THELOGICALINDIAN - ALZA is an offchain technology advised to accomplish micropayments involving cryptocurrencies bigger and thats their official band So NewsBTC Group bent up with Nate Zou one of the cofounders at ALZA to acquisition out added Here are few questions and responses that gives us a bigger abstraction of what they are out to achieve
Q: What botheration does ALZA accurately break in the industry today?
A: ALZA solves problems associated with baby throughputs, latency, and aerial transaction fees.
The amount elements in the bearing of Blockchain technology are decentralization, scalability, and security. BTC lacks scalability, acceptance alone seven affairs per second. ETH is hardly bigger acceptance 20 affairs per second.
EOS accomplished commercial-level scalability, with tens of bags of affairs accustomed per second. But this access comes at the amount of actuality added centralized and affected to manipulation. It additionally gives up security, with a abeyant to betrayal acute chump advice to the public.
Q: ALZA purports to action a amalgam blockchain band-aid that enables real-time transaction and on-demand adjustment at ultra-low costs. How does it accumulate costs down?
A: We use off-chain technology that allows affairs amid nodes to be candy aural our acquittal acreage (which is off-chain) and handle money adjustment in batches. In this case, we accompany the amount bottomward by agreeable one on-chain transaction fee into assorted off-chain transactions.
For example, A coffee boutique can authorize its own acquittal field. All the barter will accompany this acquittal acreage back they access the coffee boutique and acquirement coffee. In this case, the coffee boutique will be the baton of the acquittal field, back it conducts best of the affairs amid all participants. Each coffee auction amid the coffee boutique and a chump is a transaction. And all the affairs are candy off-chain aural the acquittal field. The buyer of the coffee boutique can accomplish the accommodation of back to address to the capital ledger.
Let’s accept the buyer of the coffee boutique decides to address to the capital balance already a day. That agency all the affairs happened in acquittal acreage in one day can be accumulated into one on-chain transaction. And the coffee boutique buyer will alone charge to pay one transaction fee to the capital ledger, alike if this one address to mainchain contains thousands of transactions.
And all the money adjustment amid the coffee boutique buyer and barter will appear afterwards the coffee boutique buyer sends in the address to the capital chain.
Q: How is aloofness and aegis adequate for all participants?
A: All the alone transaction capacity are encrypted off-chain afore synced with accessible chain. In this case, after transaction participant’s approval, no one can appearance transaction details.
Take coffee boutique archetype again. Before the coffee boutique buyer letters the affairs to the capital ledger, all the transaction detail advice will be encrypted. Therefore, afterwards the transaction advice is synced with the capital chain, the acute advice associated with the transaction will not be apparent to the public. However, it provides an advantage for third-parties to admission the encrypted information, alone with the approval of participants to the transactions.
Q: What differentiates ALZA from a all-inclusive alternative of added projects attractive to use blockchain technology for agnate purposes?
A: Our acquittal acreage technology delivers the best achievement with aegis and aloofness in mind.
ALZA approaches the botheration with real-world barter in mind. We antithesis assorted factors like performance, cost, privacy, and affluence of use.
We accept that the change of blockchain technology in absolute apple acceptance is not activity to appear overnight. Instead, it is a continued adventure area both technology and barter charge to accomplish compromises to accomplish their goals.
Q: Can ALZA absolutely complete millions of affairs in one second?
A: Yes. With our off-chain transaction processing technology, we are able to complete millions of affairs in one second. Also, the supernodes on capital balance are able to abutment and advance bags of acquittal acreage at the aforementioned time.
We will not be able to hit our TPS ambition in one night, we accept a bright plan and road map to chase until we hit the goal. For added details, amuse appointment our website www.alza.io, download the whitepaper and analysis our roadmap.
Q: Where is ALZA based, and what is the authoritative ambiance like there?
A: We are based in Silicon Valley, California
We are aiming to body an basement area appliance developers can body their apps based on our technology. Therefore, our development works are not awful adapted by U.S. government.
Q: What are your thoughts on the accepted authoritative ambiance for cryptocurrencies and antecedent bread offerings, worldwide?
A: Even admitting in a cool aboriginal stage, blockchain as an industry grows faster than anyone can imagine. Therefore, governments about the apple are not absolutely able to put adjustment about it yet. However, I do accept accept regulations about ICO is acceptable for the absolute industry. It requires all the teams who assignment on blockchain activity to be added accurate and complete and additionally helps to assure investors‘ investment.
Q: What do you analyze as the better challenges or problems the blockchain industry currently faces?
A: Since the aurora of blockchain technology, the agenda bill association has attentively pursued the dream of amalgam such technology with real-world business. In the accomplished ten years, blockchain has undergone three eras of innovation:Blockchain Era 1.0 is represented by Bitcoin, which is almost able of applied application; Era 2.0 is apparent by Ethereum, whose capital purpose is to body the foundation for Initial Coin Offerings of assorted agenda currencies; and the afresh acclaimed EOS led to Blockchain Era 3.0, with the abeyant to appoint in business activities beyond industries.
From BTC to EOS, the amount elements of all ancestors of accessible alternation technology are decentralization, scalability, and security. BTC suffered in scalability, acceptance a best of 7 affairs per second. ETH was hardly bigger to acquiesce 20 affairs per second. EOS, for the aboriginal time, accomplished commercial-level scalability, with tens of bags of affairs accustomed per second, but the amount of actuality added centralized and affected to abetment by oligarchs.
Q: Where do you see blockchain technology in 5 years?
A: The approaching of blockchain technology is bright. The technology itself has so abundant abeyant and can be abundant bigger than absolute technologies that admiral our acquittal band-aid today. The key actuality is to body a able foundation area developers association can body their appliance aloft it.
Q: You are the architect of the activity — but what excites you best about alive at ALZA?
A: As the artefact administrator of one of the bigger acquittal processor in the U.S. I accept been afterward blockchain technology for about 3 years. Especially in the accomplished 18 months, I accept apparent how fast the blockchain technology grows. Compared to the technologies we use today in our accepted acquittal process, for example, our banks, acclaim cards, acquittal processors etc. blockchain is a abundant bigger technology and is abundant bigger than the ones we acclimated for the accomplished 50 years.
I see new account in my job every day that cannot be implemented because of the technology constraints. For example, baby business owners today charge to delay 3-5 business canicule to get paid for the services, artlessly because accepted acquittal band-aid charge 3-5 business canicule to action the payments. This harms our bodies and economy. The accepted band-aid acclimated by banks or acquittal processors cannot break it. But with blockchain technology, it will all become possible. This is why I started ALZA, we appetite to accord to blockchain technology, accomplish us one footfall afterpiece to a bigger world.
