An Ethereum-based digital gaming app called CryptoKitties is creating extensive network congestion on the smart contracts platform. Designed to breed virtual cats, CryptoKitties transactions now constitute nearly 20% of Ethereum network traffic. The resulting overcapacity has lead to a surge in transaction costs for Ethereum users.
Perhaps worse, the failure of Ethereum to adequately handle CryptoKitties has reinforced a quiet skepticism among its users. At first glance, the notion that a single decentralized app can severely test a blockchain platform with a $45 billion market cap seems somewhat preposterous. However, the troublesome reality currently confronting Ethereum suggests that allowing distributed apps on its platform may not be entirely appropriate. If Ethereum’s troubles fail to abate, the hundreds of cryptocurrencies now intent on using the Ethereum platform to produce a distributed app may need to look elsewhere. Which prompts the question: Is any blockchain platform is safe from such a fate? Enter XTRABYTES.
The XTRABYTES Difference
XTRABYTES is a fully decentralized, infinitely scalable and immensely secure blockchain platform using a unique Proof-of-Signature consensus. Given that the XTRABYTES platform is currently aiming to conduct a rate of 10,000 transactions-per-second (compared to Ethereum’s 20 transaction/second), a network congestion from would hardly be a hindrance.
Moreover, the XTRABYTES team is planning to introduce dynamic transaction costs based on the block size. As the Lead Developer of XTRABYTES’ has stated
Why do we need the blocksize limit? Because the Bitcoin and other blockchain networks use the wrong protocol. If the block size is too big then broadcasting the new block is problematic. Why do we need to broadcast the blocks? Because all clients copy the blocks to the storage of the computer. The XBY network stores the blocks inside of the network so we don’t need to broadcast the blocks. This is the reason why it’s possible to have unlimited blocksize.
Simple transactions will always cost about the same as the block size will be small. In contrast, the transaction blocks filled with terabytes of data will be far more expensive. In order to facilitate large transactions, XTRABYTES will use X-VAULT for data storage.
The creativity and forethought expended by Lead Developer Borzalom and the XTRABYTES development team is nothing short of amazing. The relatively new Ethereum (Cryptocurrency 1.0) has already revealed its shortcomings. Its only expected that creative innovators will seek to overcome them and create vastly superior systems. This is what XTRABYTES is focused on achieving and what the cryptocurrency world will soon witness in real time.
Would you like to know more?
We don’t just publish articles, XTRABYTES is a whole new blockchain platform that allows DApps to be programmed in any language, utilizing a new consensus algorithm called Proof of Signature. In doing so, XTRABYTES presents a next – generation blockchain solution capable of providing a diverse set of capabilities to the general public.
You can learn more on our website, where you can also help to spread the word through our bounty program and get rewarded in XFUEL, or join our community and hop into the discussion right now!
Comments are closed.