who are a member of the delegated platform to the full and complete exchanged protocol.
Skycoin’s own Fiber network solves this speed problem and it also sorts out any high transaction costs as well. This is done by building a new consensus named Obelisk. This new protocol operates on a complete web of trust and it even comes with its own certificate of authority as well. This ultimately rolls back the cost of work that is required for consensus. The Skywire ecosystem rolls back the cost of work that is required to create a consensus and it also helps to give the users a level of anonymity as well. This is all done on a peer-to-peer decentralised mesh internet. The Fiber publishes a complete symbiotic peer chain that is all designed through atomic swaps. The best of it is, that all of this can happen without impacting the performance of the network.
CX is the primary language of the program and it also helps to promote the ever popular GoLang which is a program that is completely self-sustainable. This covers a huge range of developmental needs. The integration of this technology is very upgraded and very advanced as well. It is designed to work with the Skycoin network and it is also designed to work with Skycoin Fiber tokens as well.