Blockchain in its current avatar, is it good enough?
~ Shruti Dutta, Kandola Network
Although it is a fantastic solution for many, it is not the ideal solution in its current avatar. Private blockchains are often condemned for their centralization, whilst public blockchains are frequently praised for their decentralization. Proponents of public blockchains assert that decentralization is essential for guaranteeing trust and security. While the proponents of private blockchain dispute that centralization is required for efficiency and scalability. However, the basic problems remain the same for both public and private blockchains.
In this post, we examine a few fundamental problems with existing blockchains and how we at Kandola Network address them.
Blockchain networks can be slow and cumbersome, particularly when compared to traditional databases. This is due to the fact that each block in the chain must be verified by all nodes in the network before it can be added, which can take time. Additionally, as more data is added to the blockchain, it can become increasingly difficult for nodes to verify all the information, which can lead to sluggish performance.
The lag and oftentimes the security breach leads to slower blockchain adoption and lower migration from centralized but much faster databases.
Decentralization, though highly transparent and democratic, does not scale-up data transfer efficiently.
The Kandola Network Way (the Kan Way) — Message verification functions support extremely lightweight atomic operations & very high network throughput
Difficulty in use
It may be difficult for consumers to traverse this environment, which is another serious barrier to widespread adoption. For new users, understanding the required hardware, front-end interaction and safe practices might be challenging. The unfriendly DApp interfaces terrify prospective businesses and users.
This is due to the fact that there are very few tools available to assist consumers in getting started. We believe that the developer community wants to simplify matters, but the blockchain trilemma of decentralization, scalability, and security stands in their way.
‘The Kan Way’ — Easily deployable SDK tool-kits, No-Code Emulators & composers ready for easy integration
High Gas Fee
Gas fees charged by miners for processing transactions can be quite high, especially during periods of high demand. This can make it difficult or even impossible for some users to transact on the blockchain.
The high gas fees acts as an entry barrier. If someone is not willing to pay high fees, they may simply choose not to use the blockchain at all. Of course, high gas fees is not necessarily a permanent problem. Sustainable blockchains, the need of the hour; will pave the way for higher adoption in the years to come.
‘The Kan Way’- Making the high gas fee norm a thing of the past with a zero gas-fee policy
Blockchain technology is often very strongly associated with cryptocurrencies. While it does add tremendous benefits to the Financial sector, the blockchain solutions are currently being implemented in many other industries. Healthcare and Life Sciences, Supply chains, Insurance, Media & Communication and many more get added to this list regularly.For faster and wider industry use, a more general purpose L1 blockchain is needed.
‘The Kan Way’- The real-time message queue & data store will enable any industry that requires fast message functionalities viz. IoT, EV, Smart Wearables, GPS, Healthcare, Social Messaging to build on Kandola. Read More -https://kandola.network/
In our upcoming articles we will be discussing the remarkable Kandola features in detail. Let us know what you think at firstname.lastname@example.org