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The Interoperability Problem of Blockchain May Soon Be Over

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Kardiachain

Crypto traders have certainly had a rough time since early 2018. The markets have tanked resulting in large losses for nearly everyone involved in the market. While that’s bad, what’s even worse is the fact that many projects have failed to deliver on their roadmap. Blockchain technology has been hailed as the next great advance in technology. And while many companies are making strides toward fully implementing blockchain-based technology, there is still a long way to go. As promising as blockchain technology is, there are still limitations that need to be addressed.

Limitations of Blockchain Networks

Although blockchain technology is certainly the future, the existing technology will need to be improved before it can go mainstream.  A few of the current limitations include:

  • Limited Scalability – Blockchain networks have consensus mechanisms that require each node to verify a transaction. This verification requirement slows down the network and limits the total number of transactions that can be processed.
  • Limited Usage – Each blockchain network was created with specific usage in mind. Because of the limited number of use-cases, each network eventually suffers from a never-ending loop of limited adoption. In the end, this causes low awareness.
  • Lack of Interoperability – At present, individual blockchain ecosystems are unable to communicate with each other. If a blockchain network attempts to retrieve information from an external (outside the “chain”) source, each node would have to perform the operation. But because each node acts individually, and an outside source is being used, there is no guarantee that each node will receive the same answer. This lack of homogeneity would break the consensus and therefore kill the blockchain.
  • Privacy Concerns – Users tend to think of blockchain as offering the utmost in privacy protection. However, in the case of public blockchains, all transactions show up on the public ledger with all the wallet addresses. And, although identities aren’t shown on the ledger, with enough detective work, they can easily be discovered. There is a reason why privacy coins exist!
  • Security Issues – Most people involved in the blockchain/crypto space have likely heard of a 51% attack. But what does that actually mean? If a majority of nodes give false information, the false information becomes true information. Satoshi Nakamoto highlighted the dangers of this type of attack when he launched Bitcoin in 2009.

Solution for Lack of Interoperability

In order to take blockchain technology mainstream, the above referenced limitations must be addressed. Fortunately, there are several companies working on solutions. In particular, Kardiachain (KAI) is working on addressing the issues of scalability, usage, and interoperability.

In an effort to vastly improve interoperability, Kardiachain has developed a dual node, which can establish a connection between Kardiachain’s blockchain and another separate blockchain of the user’s choice. The company’s dual master node has three primary components:

  • Translator: Utilizing Kardia Smart contract language to break the language barrier between different platforms.
  • Router: Leveraging algorithms in routing transactions to best-performing chain.
  • Aggregator:  Batching new updates from participating chains to reduce strain on Kardiachain main chain.

The dual node solution allows for a practical and non-invasive way to facilitate a secure and decentralized interchain connection, reduce cost and increase speed.  Unlike many blockchain networks offering interoperability with a standard that other blockchain needs to change to be compatible with, the end goal is to build a harmonious ecosystem that can efficiently utilize the unique strengths of all the participants.  If successful, Kardiachain would essentially become the blockchain of blockchains.

Conclusion

Although blockchain technology is quickly being adopted by companies across the world, there is still a long way to go before the technology reaches mass adoption. And, in order to reach that stage, Kardiachain has taken on the herculean task of addressing some of blockchain’s major issues such as adoptability, interoperability, and scalability.

The company is especially focused on becoming the industry-leading blockchain project in Vietnam. Vietnam is not only the fastest developing country in Asia but also has a government that is open and eager to embrace blockchain technology. This really sets it apart from other nearby areas of Asia. Mass adoption is coming to blockchain technology, it’s only a matter of time. With the technology improvements that are being developed by Kardiachain and others, that time may be coming a lot sooner than some think.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Miguel Á. Padriñán from Pexels

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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3 Reasons Why Liquidity Dividends Protocol (LID) Will Be a Huge Winner

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Liquidity Dividends Protocol

Since 2017, cryptocurrency has experienced both the crazy highs and the crazy lows with fortunes being made and lost overnight.  That volatility is one of the main reasons why cryptocurrency has been relatively slow to gain mass adoption.  In addition to volatility, another concern for many is the lack of security and regulation in the market.  This can be seen through the countless exchange hacks and rug pulls that seem to occur on a weekly basis.  In order for cryptocurrency to move into the next stage of maturity and bring on mass adoption, investors and users will need to feel secure knowing that their funds are safe.  One promising organization that may have the perfect solution is Liquidity Dividends Protocol (LID).

What is Liquidity Dividends Protocol?

Liquidity Dividends Protocol is an up and coming organization that provides locked liquidity services to cryptocurrency projects that launch their offerings through ERC-20 tokens.  It lets non-custodial pre-sales lock liquidity of a token in a trustless manner through Uniswap.  This locking process will prevent every investor’s worst nightmare of seeing their hard-earned money disappear through “rug pull” scams that are designed to remove liquidity out of DeFi projects.

This year has seen an explosion of interest in Uniswap and DeFi projects.  Many investors have generated enormous returns on investments, but many have experienced the pain of being duped.  Below are three reasons why LID Protocol is poised to be a massive winner in…

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