PlatON | SCALABILITY FOR BLOCKCHAINS
Blockchain has been said to be the next big thing after the invention if the internet and this is evidenced by the fact that even fortune 500 companies such as Microsoft, Facebook, Opera and a lot of others are rushing to get into the Blockchain space and create their own Niche, Blockchain is the infrastructure that the much loved Cryptocurrency is built upon, Cryptocurrencies was invented in 2009 and has since grown from obscurity into a market that is presently work in excess of 200 Billion dollars, a technology that enables you to send funds in the form of digital assets from the comfort of your home to halfway across the world in just seconds and with very little transaction fee and the best part about this is that you can view this transaction on the blockchain from it's point of origin to it's final destination.
But today I am not here to talk about the awesomeness of Cryptocurrencies, infact I am here to do the opposite of that, I want to talk about the problem facing blockchain technology and also introduce you to a project that I recently discovered and truly believe is the solution to this problem, the name of the project is PlatON.
PROBLEM FACING BLOCKCHAIN TECHNOLOGY
Blockchain technology was moving at an efficient pace until December of 2017 when the users of Blockchain technology seemed to explode overnight and that was when we noticed the problem of existing blockchain infrastructures.... Scalability.
Existing blockchains are not scalable at all, the bitcoin blockchain is built to handle about 7 TPS (Transactions Per Second) while the Ethereum Blockchain is built to handle about 15 TPS (Transactions Per Second) and at the time when users increased for both, a normal transaction that was supposed to take 5 seconds to execute increased to hours and sometimes days before they were finally confirmed, this also increased the fees charged for each transaction with people paying as much as $10 for a single transaction that isn't even worth up to that amount.
THE SOLUTION
Like I mentioned earlier, I have discovered a solution to this problem and it's name is PlatOn and all you need is a brief look at PlatON's Whitepaper to see why I believe this. PlatON aims to use VC (Verifiable Computation) to tackle this problem.
Blockchain technology is basically a trustless network where that uses a consensus algorithm to verify transactions and the more nodes that participate in this consensus, the more trusted the data, this is why blockchain is decentralised because transactions cannot be reversed or altered by one person and the more the nodes dedicated to this task, the more the difficulty of the algorithm and the more time it takes for a consensus to be reached, hence the scalability issues, however the consensus is just a method that ensures that every transaction is confirmed in a trustless manner and this feature can be replicated with VC (Verifiable Computation).
Verifiable Computation was initially invented as a failsafe method of verifying data provided by an untrusted cloud provider, the cloud provider is compelled to provide cryptogenic proof about the data which can easily be evaluated by the Verifier, PlatON aims to introduce this method to Blockchain Technology to ensure Scalability, Accuracy and Speed of blockchain networks hence enabling them to D'Apps to be built on them without any issues of speed of transactions no matter the amount of users.
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