One of the greatest weaknesses about Blockchain is that the system is very slow to handle transactions. While cryptocurrencies are more popular than ever and the volume of operations can’t seem to register numbers past the $1billion mark each year. Those numbers might be big for the digital market, but they are less than crumbs when compared with a FIAT market trade that moves billions of dollars daily. Even the most basic transaction made with Bitcoin can take 10 minutes to be confirmed, and that’s using a high powered internet connection and state-of-the-art software. With these facts laid out in the open, we talk a little about TreeBlock and the job they are doing to fix this situation.
The Search for Solutions
The team Behind TreeBlock has slowly gathered the information they need to work out the main problems plaguing the effectiveness of the Blockchain. Their data revealed an immediate need to scale the process of transactions. But a wide number of factors seem to affect a standard solution in the short run. Some of these obstacles are the ongoing need to keep updating computer or smart devices with hardware that is able to withstand the transfers of data required for a Blockchain transaction. Another issue is the costs of data storage since many Bitcoin users still hold their assets on site instead of using a decentralized grid.
A Pile of Unending Issues
Among other issues worth mentioning is the fact that many longtime users simply don’t have the incentive to keep trading since the market of digital currencies experienced the first boom back in late 2017 and every projection is signaling that it could happen again in every moment. Security is also a concern, mainly because the Blockchain itself is very secure, but the access to it can still be affected by outside threats such as DDOS or Sybil attacks to steal the data of the owners of crypto assets. This is why TreeBlock has come up with a solution based on Time Sharding Trees to administer Blockchain transaction using decentralized means that are time efficient and secured against any sort of menace.
Time Sharding Trees - The Light at the End of The Tunnel?
The Time Sharding Trees created by Treeblock are designed to use dApps following a model that will be adapted to our personal liking. The tool can connect a network of users based on location using smart devices, computers or everything that generates an IP address. The operations managed on that grid can be limited by the settings of the user that creates it using Smart Contracts and accounting information systems. The data of every user will be secured on that particular grid and will be stored with the authorization of the user to make every transaction as quick and smooth as it can be with no need of multiple checkups.
The system created by Treeblock has proven to work with great accuracy and efficiency. It has made transactions using digital currencies some instantaneous, and it could very well be the door to massification that has avoided digital currencies for so long. To learn more about this project, you can go to https://treeblock.io/ and check the Whitepaer. You can also join the bitcointalk thread for discussions.
A debate has been brewing among the bitcoin community surrounding transaction times and fees. Right now it takes an average time of 78 minutes to confirm a bitcoin transaction, according to Blockchain.com. But on Sunday the average time was as high as 1,188 minutes.
Slow transaction speeds and fees has led to a number of splits in the original blockchain. In August, the blockchain was forced to split in two — a phenomenon known as "hard fork." This led to the creation of a bitcoin spinoff called bitcoin cash. Another fork occurred in October, spawning yet another digital asset called bitcoin gold.
It's fun to read about the more solid security. Hopefully give us a good hope at the end of the year. ☺
@danizaharie blockchain is big revolution cryptocurrency market and banking sector ....
Among them, I am the one who owns the coins on the website,Although this amount is very small, which is almost non-existent
Indeed! The development of Cryptos is very worrying this year. I think, smooth transactions and security factors are a priority to create comfort.
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The claims by the ripple and zilliqa to handle 10000 transactions per sec with a high state of an art security is unfortunately unchecked,,if we compare the current form of transaction that is Master card can do 1200-1500 transactions per sec those are quite faster than bitcoins transactions but some new projects like Tron,and zilliqa's claim to handle few thousands transactions per sec needs a solid proof
Blockchain is a big point of cryptocurrency . Blockchain develop crypto . Hopefully your information is very helpful for stemians .
Thanks for sharing @danizaharie