Can one crypto platform save the world? Yes, I think so. While that sounds like hyperbole, I say it with some justification. There are two roadblocks coming down the road that should give crypto fans pause: Mass adoption and China.
As US interest on the debt begins to grow exponentially, the US dollar will come under pressure and likely lose value relative to other currencies. At that point, bitcoin will begin to look like an even more attractive option (recall that bitcoin has a fixed supply). However, is that idea really all that feasible? See When Will the US Dollar Collapse
Will bitcoin be able to serve as a financial safe haven for the general public? Not beyond a certain point, a point at which it will begin to grind to a halt. Anyone who invested in bitcoin in 2017/2018 will recall how long it took to conduct a simple transaction. While bitcoin has made vast improvements to its scalability (the ability to scale up to millions of users) it is unlikely to handle immense mass adoption. See Will Increased Scalability Solve All of Bitcoin’s Issues?
Unfortunately, the vast amount of crypto coins out there are bitcoin clones-as well. And Ethereum’s ability to scale is far worse. In part, that’s why high transaction fees are incurred — to help dampen user demand. As noted above, failure to scale goes hand in hand with slow transaction speeds. Ultimately, mainstream adoption will make these blockchain flaws much more self-evident. See Ethereum 2.0: Still not scalable
In contrast, XTRABYTES will employ a 3-tiered network structure that makes it possible to adapt to any foreseeable expansion of its user base, thus guaranteeing scalability. Thinks of scalability as the ability to offer identical transaction speeds, whether all transactions come from one source or from different sources. Since XTRABYTES is infinitely scalable, it will also be superior in speed (since speed and scalability are inherently linked in blockchain technology).
Why Is XTRABYTES infinitely scalable?
- Since we eliminate the need for on-chain data storage, its hardware capacity rather than any network protocol that becomes the limiting factor.
- Unlike PoW or PoS, there are no tradeoffs between network size and transaction speed. Rather than allow a single node to provide network continuity on its own, the protocol assigns various network continuity tasks. This prevents a single node or group of nodes from controlling the network.
- Moreover, we decentralize the data validation process (data validation can be performed by the transaction recipient or a network node) Thus, the network’s ability to process data transactions is no longer limited by the performance of one single entity. 6
Why do I mention China? Well, most bitcoin mining pools already exist in China (and let’s hope they’re far enough away from the Five Gorges Dam). With bitcoin mining centered in China, that would seem to leave the coin somewhat hostage to geopolitics. But there is another development still flying underneath the radar: China’s advancement in quantum computing. And this is where bitcoin is most vulnerable. See Quantum Computers and the Bitcoin Blockchain
Imagine a world where nothing can be made private- as an authoritarian government can access everything and anything. See China’s Quantum Supremacy A Threat to Data Security
XTRABYTES 3-tiered network is what we call quantum-resistant — it protects against such intrusions. It also has the capacity to adapt and upgrade to security threats via advanced hardware (rather than relying on the network protocol) See How XTRABYTES is Preparing to be Quantum Resistant
XTRABYTES is not predicated on a trustless network (at least not the way bitcoin is). Instead, XTRABYTES retains strict rules for who can do what on the network (as a way to prevent bad actors from taking over the network). As an added protection, the XTRABYTES network offers the necessary transparency for identifying who is acting in good faith and who isn’t. This feature enables our decentralized network management service to act accordingly.
As an added bonus, common security threats are sidestepped as well. See XTRABYTES offers Innovative Security
Other features of XTRABYTES that I have not touched upon including its data integrity protection service, its capacity as a modular platform, and its code-agnostic development capabilities. All of which makes it extremely versatile and thus able to facilitate greater cryptocurrency innovation and development. See PoSIgn: Data Integrity Protection