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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

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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