XTRABYTES.TODAY Crypto Scalability Fully Resolved by XTRABYTES™ (Updated)

Discussion in 'Blog Posts' started by XTRABYTES, Oct 6, 2018.

  1. XTRABYTES

    XTRABYTES Well-Known Member

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    Why Crypto Scalability Is Important:


    As cryptocurrency becomes ever more popular, the ability to meet demand may make or break a coin. And yet, few investors are concerned about a coin’s crypto scalability until a crisis emerges. That’s what happened in 2017 when intense debate arose increasing Bitcoin’s block size (limited at the time to 1 megabyte) created a public crisis. Unable to perform more than 2-3 transactions per second, bitcoin’s network was struggling to process a backlog of pending transactions.

    Fortunately, the powers that be implemented Segregated Witness, a soft fork change in the transaction format. Segwit freed up space for additional transactions by eliminating certain transaction data from each Bitcoin transaction block. The change enabled the Bitcoin network to process nearly twice as many transactions as it had previously.

    Likewise, Ethereum began experience scalability issues in 2017 as well. Coinbase and BTC-E halted Ethereum trading that summer given that its network appeared somewhat unstable. It experienced an extremely high network load later that fall as well, resulting in the cryptokitties fiasco.

    Today, Ethereum developers are refining viable solutions to this dilemma (particularly sharding and off-chain solutions). Their best bet is implementing what is called The Lightning Network. As explained in What’s Holding Back The Lightning Network? its implementation has been continually delayed the past two years. Furthermore, it’s fairly complicated to operate:


    …the Lightning Network requires active involvement from all involved. Each party needs to be online at the same time; you can’t just post a QR code on your website to ask for tips. A successful Lightning transaction requires choosing an optimal payment path from among thousands of intermediaries, and—since nodes are constantly flickering on and off—that path needs to be recalculated each time. Those requirements have enforced some unexpected effects on the network’s topology. For example, the fact that intermediary nodes must remain online effectively forced the network to centralize around a few hubs. Those routing problems will become a lot worse if Lightning ever scales up to millions of users, (CryptoBriefing)

    Achieving unlimited scalability is critical if cryptocurrencies are to achieve mass adoption. Anything less than a permanent solution is merely “kicking the can down the road.” And given Bitcoin’s dominance, scalability may become a major issue with the coin again fairly soon.

    What Unlimited Scalability Looks Like


    When a cryptocurrency cannot meet demand (as Bitcoin above), we say that it has scalability problems. In other words, it cannot scale up past a certain point. The result is frustrated investors and lack of faith in crypto’s future.

    In contrast, Visa and Mastercard can handle roughly 56,000 transactions per second (far more than they currently need). As a result, financial investors have little concern about whether they can appropriately scale of not. Indeed, their network speed has set the standard for transactions. Cryptocurrencies seeking adoption at point-of-sale locations will need to transact just as fast to gain a similar confidence. Investors will perceive anything less as being somewhat limited.

    Fortunately, the XTRABYTES team has developed new technology that eliminates present scalability restraints. They believe XTRABYTES will conduct the fastest transactions within the cryptosphere. During their testnet, they achieved transaction speeds over 40 times faster than that of Bitcoin. How does XTRABYTES accomplish this?

    What We Are Working On


    XTRABYTES[​IMG]employs a system of physical and virtual nodes that connect through a private virtual network named VITALS. These physical STATIC nodes, as they’re named, are required to sign off on each transaction block. This configuration is why we use the phrase “Proof of Signature.” WIth this requirement, these nodes must be FAST!

    VITALS is the proprietary network that connects the STATIC nodes, so they communicate with each other. Much like a VPN, VITALS also extends over public networks. It’s been configured to provide “interference-free direct paths between nodes to ensure security and speed when processing transactions.” (XTRABYTES)

    Another aspect of XTRABYTES that facilitates transaction time is PULSE, the system by which the nodes above communicate with each other. When a new transaction occurs on XTRABYTES, PULSE notifies them that a new block must be validated. These blocks thus get verified in near real-time, enabling STATIC nodes to quickly desynchronize from the network when an attack or problem block occurs.

    Conclusion


    XTRABYTES[​IMG] Proof-of-Signature (PoSign) consensus method will provide a much more robust scalability solution than The Lightning Network. Unlike the latter, PoSign will not be held hostage to any scalability trilemma (the need to choose between security, speed, and decentralization). Instead, its unique configuration allows it to optimize all three.

    Moreover, XTRABYTES[​IMG] PoSign will ensure faster network speeds than even Visa or Mastercard can muster. At present, the XTRABYTES team has submitted four patents for review – which we expect will be over in the next month or two.

    Would you like to know more?


    We don’t just publish articles, XTRABYTES is a whole new blockchain platform that allows DApps to be programmed in any language, utilizing a new consensus algorithm called Proof of Signature. In doing so, XTRABYTES presents a next – generation blockchain solution capable of providing a diverse set of capabilities to the general public.

    You can learn more on our website, where you can also help to spread the word through our bounty program and get rewarded in XFUEL, or join our community and hop into the discussion right now!

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