THE SOLUTION TO BLOCKCHAIN’S BIGGEST PROBLEM — SCALABILITY
We’ve heard a lot about scalability in the last few months. But what exactly is this? And why is it important?
Discussions about scalability in blockchain refer to the blockchain’s ability to handle more activity (more blocks, more efficiency, more throughput). Each block is hard-coded in a 1MB data store. Initially, this worked fine, but as Bitcoin becomes more common, more and more information is pumped into the system. The information that needs to be processed exceeds the Bitcoin Blockchain’s ability to manage it, increasing transaction wait times. Disagreement over how to scale chain throughput led us to the “hard fork” in August 2017.
The decision was controversial and divided the crypto community. Critics of this decision were concerned that the chain’s integrity would be compromised by replacing the original platform. As a result, it leads to increased volatility and uncertainty surrounding Bitcoin. While the value of Bitcoin has risen since then, scalability remains one of the leading issues. While we see this debate manifest in the Bitcoin community, scalability remains a significant hurdle facing the technology. Posschain’s mission is to develop a solution to this longstanding challenge.
Using a combination of Proof of Work and Practical Byzantine Fault Tolerance consensus mechanisms, we can create a highly scalable blockchain. A few companies are trying to solve the scalability issue but have had to rely on more centralized methods. By creating a hybrid chain, we can combine the strengths of each consensus method.
Another important aspect of our product is the use of multi-layered governance. We can achieve optimum scalability in the main chain by separating control at enterprise-gadget slotvalidator in the network “rolls a dice”exceedsvote-countingvoiceseach node authenticator in the network must send and receive — the protocol and application layers. Developers can write and execute smart contracts within the mini fork without interfering with the primary protocol. Once this is complete, the mini fork is deleted, and then the smart contract is deployed to the main chain and is ready to handle high-volume transaction applications.
Our team combines leading blockchain cryptographers with backgrounds at companies like Google, Amazon, and Microsoft.
Our work here at Posschain will solve a blockchain’s most pressing problem: scalability. The underlying technology in Posschain Blockchain will reach the pinnacle of scalability, openness, flexibility, and commercialization viability. To learn more, you can read our whitepaper here or join the conversation on our Telegram channel.