Growth of Blockchain Networks
Bitcoin’s first block was launched on 3rd Jan 2009, bringing the world the first taste of blockchain technology. This technology fascinated a niche group of people, one of them is Vitalik Buterin, who went on to launch (year 2015) the second largest blockchain network (till date) with smart contracts capability — Ethereum Mainnet.
Today, there are at least 1,000 blockchains in the Web3 space, as the world is starting to understand the innovative value blockchain technology could bring.
The Blockchain Network Trilemma
Blockchain technology brings the value of being transparent, chronological and immutable. However, for that to happen, the blockchain must be public, scalable, decentralized and secured.
The above factors constitute the Blockchain Trilemma that every developer faces when building a blockchain network — Decentralization, Scalability and Security. It is often simplistically said that no blockchain can achieve all 3 factors as at least one of the factors must always be compromised to achieve high scores with the other two. For example, if a blockchain is highly centralized, with most nodes and controls being controlled by a single party, the blockchain architecture will have single/few points of failure, resulting in low security level. It is worth mentioning that this does not mean the third factor will yield zero results, just compromised to a certain extent.
The Third Factor — Scalability
To be highly scalable in its own network, Cube Network is designed to be modular, where it is divided into 3 key layers — Execution, Settlement and Data Availability layers; The Execution layer is responsible for transactions, and Cube Network improved the effectiveness of this by implementing ZK Rollups, allowing the function to offload and compact expensive transaction processes from being on-chain to off-chain. In one of our previous articles, we discussed and explained how Cube Network’s Hybrid PoS model, in its Settlement layer, was able to tackle the Decentralization and Security factors seamlessly. Lastly, the Data Availability layer leverages on data sharding technology to allow projects on board to rely fully on the blockchain’s data storage capabilities instead of linking up with external storage protocols, which are usually centralized.
True Scalability of Cube Network
As the Web 3.0 space is growing at a blistering pace, a blockchain network can become obsolete very quickly if it is only highly scalable only in its own network and unique programming code. Cube Network understands the concept to stay relevant and strategizes itself to tap from the largest pool of resources in the Web 3.0 industry — Solidity Developers, who are proficient with the development of Ethereum Virtual Machines (EVM). By being EVM compatible, or written with Solidity, Cube Network can be integrated into various projects easily and perfectly, giving it swift scalability across the entire Web 3.0 space. This way, Cube Network is able to bring in the value of its technologies to the entire Web 3.0 ecosystem in a natural and swift manner.
The scalability solution of Cube Network does not end here; We encourage the building of a true multi chain ecosystem by being COSMOS ecosystem compatible. COSMOS is one of the few layer-zero blockchains which facilitates effective bridging between multiple layer one networks, it strives to be the “search engine” where layer-ones would be the “web pages”.
Cube Network — A True Web 3.0 Blockchain Network
In summary, by leveraging on increased scalability through different dimensions of the blockchain network space (ease of cross chaining and using COSMOS), Cube Network embraces the true Web 3.0 spirit by bringing high performances, and bridging the compromisation through creative architecture design.
Credits: Walter Lee
