Luniverse Blockchain Explained
Innovations springing up in the blockchain industry are making the technology relatively easier to access these days. This is a necessary development, if the mainstream adoption target of the technology is to be achieved. The Luniverse blockchain explained highlights why businesses should pay more attention to their actual services and products. The innovation takes away the technical headache of building a blockchain from scratch, yet offers all the benefits associated with the technology.
What is Luniverse?
Luniverse is a decentralized app building platform that allows businesses to develop idea-specific blockchains in as little as 30 minutes. The project is powered by Lamda256, which is a blockchain research and development lab that is run by South Korean blockchain startup, Dunamu.
The essence of Luniverse is to enable developers to overcome the current limitations around existing blockchains. Dapps built under this protocol will be based on the main blockchain Luniverse Network. They will also consist of a sidechain that links to the Ethereum public blockchain network.
This arrangement is also targeted at reducing the cost of building blockchain products by businesses, while increasing the speed of development in the process. This is a much needed step towards mainstream adoption, which is one of the major goals of Dunamu as mentioned above.
The company’s CEO, Jae-hyun Park said;
“We want to help businesses that need the technology by providing high-quality infrastructure at a reasonable price … so that businesses can focus on providing services for their customers, instead of having to struggle with technical details.”
As contained in the Luniverse breakdown that was made available by Park, the aim is to provide a Blockchain-as-a-Service (BaaS) solution that will help businesses scale more easily. The sidechain where businesses can create protocols that suit their particular purposes will consist of several versatile features.
What Problem is Luniverse Solving?
On the sidechain, clients will be provided with development tools and mechanisms that they can use to have control over their own particular protocol. Customized security assessment smart contracts, data privacy features and effective support in backing up and managing data are all part of the robust package from Luniverse.
Some of the limitations of the existing blockchain system include the following:
- High transaction costs
- Long block confirmation time
- Low performance
- Hard to install and develop
- Limited development tools and utility
- Lack of skilled developers
- Lack of operating tools
- Lack of skilled operators
- High operating cost
With Luniverse blockchain explained, the above listed limitations will become extinct. Businesses can now focus on their original services while accessing the full benefits of blockchain technology. The platform makes it easy to create purposeful dApps and solutions without the limitations mentioned above.
Here are some of the solutions that Luniverse will offer to businesses, helping them achieve their set objectives without losing concentration from their original services:
- Scalable chain service
- Configurable token service
- Security assessment service
- Sustainable operating service
- Convenient utility service
Blockchain is finding implementation is so many industries. Fintech, entertainment, supply chain management are some of the areas that the use of blockchain is becoming popular. Take for instance, the Blue Baikal platform that employs blockchain to manage community reviews in the entertainment industry. Users can easily take benefit from simple activities like posting of reviews on the platform. Luniverse aims to make such processes even more simplified.
Luniverse blockchain explained illustrates the extent that blockchain technology is going towards becoming more and more applicable to businesses. Gone are the days when extensive knowledge in development is required before building a tokenized blockchain platform. Ethereum moved forward in simplifying blockchain development, Luniverse is out to move us even further towards making blockchain a reality for all.
