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The Next Generation Blockchain

Blockchains

Blockchain technology is getting more and more traction. The market shows that companies want to invest in blockchain solutions for their business Hence, choosing a reliable blockchain becomes a challenging task.

So, how can you embrace this hyping trend and keep pace with the innovation? Is it possible to hope on the fast-moving blockchain train to monetize this industry’s potential? Sure, you can join in, but the key to success is choosing the right blockchain technology that will fuel your startup for growth.

There are various active Blockchains out there already inexistence, but selecting the most efficient one becomes a great challenge to newbies in the blockchain industry. Of-recent the crash of the most popular blockchains out there has caused great commotion as lots of projects built on this ecosystem have been scouting for ways to salvage whats left of their project. The Terra blockchain had been halted amid the ongoing crisis, the halt means no new blocks can be generated on the blockchain network. The blockchain ecosystem’s meltdown caused its stablecoin UST to crash, also Terra blockchain asked the validators (crypto-miners) to disable on-chain swaps. This has left developers and investors looking for a trustworthy and stable public chain ecosystem.

Introducing

Factors to Consider while Selecting A Blockchain.

With the explosion of Web3.0, we now have a variety of blockchains available in the market. With all the options out there, it has become tough to choose one that is best suited for your project. However, there are several factors that you must keep in mind before you venture into developing project.

1. Transaction Speed

The speed of transactions is one of the main elements to the success or failure of a blockchain project. Among all the available blockchains, the one with higher transaction speed will perform a more significant number of transactions at a given time. and blockchain security.

TPS (transactions per second), a major indicator of a public chain’s performance, refers to the number of transactions a network could process every second. The higher the TPS, the more efficient a public chain is, CoinEx Smart Chain (CSC) boasts a TPS of 1,000, which makes it more efficient than Ethereum and BSC.

2. Transaction Cost

Transaction speed also significantly influences the transaction cost If a blockchain has a slower transaction speed, users will have to pay higher fees to miners for prioritizing their transactions over others. No one would want to pay high transaction fees that can match the price of the transaction itself. When developing a blockchain project, the transaction cost (gas fees) plays an integral part in the broader adoption of your project. If you choose a blockchain with a feeless structure, you can draw more interest in your project.

CSC offers Extremely high efficiency and relatively Low transaction fees. With the POS consensus protocol, CSC generates a block in seconds, supports extremely high TPS, and keeps transaction fees at a low level in the meantime.

The Above statistics shows how CSC Strongarm's other blockchains.

3. Consensus Mechanism

Sometimes blockchains employing a particular consensus mechanism might be more prone to attacks than other consensus mechanisms. Statistically, platforms operating on the proof-of-work consensus face more attacks than platforms using proof-of-stake. So while choosing a blockchain for your project, you can prioritize the ones using proof-of-stake consensus or any related consensus such as proof-of-history and proof-of-staked-authority. The most popular blockchain, Ethereum, is also considering upgrading from its current proof-of-work model to proof-of-stake consensus in Ethereum 2.0. The consensus of a blockchain also has a significant impact on the environment, like using proof-of-work causes high greenhouse gas emissions.

Integrating the features of PoS and PoA, CSC adopts PoS as the underlying consensus mechanism with the block generation mechanism of PoA. The consensus based on the Proof of Stake (PoS) is more environmentally friendly, and outruns PoW-based consensus in the respect of performance (with less block generation time and higher transaction capacity). PoS-based consensus can be flexibly managed by the community, without compromising decentralization.

4. Security

Security is another crucial factor that you must consider when choosing a blockchain for your project. With the development of blockchain technologies, many threats have also been increasing. Some blockchains can be vulnerable to specific security threats, such as man-in-the-middle attacks and fifty-one percent attacks. As discussed earlier, the proof-of-work consensus is more prone to attacks where attackers gain access over most of the network’s computational power. If you do not choose a secure blockchain for your project development, you can lose access, data, and money to the attackers.

Transaction speed also significantly influences the blockchain security. With a fast transaction speed, CSC also comes added security as attackers will have a smaller time frame. Under the block generation mechanism of PoA, more than half of the N/2+1 validators in the CSC network are reliable and trustworthy, and in most cases the network can run safely and normally. The availability of CSC relies on each node in the set of validators in the PoS consensus that they can generate blocks in time.

5. Cross-chain swapping

In the current multi-chain universe, the demand for asset swapping across different chains is growing stronger. Such demands will become particularly obvious when the returns brought by on-chain projects in such categories as DeFi, NFT, and GameFi fluctuate during a certain period. As such, for public chains, cross-chain swapping is a major part of ecosystem expansion, and also one of the criteria for assessing their potential.

Right now, public chains including BSC, Avalanche, Solana, NEAR, and CSC have all introduced native cross-chain bridges, most of which only support the swapping of assets between Ethereum and the public chain on which they are deployed. CSC Bridge, on the other hand, allows users to transfer assets from Ethereum, BSC and TRON to CSC, and vice versa, which meets the demand of more users and creates more extensive application scenarios.

6. Smart Contract Functionality

Smart contracts are the base of any Web3 project as they define the terms and conditions of trade between two entities on the blockchain. The entire security of the platform depends on the smart contracts, so you must have sophisticated and well-crafted smart contracts. Choosing a blockchain with robust and reliable smart contract functionality is vital in avoiding security threats. The language of smart contracts employed by the blockchain is also an essential factor.

Committed to its original principles of openness, transparency, and easy operations, CSC has been fully compatible with smart contracts on ETH and BSC, making itself more developer-friendly.

Takeaway

The advantages of blockchain technology, as well as its benefits, are many. Blockchain integration into many industries and companies has stirred a seismic shift in the way data is secured, and work is done in general. Through blockchain, key areas that bring organizational challenges are now being solved with ease.

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Coinmonks (http://coinmonks.io/) is a non-profit Crypto Educational Publication. Follow us on Twitter @coinmonks and Our other project —  https://coincodecap.com, Email  — gaurav@coincodecap.com

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