21 Inc.’s Microtransactions Channel, a Temporary Scalability Solution?
21 Inc., has introduced its high-frequency mircotransactions payment channel that can be used to stream small payments between a sender and recipient without spamming the blockchain. As the Bitcoin block-size debate rages on in the bitcoin community, 21 Inc. has introduced a new payments system that allows high-frequency microtransaction between two 21 Inc.’s Bitcoin Computers. the new micropayment method is currently available on the company’s Bitcoin Computers and it is expected to be available for other machines sometime soon in the future. The new Bitcoin microtransaction library is....
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In a recent video released by software engineer James Poole, the demonstration of micropayment channels shows how Bitcoin can be used for transactions in amounts as small as a fraction of a penny. In fact, micropayment channels can make microtransactions denominated in satoshis much more practical in the real world. Right now, it costs roughly $0.04 to broadcast a transaction on the Bitcoin network. While this is much cheaper than other payment networks, sending one satoshi becomes rather impractical. With a micropayments channel, a Bitcoin user can setup a trustless environment with a....
The inventor of Ethereum, Vitalik Buterin, published an article discussing implementing a new scalability solution. According to a document posted on his blog, several benefits could come from introducing “Plasma,” a scalability solution invented 6 years ago, in the early years of ETH. Related Reading: ‘Ripple Is The Internet Of Value’ Ethereum Founder Vitalik Buterin […]
Scalability is a significant aspect of every blockchain-based solution. Several blockchain networks today, including the popular Ethereum and Binance Smart Chain, struggle with scalability issues. However, Jax.Network has established sharding as the absolute solution to this age-old problem. Using precise sharding technology allows the Jax.Network blockchain to scale the network as the demand for transactions […]
Being the next step in the evolution of human civilization, blockchain technology still hasn’t been mass-adopted. The biggest obstacle here is a limited transaction processing capacity. Existing blockchains like Bitcoin and Ethereum are only able to do about 7-10 transactions per second. This technological limitation has been called the blockchain scalability trilemma. If it is solved, blockchain technology can facilitate the creation of a decentralized global currency that can be mass adopted and the implementation of decentralized governance systems, immutable data storage systems,....
According to a press release, internet browser Opera integrated with Ethereum layer 2 exchange DeversiFi and their scaling solution powered by Starkware. Users will be able to leverage cost-efficient and instant transactions via Opera’s mobile browser wallet. Related Reading | Ethereum Scalability Solution zkSync Deploys Tesnet, Cheap Network Fees Imminent? In that way, they will […]