The global blockchain market is likely to grow from the current USD 212.12 mln level to USD 8,682.82 mln by the end of 2024 according to the report titled Global Blockchains Markets to 2024 – Trends Analysis, Company Usability Profiles and Forecasts. This is a Compounded Annual Growth Rate of 59.04 percent. However, to achieve this kind of spectacular growth we need a technology that is scalable, implementable and meets the needs of the various sectors that it is supposed to serve. In its initial days when Blockchain arrived on the scene through the invention of Bitcoin, it was naturally associated with cryptocurrencies but as time has passed the Blockchain evolution has gained new ground and now the impetus is on ‘real life’. In this evolution we have seen phases that have spanned cryptocurrencies, smart contracts and decentralised applications (D’Apps). The next step is to bring Blockchain into everyday life by tackling the challenges that are restricting the proliferation of Blockchain.
Any new technology brings with it various teething issues. In case of Blockchain these comprise of issues like security, scalability, privacy, speed and the lack of most blockchains to store data on the chain. Now a startup is aiming to bring Blockchain in to the future by tackling all of these issues so as to usher Blockchain in to the real world. Fractonet Innovation Technologies is promising not only to deliver a better Blockchain but also a superior cryptocurrency if necessary.
Rift protocol is redefining the blockchain
One of the problems that present day Blockchain technology faces is so called scaling. As an example Bitcoin in its earlier days was limited to a blocksize of just 1 MB. This meant only a limited amount of payments could be processed at any given time. Even the currencies that followed Bitcoin like Ethereum can only process about 20 transactions per second. Compare that with the Visa card network which has the capacity to process nearly 24,000 transactions per second. Fracton Network has taken a novel approach where they are using Mini Blocks an increased the block size up to 1.5 GB with each Mini Block being 25 MB. A whitepaper released by Fractonet lists the physical barrier on mathematical calculations as 225 GB for one size of the block. Mini block solution allows removal of network limitations on Fractonet’s blockchain. As mined blocks contain mini blocks that have reference to transactions, the result are self-contained blocks which are synchronised asynchronously due to the tracker mini block being present. This tracker mini block is the first among the mini blocks and has a digital signature that is inherited by the preceding mini blocks which allows nodes to sync with each other. This mechanism is called the Rift protocol and will allow not only for faster transactions but crucially also storage of data on chain.
A comprehensive solution that works in real life
Thanks to the approach that the Fractonet have taken Fracton Netwrok has emerged as a comprehensive Blockchain solution. With on chain storage there is no longer any need to depend on unreliable 3rd party cloud storage providers. Neither is there any need to implement untested non-blockchain solutions to try to solve problems of scalability. What is more Fracton Network is based on the SHA-256 protocol and completely embraces the Proof of Work (PoW) concept, which makes the network in sync with the original principles of the first blockchain. Due to the blockchain’s capability of automation through smart contracts, the use case potential in government and private sector is immense. Fractonet proposal has remained true to the philosophy of Blockchain and is intent on delivering version 4.0 of the technology that would make it truly useful in the real world.
Blockchain evolution requires blockchain use
Blockchain has been praised as a panacea for many problems by the media but it will only prove its mettle in the real world when real people use it. In that sense Fractonet can deliver solutions for medical recordkeeping, monitoring supply chains and use in e-commerce settings. Projects can be deployed in educational credential storage and distribution. With on chain storage now a reality it would be possible for people to share photos and video along with data easily, cheaply and securely.