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The Interoperability Problem of Blockchain May Soon Be Over

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Kardiachain
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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

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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altcoins
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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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Altcoins

Why Binance May Be Crucial for Tron (Trx) to Reach $1

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TRON
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TRON (TRX) has been one of the most popular crypto projects in the past year. The coin has received a lot of attention from the entire crypto community, and although the impressions may differ —  the fact is that TRX is one of the most talked-about coins, even today.

However, while the project managed to achieve a lot in less than a year — launch its MainNet, start multiple massive projects, launch dozens of dApps, hundreds of smart contracts, its own DEX, new token, and more — its price remains quite low. Undoubtedly, one of the reasons for this is its massive supply. TRX circulating supply is over 66 billion coins, while the total supply is over 99 billion.

Even so, the coin is believed to be massively undervalued, with its current price sitting at $0.028129, according to TradingView. This price, together with a market cap of $1.88 billion, pushed the coin out of the list of top 10 largest cryptocurrencies, and it currently sits at 11th spot. But, many believe that this is not a permanent position for TRON. In fact, its community believes that it is only a matter of time before TRON rises through the ranks, and its price hits $1. And, the way for the coin to achieve this is believed to be through Binance.

TRON and Binance

Binance is one of the world’s…

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Altcoins

Why Tron (TRX) Price Won’t Remain Low for Long

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TRX
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TRON (TRX) has been one of the most popular cryptocurrencies in recent years. The project has achieved a tremendous amount of success in less than a year, and while the first birthday of its MainNet is approaching, TRON certainly continues to impress to this day.

With that said, its price is still noticeably low, and many would agree that the project is heavily undervalued. The low price even allowed other projects to push it out of the top 10 list, with TRX currently being the 11th largest cryptocurrency by market cap. However, it is likely that TRON will not remain undervalued forever, and that its price might soon see a surge that its entire community has been waiting for, for a long time now.

Why TRX might see growth soon

As many undoubtedly know, TRON is a lot more than just a cryptocurrency. It has developed a massive ecosystem, which offers a development platform for coins, smart contracts, and dApps. It also acquired BitTorrent last year for its Project Atlas, which will allow torrent users to earn crypto through participation in content sharing.

For this purpose, it also launched BitTorrent (BTT) token, which saw its launch on January 28, 2019 on Binance Launchpad. This was dubbed the most successful ICO in history at the time, although several coins launched since then have broken its record.

In addition,…

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