Satoshi brought the concept of blockchain and humanity is thankful to him. I tag it as equivalent to the discovery of fire, which is ranked as the greatest discovery of mankind. People used the fire and applied to their lives to make and create new things. It was hard to start a fire in initial days but it would have made no sense to say that it is very hard to start a fire and rather find something new source of heat, I feel that is what happening today in the crypto world. Humanity needed blockchain and Satoshi provided it in the form of Bitcoin/Bitcoin Core now just keep taking it forward step by step rather starting all over again. Vitalik used the concept and showed the world what could be done with that concept, that was one step forward.
I don’t disagree with the point that scalability is a major issue and everyone is talking about it. It’s the new buzz word in the crypto world. Every week a new blockchain project is popping up and asking for millions of dollars to ride their fantasy world at people expense. Lots of new blockchains are popping with rosy promises of millions of transactions per second and most of them are a just white-paper project. Just write a white-paper and ask for millions of dollars. So easy! I am not pointing at any project but it is the reality. I feel most of them are an opportunist. I did some research and found people are just throwing their money at anything in speculation to make more money and in 2018 blockchain is the hot investment. Nobody cares about the tech behind it, it would be more accurate to say that most of them don’t understand the tech or cannot understand the tech. It is completely fine if you don’t understand the technology at the code level. But at least spend some time and try to understand what is the project and is there any need of this, ask questions and that’s it. One point what people don’t talk about is the “network”. One projects need a network support to succeed, have to be robust and tested in real life. When it is tested in the real world then a whole lot of issues pop up which no one ever thinks about during writing the whitepaper saga. Bitcoin and Ethereum and time-tested and they have a network support the project. It is so easy to score a game in a video game but when you play it on the field then It becomes a whole different game. Every new blockchain project makes rosy promises but they have no network to support their project, they have to start it all the way from scratch and it is not easy, its waste of resource and everything does not happen as one plans to.
Bitcoin and Ethereum cannot provide more than 20 transactions per second and that’s why these are not suited for enterprise level application. I tag it as a congested road where traffic is too much to be accommodated by the current infrastructure. One way to solve this issue will be to build a flyover or increase the no of lanes. This will provide more space to commute and will increase the speed on commute and problem is solved. A new blockchain means start building the whole network of road altogether, which is a waste of resources (innocent people’s money).
Like I mentioned before, when the traffic exceeds the capacity of current infrastructure, build a flyover or add some more lanes. You just need to make some modifications to the current infrastructure rather than starting a whole new infrastructure. Fast Access Blockchain is taking current blockchain a step forward with Satoshi.It is using Bitcoin/Bitcoin Core as the Foundation Chain/base and making some modification to it to suit the current world demand. Scalability is solved by the Annex Chain, which provides powerful transaction capabilities. KANBAN keeps the ledger in check and avoids double spending, and Open Storage Network adds the decentralization feature. I tag FAB project as a new flyover project compared to building a new road network which other projects are doing.
*This article was a continuation of my previous articles. I have covered these topics in my previous post, so if you want to learn more please refer my earlier posts.