The Unochain network introduces completely workable solution in terms of operating a scalable and secure, decentralized cryptocurrency platform that is capable of handling loads of 100,000 transactions per second by leveraging sharding in the core creation of the platform. Our team has extensive cryptocurrency experience and have created the Unochain vision with the most up to date technology. By making a change at the core in terms of how transactions are handled, with sharding integrated as the solution, Unochain will be a fast, inexpensive, secure choice for any cryptocurrency user to prefer. This will allow blockchain’s usability to expand in a way that does not limit the size of the blockchain in the future and will not cause lagging times. A brilliant solution which is necessary to deal with the problem of time and lagging, without foregoing the proper level of security all cryptocurrency users have come to expect in their preferred blockchain. Unochain will bring blockchain to the next generation and will stand as the solid go-to choice for the foreseeable future.
The volume which Unochain will be able to handle, and the speed we will be able to handle it at, can be applicable across many different industries that require high volume capabilities. Our consensus algorithm allows for normal people to access the blockchain and use it for their everyday needs in real time without worrying about more users creating larger lags.
One way that traditional cryptocurrency users have found to process their transactions in light of lag times is across multiple blockchains, such as processing one transaction across Bitcoin, Litecoin, and Ethereum blockchains. The problem with this is, even though it creates a lower transactional demand, it also means that each blockchain is operating on a lower hash power. On a smaller chain a malicious attack is more possible as it takes less hash power to execute. So even though it makes scalability possible, it sacrifices security. It also means that users have to maintain an address on each of the platforms which would create even more security concerns as well as issues in relation to private key management.
A further way in which this issue has been dealt with by users who do not rely on platforms that have high enough transactions per second to not cause a lag, is through the use of a lightning network. This effectively means that transactions which are considered to be frequent might be deferred between a fixed group of users until all users have finalized the transaction. Then only one of those users would need to post the final result, eliminating the need for multiple historical transactions to be made.
This requires two channels; one to create and one to destroy any payment channel, which accepts an infinite number of off chain transactions. The downside to this option is that it is only good for that fixed group of users, while it would remain quite irrelevant for any user that only had a sporadic transaction. Transparency becomes another issue with the lightning network approach because it is not showing up in the main blockchain, so only the user group doing it can actually see it.
Problems of blockchains
There are a few problems which can be found in blockchain, including:
Blockchain technology is becoming better known these days, and it will not be a surprise that every blockchain developed to date has their own unique selling points. One aspect of similarity for most, however, is the unfortunate nature of their lack of being able to scale efficiently, or at all sometimes. Each block has a gas limit and the miners creating a block can only add transactions to that block whose gas requirements add up to a number that is either less than, or equal to, the gas limit of the entire block. This means that a number of transactions that are being sent through are limited.
While blockchain technology offers users a promise of being able to be their own bank, most of the exchanges will only allow individuals to buy cryptocurrencies through a centralized exchange. This is a problem that is fundamentally plaguing the industry, with centralized exchanges occurring more frequently. Remembering that centralization can lead to hacking, this problem could be seen when Mt. Gox was hacked, when BitFinex was hacked, and when Bithumb was hacked, which was the 5th largest cryptocurrency exchange at the time. The problem with a centralized blockchain is the same as the problem that is created when you hold all your money in one bank, i.e. all your eggs in one basket.
A main security issue in blockchain is a costly one. Since cryptocurrency is so valuable, the idea of hacking it becomes quite lucrative to any black hat hacker. Some cryptocurrency platforms do not have as robust security features as other platforms do, which makes them even more rife for hacking. Early cryptocurrency users will remember the 2014 Mt. Gox hack, which at the time happened to the largest exchange processor of the time. Almost 850,000 Bitcoin were stolen in that hack, with users losing all of their investment.
Unochain proposed solution
Unochain aim is to get up to 100,000 TPS on a decentralized, scalable and secure platform. We will do this through sharding, and through algorithm consensus. In this section we will describe what is meant by sharding, and by a consensus algorithm.
A consensus algorithm is a mechanism that a blockchain network can use to reach a consensus. Without a central authority, the decentralized blockchains are instead built through distributed systems. Distributed nodes have to agree between themselves about the validity of any transaction. This is where a consensus algorithm takes part, assuring each of the nodes that the same protocol is being used and all the same rules are being followed by all nodes. This ensures that each and every transaction is completed in the same trustless way, so that the coins can only be spent one time.
These consensus algorithms are imperative to making sure that the security and the integrity of any cryptocurrency network remains intact. They act to provide the means by which each distributed node can reach a consensus on determining the proper version of the blockchain. The agreement of the current state of the Unochain blockchain is a primary requirement of the cryptocurrency platform and is key to making sure that the system works as intended.
Sharding is a type of partitioning on a database and is also called horizontal partitioning. Sharding involves the breaking up of a large database into much smaller and thus more manageable segments for the purpose of improving the overall performance and for reducing each query’s response time. Even centralized database management uses sharding, and has done since the 1990s. Businesses also commonly shard their information across different segmented lines, such as by geographic location. Unique, geographically specific servers are used by very large businesses to break down their overall pile of information into a more manageable section that is easier to review.
Proof of work
Proof of Work is what Bitcoin uses, and the whole idea of Unochain proof of work was developed when the Bitcoin was incepted. PoW is a piece of data that is extremely difficult to produce (which means, it either takes a lot of money or a lot of time to do so), but which can be verified by other uses quite easily and meets certain other requirements. In Bitcoin, creating proof of work is done in a competition by miners who work to add to the blockchain, the work being to find the nonce value for the block through completing a mathematical puzzle. Once a nonce value is found by a miner, they can tell other miners in the network. If other miners are able to validate the claim, the miner will be rewarded with bitcoins. Once a nonce value is found, a block is then added to the blockchain.
Aadolf Marxer (Founder CEO) Emma Ingersson (Head of Growth) Aabraham Oiva (Network Development Engineer) Aleksis Paikkala (Blockchain Developer)
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