BlockX is a layer one solution providing a low-cost, highly scalable, and fully decentralized alternative for dApps developers
A significant portion of September 2022 has been spent on the hype surrounding Ethereum's switch from Proof of Work to Proof of Stake consensus mechanism. This is understandable given that Ethereum is the second most valuable blockchain network behind Bitcoin and the network that pioneered smart contracts and the emergence of decentralized financial services. To that purpose, shifting to a more environmentally friendly consensus process was a good proposal, both in the short-term and for the long-term survival of the blockchain.
This change, however, has only an environmental impact. It does not address the underlying flaws that have plagued Ethereum since its inception in July 2015. The Ethereum mainnet is now notable for its delayed transaction processing and high gas prices, which are the result of gas battles caused by transaction bottlenecks.
To remain competitive, Ethereum has deployed layer 2 solutions as a layer on top of its mainnet. These technologies allow Ethereum to execute transactions more quickly while also lowering transaction costs. The network has also enabled the deployment of sidechains that can run alongside and independently of Ethereum.
As a result, both layer 2 scaling solutions and sidechains serve to compensate for Ethereum's shortcomings. Polygon is a major Ethereum sidechain, and notable layer 2 Ethereum solutions include Immutable X, Arbitrum, and Optimism.
Despite the presence of these solutions, Ethereum is still known to be expensive in terms of gas fees, which can occasionally exceed the amount being transferred.
A handful of blockchains have emerged in recent years to provide alternative platforms to Ethereum. These blockchains are commonly referred to as “Ethereum Killers”. They include Solana, Cardano, and Avalanche.
However, just like Ethereum, these blockchains have also encountered their own issues. The frequent shutdown of Solana is publicly documented, whereas Cardano is thought to be less decentralized. This creates a conundrum for developers wanting to construct the next generation of highly scalable, decentralized blockchain applications, as they continue to seek an all-encompassing blockchain network that provides scalability and decentralization without being prohibitively expensive for users.
The BlockX network was established as a next-generation blockchain network to overcome the shortcomings of present blockchain networks by providing a low-cost, highly scalable, and fully decentralized alternative.
The network uses delegated proof of stake consensus, which allows all token holders to participate in the network by either staking their tokens to become a node validator or delegating their tokens and earning rewards from their preferred delegator.
Aside from decentralization, BlockX can already process thousands of transactions per second, giving it a ready-to-use scaling option for the implementation of strong decentralized apps. All of these capabilities are made available at a fraction of the cost of the transaction being completed.
The BlockX development architecture also allows project developers working on Ethereum, Cosmos, and other compatible blockchains to quickly deploy their dApps and get them up and running. The chain facilitates the implementation of projects in the metaverse, NFT, and all facets of decentralized finance.
Overall, BlockX effectively addresses the blockchain trilemma, and new novel solutions for all blockchain users are on the way.
Catch the latest news around the BlockX ecosystem, from exciting partnerships to insightful and educational articles about the technology that makes BlockX Blockchain truly unique.
The cryptocurrency market has gone down the rails once again. A correction of sorts is usually healthy, but the recent developments in the space have massively increased uncertainty and doubt.
The key advantages and disadvantages of centralized exchanges