THELOGICALINDIAN - Scalability has consistently been an affair aback it comes to blockchain technology High arrangement bottleneck has been a massive affair and is yet to be apparent Although abounding companies are alive on a altered set of scalability solutions this botheration represents a big claiming There are two cogent issues that set aback the best accepted cryptocurrencies such as Bitcoin and Ethereum The aboriginal one would be the time it takes to access a transaction in the block and the additional the time that it takes to ability accord for a said transaction
The best accepted cryptos in the apple chase a Proof of Work (PoW) accord model, area miners use their computational ability to break a specific cryptographic puzzle, and back successful, access a block reward. This, of course, takes time, and the added complicated the addle is, the added time it will booty to break the problem.
Let’s booty the bitcoin network, for example, area the block admeasurement is bound to 1MB, which reduces the cardinal of affairs that can be entered in a distinct block. This converts miners into a aqueduct for the operation, which abundantly delays the transaction.
As for the Ethereum network, alike admitting it is not bound to a 1 MB block size, it’s bound to a gas limit. Gas is the bulk of computational ability that is bare to action assertive affairs or acute contracts. This limitation agency that miners can alone add affairs that accede with the gas requirements of the block, afresh attached transaction volume.
Both networks additionally accept a accord apparatus to ability decisions. The action is based on a analysis arrangement throughout the network, area acceptance charge be acquired for the transaction to be approved. This action can booty anywhere from account to hours, depending on how active the arrangement is.
Given that there are important issues in the best accepted blockchain networks, it makes faculty for companies to try and advance applicable solutions to abode these problems. One of the companies alive to break this affair is IOVLabs, which developed RSK. This sidechain adds acute arrangement capabilities on top of Bitcoin’s arrangement and enables developers to create, import, and arrange acute affairs application the hashing ability of the best defended blockchain. So how can RSK accord to the scalability problem?
The Solution
Many companies in the industry are developing a band-aid based on layer-2 scalability. What this agency is that a accompaniment approach will be created to set a two-way advice approach amid participants, enabling real-time advice and exponentially abbreviating the transaction time by eliminating third parties associated with the transaction chain.
Through the development of its own acute arrangement belvedere accepted as RSK, which connects to Bitcoin’s blockchain through sidechain technology, IOVLabs provides a arch for developers to actualize apps accordant with Ethereum while additionally adequate Bitcoin’s security. At its actual core, RSK is a aggregate of:
As allotment of its blockchain initiative, the aggregation has developed the RIF Lumino Network ecosystem, which is a set of protocols whose primary ambition is to accredit fast and bargain peer-to-peer payments that could calibration to accomplish absolute common banking inclusion. This will facilitate the use of blockchain technology by authoritative it as simple for anybody as possible. RIF Payments is composed of three capital protocols:
RIF Lumino Network is the aboriginal off-chain accompaniment approach arrangement launched by IOV Labs. It is additionally a cornerstone of a broader eyes alleged RIF Payments, which will acquiesce users to seamlessly collaborate with assorted cross-blockchain off-chain networks such as Lumino, Lightning, and Raiden. RIF Lumino Arrangement sends affairs and acute arrangement capacity over accompaniment channels, through the RSK network.
RIF Lumino allows authoritative off-chain payments on any badge deployed on RSK with low fees and anchored by the Bitcoin network. RIF Lumino Arrangement will be the aboriginal acquittal arrangement accurate by RIF Payments in his aisle to a all-around banking inclusion.
Through the enactment of this ecosystem, RIF Lumino Arrangement could calmly break both of the above issues that the Bitcoin and Ethereum arrangement currently face. Building aloft the strengths of the aegis that the bitcoin arrangement provides, and the adaptability that the ethereum arrangement adds, RIF is set to become a above basic for developers all around.
Additional Resources
RIF Labs / IOV Labs: https://iovlabs.org
RIF OS platform: https://rifos.org
RSK platform: https://rsk.co
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