Does EOS achieve unlimited blockchain scalability? – Bywire Blockchain News

LONDON (Bywire News) – Blockchain has been on quite a journey since the first introduction of decentralization with Bitcoin in 2009. Since then, many developers have faced several problems while trying to transform blockchain into the high-powered technology of the future. advocates believe it may be.

13 years, when it comes to new technological developments, is quite a short time. In comparison, electric cars were first invented in the 19th century, but they are still struggling to achieve widespread adoption. Blockchain is therefore only in its infancy.

Millions of individuals worldwide are already looking to blockchain to simplify their lives, and governments and entities are looking to blockchain to improve and adjust their infrastructure.

There is no doubt that blockchain technology itself will have a major impact on the future of many industries. But for it to reach that stage, it needs to prove that it has the ability to provide a secure and reliable framework for banking, commerce and communications.

What could potentially hold Blockchain back?

Like any disruptive technology, there are certain obstacles that blockchain will face that could hold it back from mainstream adoption. According to Coinmarketcap, there are currently around 21,000 cryptocurrencies in circulation, which means there are 21,000 projects competing with each other to “be the industry leading blockchain project”.

While this can be great for investors, as it plays a role in the industry’s rapid growth, it can also be accredited as a reason for delayed adoption. Having so many developers working on so many projects is less efficient, but also a big cause for concern. The idea is that if all these developers contributed to creating one network, the “main chain” mainstream adoption could have been achieved some time ago.

Ethereum, as an example, was invented to counter important problems and fulfill the needs of the market that many felt Bitcoin could not fulfill. This led to thousands of cryptocurrencies built on the Ethereum network, but now Ethereum faces the same challenges as Bitcoin in terms of limited scalability.

Ethereum has high hopes for the merger that led them to move from proof of work to proof of stake to address their scalability. As with all updates, time will be the final judge. History shows that scalability is still an issue, even more decentralized networks.

Is there a solution out there?

At this current time with the promise blockchain has shown, some of the smartest people in the world are building their products in the blockchain space, and a select number are all committed to finding scalability solutions.

• Network capacity
• Speed
• Costs

In 2018, a new innovative project with a different consensus mechanism was launched that aimed to deliver greater scalability, faster final transactions and much lower transaction costs. At its peak, EOS did well over 100 million transactions in a day, eight times more than all other blockchains. However, EOS faced a decline in usage for a variety of reasons.

It has been surpassed by WAX, which is a blockchain designed for gaming and trading of NFTs. Launched in 2019, WAX uses the same consensus mechanism as EOS – DPoS and four years later, this mechanism remains the most decentralized consensus mechanism in the industry.

IBC Between EOS, WAX, Telos & UX Network

Earlier this year, a coalition was formed between EOS, UX Network, WAX and Telos forming the Antelope Protocol which was once known as EOSIO. The contributors to the coalition committed a total of $8 million to its development and outreach efforts.

CEO of ENF, Yves La Rose commented the following regarding the coalition:

“This coalition represents a monumental shift in direction for the future of the EOSIO protocol and is a major milestone for all businesses leveraging the technology. The network effect of multiple EOSIO blockchains working together to ensure the growth and sustainability of our shared code base and related open source innovations is a force multiplier that will pay dividends for years to come.”

Four months later, the EOSIO protocol has united with the EOS network to celebrate what it called EOS Independence Day. It’s a great moment for EOS, but it’s also a great moment for the broader blockchain community.

The biggest hidden key to unlocking blockchain scalability issues may actually be communication between blockchains. Communication between blockchains enables two or more chains to communicate with each other, which means ultimate interoperability between multiple chains.

With IBC, all interconnected networks become part of a larger network, which in this case is the Antelope ecosystem. The implementation of IBC means that dApps built on both chains are compatible with each other, resulting in less network traffic and faster speed with lower latency and costs.

Eventually, all blockchains aim to be interoperable with each other, and EOS, Telos, WAX and UX Network will be the first to do so at such a scale. The introduction of IBC means that the possibility of being the only network capable of hosting all mainstream applications is greater.

Since different chains have different interfaces but similar experiences, choosing a chain will almost be like choosing which server you prefer to play the exact same game on with different players. This is the most idealistic yet realistic way blockchain usage looks like in the regular world.

This would be the USP of EOS that cannot be ignored by anyone trying to build a highly successful business app on the blockchain. It will also create an environment where it is easier to merge marketing efforts as all chains are incentivized to promote the network.

(Writing by Samba Jallow, Editing by Tom Cropper and Klaudia Fior)