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5 Upcoming Blockchain Scalability Projects To Watch Out In Q4 2018

Blockchain Scalability Projects

Blockchain’s outreach is expanding by the minute and lamentably the technology is held back by its limitation. While there is vast scope for blockchain solutions (decentralization and disintermediation) of many services and systems, it still remains theoretical for most parts due to both technical and cost-related restrictions.

While most cryptocurrency and blockchain-based applications reduce companies’ hardware cost of developing them; they, in turn, increase the cost of maintenance. In addition, scaling becomes significantly harder due to the intense resource needs of hosting an ever-expanding distributed ledger on every node.

These problems are definitely not going unnoticed and many existing blockchain technology based platforms have started looking for a suitable solution. The aim is to offer an infrastructure that allows blockchain platform to scale to meet increasing demand and hence increase the number of “Transactions Per Second (TPS)”. Successively, than only the blockchain technology could be spread across a wider audience. The application mentioned below are some of the more intriguing scalability projects to watch for.

Here are some upcoming Blockchain Scalability Projects To Watch Out For

EOS – Expanding Blockchain for Enterprise

The EOS.io does not build a blockchain on which applications can be launched and hosted, instead, the team builts something like an operating system which lets users piece together their own DApps and blockchains using a system-wide universal template. It has already been much appreciated for its scalable ecosystem for dapp development, its disconnect from the major bitcoin and Ethereum chains and its creative design.

EOS uses a variety of tools that enable it to be significantly lighter than Ethereum and easier to scale. For one, DPoS, Delegated Proof of Stake consensus reduces the time taken to verify transactions, making it simpler to process more transactions in substantially lesser time.

The beauty of EOS is that it is built specifically to deal with the biggest issues limiting scalability – the transaction speeds and the number of transactions the system can process. While Bitcoin and Ethereum manage roughly around 7 and 15 transactions per second respectively, EOS claims to have the capacity to process nearly 50,000 transactions per second.

Another intriguing feature is that EOS allows for both vertical scaling (adding more processing power) and horizontal scaling (adding more machines to the resource pool). Which implies parallel processing so DApps can operate simultaneously without fighting for the same resources. In late July, EOSIO 1.0 was officially launched at the end of the company’s phase 3 and has received a warm welcome. The phase 4 will take the rest of 2018 and the beginning of 2019, and is expected to add some of the key features touted from the outset.

Also Read:

  • Here’s How EOS May Kill Ethereum

QuarkChain – Maximizing Transactions Per Second (TPS)

An important metric in the blockchain scalability conversation is Transactions Per Second (TPS) and QuarkChain claims a massive number at that. The company estimates that once fully operational, QuarkChain network should be able to process 1 million TPS. A capacity that is above and beyond the Bitcoin and Ethereum networks and even above Visa’s approximately 65,000 TPS.

Basically, QuarkChain works as a  two-layer solution, where one is a blockchain created for sharding purposes and handling the verification of transactions. The second layer or a root chain confirms the processed blocks from shards before appending them to the chain. While the company reports that QuarkChain managed up to  2,000 TPS in the testing phase, this has not been officially verified by independent observers and auditors.

To achieve the whopping 1 million figure, the company still needs to scale few levels. Their next target after the  2,000 TPS (alleged) is 100,000 metric.With this target achieved, QuarkChain will mark the single greatest leap in blockchain scalability since Ethereum was launched.

These projects are far from the only ones working to create a better and more viable blockchain ecosystem, but they are some of the more promising solutions. As companies gradually tackle this challenge, blockchain technology will face a much easier road towards mass adoption and put the true disruptive potential on display.

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