About launching a blockchain in a bear market
Redlight Finance is preparing to launch a blockchain that it believes solves the infamous “trilemma” of previous platforms.
The Block caught up with Rory (aka “RED”) to learn more about Redlight Chain and why it continues to launch in a bear market.
The Block: Why have you decided to launch Redlight Chain instead of supporting an existing blockchain?
Rory: We decided to launch Redlight Chain instead of supporting an existing blockchain because we noticed that there was no blockchain that solved the trilemma (decentralization, security and scalability).
Our blockchain is complete and 100 percent gas-free, solving the trilemma and allowing us to scale into industries that would otherwise never consider blockchain technology due to the unpredictable nature of gas.
TB: What consensus does Redlight Chain use and why?
R: We have created our own form of consensus using a Proof of Authority base, with a hybrid of Proof of Stake. We chose to create a hybrid to spread the blockchain’s burden of “risk” and increase the blockchain’s overall security mechanism.
Proof of Authority allows us to remove malicious validators on the network through a decentralized voting mechanism. For a Proof of Authority network to be compromised, over 51 percent of the network’s validation vehicles must be compromised – making it extremely difficult and highly unlikely.
Blockchain encryption is extremely secure. The biggest problem in crypto “hacks” is the exploitation of the human factor, with Proof of Authority we try to eliminate that factor.
TB: Do you think you’ve overcome the blockchain trilemma?
R: We fully believe we have overcome the blockchain trilemma due to our completely gas-free nature, which allows us to scale into endless industries with a more decentralized and secure platform.
Because we are a truly gasless blockchain, we have naturally eliminated the scalability part of the blockchain trilemma, allowing us to focus more on security and decentralization.
TB: Redlight states that they believe gasless transactions will allow more traditional businesses to transition to Web3 – how is this achieved without risking the network being spammed with worthless transactions?
R: We have achieved this through an innovative queue management system that we call the Pocket System. This system allows us to identify congestion and network attacks and separate them by using validation pockets that are directly connected to the main network but separate from regular validation flows.
In traditional blockchains, under attack or high congestion, gas prices increase to navigate this problem. Our pocket system is similar in the sense that the amount of pockets will scale with network demand; all while maintaining a completely gasless and seamless network.
TB: What would you say to Web3 skeptics?
R: There will always be innovation and change. There were skeptics when checks replaced cash in the financial system, just as there were skeptics when debit and credit cards came out – but innovation always prevails.
TB: Redlight Chain will launch in a fairly saturated market – how do you plan to catch up with the established blockchains?
R: Launching in a bear market or saturated market, with an innovation, allows us to grow with market conditions. As an innovative piece of technology, we can show the world why our blockchain will inevitably surpass the existing blockchains.
Demonstrating our testnet to developers, businesses and end users who are primarily on blockchains like Ethereum, Binance or Avalanche, they are impressed not only by the significant speed increase, but also by the fact that they no longer have to pay gas fees or get their users to pay gas taxes for everything in the chain.
We truly believe that Redlight Chain is an absolutely revolutionary change to the blockchain industry as we know it.
TB: When do you currently expect to launch Redlight Chain?
R: The Redlight Chain mainnet launches on August 20, 2022! It will be live and running during Blockchain Expo in Santa Clara.
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