Since the Blockchain is now a prevalent tool and plays a great role in the ongoing digital revolution, it is just wise that it is used effectively to meet the needs of different industries.
It is upon this technology that the digital currency is built and take a look at how much it's performing in the market.
The Blockchain could also be used in other sectors, to improve the operations of such systems.
This technology, the Blockchain, is embedded with features like full decentralization and scalability, which allows it to maintain transparency of operations, as the record of every transaction executed, cannot be tampered with by anyone.
It's scalability gives room for the improvement of any application built on it, and it's decentralized structure makes for the creation and of fully decentralized apps.
No wonder, a lot of systems are rapidly adopting it,because it has unlimited benefits to offer its users, and could mean a great elevation for the system.
But, despite the numerous benefits of the Blockchain, the current Blockchain is underperforming, thereby denying the world a chance at enjoying its full benefits.
This is so because the Blockchain is open and lets any user to connect, transact, and mine on it freely, which obviously is not private and less secure.
In most cases, a particular miner can become the major entity on the system, just by acquiring a heavy mining tool, which lets them mine more than others, in turn claiming all the mining rewards. Cases like this, makes them the major decision body, to confirm transactions and even confers in them the power to adjust transactions history on the Blockchain.
This is not what the Blockchain stands for, rather, this singular issue has plunged it back into centralization and an alterable system, making it unfit as the technology of the future.
Now to the big question,
WHAT DOES THE BLOCKCHAIN INDUSTRY NEED?
To curb these issues, and create a flawless Blockchain, this industry needs a Multi-chain design of the Blockchain so as to unlock all its benefits to the world.
AN INSIGHT INTO THE MULTI-CHAIN ARCHITECTURE
Multi-chain is a system meant for the easy development and deployment of private Blockchains, both across the different systems and even on the same organization.
A Multi-chain architecture through this design, will restore the privacy of the Blockchain system, by managing the number of people who connect, to make use of the system, using permissions.
To achieve this, it makes use of cryptography, to place some level of restrictions to the previously open Blockchain, making it that only users who have been granted permission, can connect.
This restriction eliminates the control of a single miner, over the entire mining process, by using the mining diversity, which limits the number of blocks a user can mine within a given time frame.
One unique feature of the Multi-chain architecture is that, unlike the regular systems which run only on one Blockchain, Multi-chain can operate on different Blockchains, and execute operations at the same time, without hassles.
Every authorization or entitlement on the multi-chain, is embedded on the metadata, which is how administrators are made, by being the first miner of the blocks.
Summarily, TO PROVIDE A FLAWLESS SYSTEM,
ALGORAND CO-CHAINS ARCHITECTURE IS HERE TO PROVIDE THIS!
Algorand Co-Chain Architecture is an independent consensus protocol. This is an innovation from the Algorand Research Team. The concept behind the Algorand Co-chain is to solve the need for both private and public blockchain.
Algorand Co-chains architecture is a unique form of the Algorand Blockchain technology, which serves as a permissioned Blockchain that is fully decentralized at its core.
The world needs both PERMISSIONLESS (Public) and PERMISSIONED (Private) blockchains. However, Algorand comes in to serve these purposes for both types of blockchain.
Algorand is out to make the use of Blockchain in different systems to be both painless and associated with a lot of benefits, as it keeps enjoying any new innovation developed on the main Algorand Blockchain.
The members of this permissioned Blockchain (Co-chains), can now freely carry out different operations in a decentralized, secured and an improvable framework and still maintain interoperability with other systems such as the permissionless version of the Algorand Blockchain.
This will ensure that transactions are effectively carried out both on the same chain and even across different chains, creating a wider environment for users.
This is exactly what the Blockchain industry needs as it serves as the solution to the problem of privacy and monopolization of an entire system by an individual.
The Algorand Co-chains fits the criteria of a multi-chain, as it amplifies the benefits of different Blockchains, to solve the Blockchain problems.
FEATURES OF THE ALGORAND CO-CHAINS
INTEROPERABILITY
The Algorand Co-chains is properly integrated into the entire Algorand system so as to get the necessary updates and transact with any chain on the system and outside the system.
This is the meaning of an efficient system, one which is not limited by interoperability challenge, now with Algorand co-chains, work can be carried out between different systems.
TIMELY UPGRADES
Algorand Co-chains even as a permissioned Blockchain, enjoys the different upgrades made on the Algorand system, thereby making the system more reliable and well equipped with the advanced tools to drive efficiency.
PRIVACY OF TRANSACTIONS
The privacy which has eluded other Blockchains for too long, is now achievable with the Algorand Co-chains, as it completely shields its transactions from prying eyes or external access, making users feel at home when carrying out transactions on the system.
COMPLETELY INDEPENDENT
Algorand Co-chains creates a system which does not depend on any public chain (but enjoys its benefits), as it selects its own validators as well as operate on a consensus of its own, on the Algorand system.
All these and a lot more, has made the Algorand Co-chains unbeatable and a more reliable system, to usher users into a fully scalable, secured and decentralized Blockchain system, filled with benefits.
CONCLUSION
With the Algorand Co-chains, the Blockchain system is made more meaningful and the numerous flaws of the current Blockchain will become a thing of the past.
Now, the entire mining reward will no longer be claimed by just one miner just by having a sophisticated mining power, as there will be restrictions regulating the amount a user can mine at a time.
An efficient Multi-chain is now realized with the help of the Algorand Co-chains, which serves as a permissioned system and with full adoption, Algorand will take the entire digital system to its peak.
Algorand co-chain engineering empowers the individuals from a permissioned chain to work most safely and effectively with one another, yet in addition, while holding greatest independence, with the Algorand permissionless chain and individuals from different chains also.
RESOURCES ON ALGORAND ECOSYSTEM:
WEBSITE: https://algorand.com/
TELEGRAM: https://t.me/Algorand
MEDIUM: https://medium.com/Algorand
TWITTER: https://twitter.com/Algorand