How WAB is Positioned for the Future
WAB is poised to usher in the future of blockchain technology — called Blockchain 5.0. WAB is a multigraph blockchain network designed to run using a decentralized operational approach. It aims to be a flexible, powerful and highly practical blockchain network that makes it ready and capable of handling real world applications.
Unlike Ethereum, it has superior advanced features that solves and eliminates the issues inherent with the former’s Smart Contract technology.
The introduction of Blockchain into the financial technology landscape completely revolutionized the industry with its first ever application, Bitcoin. Since Satoshi Nakatomo’s landmark cryptocurrency was released back in 2007, hundreds of other cryptos and blockchain projects followed suit.
Unfortunately, most of these projects also inherited Bitcoin’s inefficiencies and potential security flaws, primarily due to its consensus algorithm called Proof of Work. As a result, Bitcoin’s processing speed runs at a slow 7 transactions per second. What’s more, mining for Bitcoins consumes a tremendous amount of energy — estimated to rival the energy needs of a small country. This makes Bitcoin and all the digital coins it inspired highly unscalable.
And while Bitcoin is still currently relatively secure, that might change in the future. The income potential for Bitcoin mining meant more people invested in more and more powerful computer rigs early on, resulting in powerful ASIC rigs that are way more powerful then conventional CPUs. As we enter the realm of quantum computing, it will get to a point that processing power becomes powerful enough that one group or entity can potentially control the entire Bitcoin blockchain.
To make blockchain and cryptocurrencies more accepted by society in the future, innovations must be made. It is by these motivations that the WAB Platform is born.
WAB is ready to scale
WAB solves the scalability problem by using a Dynamically Sharded Multigraph network that has a high turnaround rate capable of up to a million transactions per second. This has the potential to dwarf the speed of modern payment systems; Visa can process up to 24,000 transactions per second. In short, WAB is blazingly fast.
This transaction speed is possible through WAB’s abandonment of the Proof of Work algorithm for a much more efficient version of the Proof of Stake algorithm, using elected witnesses. This involves fewer, selected nodes to approve transactions rather than the entire network as with Proof of Work. This is the secret sauce to WAB’s million TPS feat.
WAB also uses vertical and horizontal approaches to help with scalability. Vertical scalability refers to adding more computing power to individual nodes through hardware upgrades, such as faster CPUs or more memory. Horizontal scalability refers to adding more parallel chains and nodes to the network to contribute to overall transaction speeds.
Speaking of utilizing more nodes, WAB also uses a technique called Sharding. Sharding is basically a kind of division of labor, in which the entire network is divided into smaller shards of nodes, each of which can process transactions in parallel with other shards. This is essentially having the workload shared by more than one node and having a single node work on more than one task. This makes the entire network highly efficient and makes fast transaction speeds possible.
WAB is secure — today and well into the future
Looking into the future, the designers of WAB also considered the possible emergence of quantum computing. Quantum computing is capable of potential processing speeds of a thousand times or more compared to what computers nowadays have. This can easily break the cryptography that is at the heart of what makes blockchains so secure. These cryptographic techniques are usually based on ECDS, which is susceptible to a quantum attack using the so-called Shor’s Algorithm.
WAB is built from the ground up to use the Quantum Resistant Encryption protocol. The cryptography used by this protocol is of a more primitive nature that is resistant to both conventional and quantum hacks. In addition, it also involves techniques such as hashes and Lamport signatures that work together to further protect the blockchain.
WAB supports global cryptocurrency
The WAB blockchain is designed to host any decentralized application, and this includes cryptocurrencies. WAB can help us all take one step closer to a fully digital, paperless currency world by giving countries that opportunity to create their own cryptocurrencies on the WAB platform.
From initially shunning cryptocurrencies, more and more countries are now seeing its potential and even developing their own national cryptocurrencies. Russia is developing its own national crypto called CryptoRuble. Belarus is even offering lower tax incentives to blockchain companies to help promote their growth. Tunisia, Senegal and South Africa are not far behind in being one of the first African nations to introduce national cryptocurrencies on the continent.
Thanks to WAB’s cross chain architecture, it even supports data exchange from one chain or app to another. This can potentially lead to seamless trading from one cryptocurrency to another. On top of negligible fees and proper exchange rates, this can make the centralized crypto trading exchanges obsolete.
Security is always a concern especially if dealing with something as critical and huge as the digital currency of an entire nation. With the robust security tackled above, nations can rest knowing that the wealth of an entire nation is safe inside the WAB network.
WAB from the get-go is a future proof blockchain solving the technology’s current issues and even anticipating future ones not yet apparent. Its efficient algorithm and parallel sharded architecture make it more than fast enough for practical everyday use. It can scale up to serving bigger and bigger needs, making widespread adoption of blockchains finally a reality.
Its security protocols are leaps ahead of its time, ensuring hack protection from today’s methods and tomorrow’s potentially powerful quantum attacks. And its seamless decentralized network and capability of supporting cryptocurrencies can help make paperless currency a real thing.
WAB is defining the future of the blockchain and, with it, the future of a completely digital world.
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