Is this the end for BTC? TARUSH’s perspective
We have seen this question floating around the internet for quite some time. Unfortunately, irrational and immature speculations cause severe price fluctuations in the industry and as a result, many newbies lose hope. In this article, we will explore a variety of technical reasons proving that it is not the end for BTC.
Sidechains can save the plummeting currency
Well, Bitcoin has fallen way below than its value in December 2017 and last year was not so great for it. Speculation is not the only thing to blame in this case. In fact, we have to realize that it operates on certain infrastructure and being the pioneer currency, we can very much expect it to be outdated.
Yes, that’s exactly what happened. In the long run, since the number of users grew exponentially, the efficiency of Bitcoin got compromised. Just to give you an example, suppose that the network was initially designed to handle hundreds and thousands of transactions per second. However, as of now, it only facilitates about 4–5 transactions and for those who want to send the payments abroad and require quick settlements, it is a major drawback.
Therefore, something needs to be done in order to bring more efficiency, security, and scalability. One of the best solutions in this regard happens to be a side chain. Even though we have seen a couple of them in the last 1–2 years, they either offer efficiency or privacy. However, we need both.
It is important to notice that a sidechain does not represent an entirely different venture. In fact, as the name suggests, it is integrated with the main network and increases its throughput so that the end user can avail the ultimate benefits. Talking about MimbleWimble, it also happens to be a side chain that can be ‘linked’ with BTC’s root network.
Before we look at the technical aspect, it is crucial to realize that if we increase the security and efficiency of Bitcoin, it could come back in the game with decent prospects. The reason being is people are thrilled by this latest technology and they want to use it for day-to-day trading. However, since it takes a significant amount of time to transfer the money and that too, at the expense of privacy, it does not seem worth it.
With the help of MimbleWimble blockchain and Tron’s smart contract platform, TARUSH plans to enhance its throughput to about a hundred thousand transactions per second. If we integrate it with the main BTC chain, just imagine the benefits as millions of people are using it and the pioneering currency already has a very decent market capitalization!
See, initially, it was meant to offer scalability to the users. However, when the number of nodes grew, the underlying infrastructure couldn’t help. Technically speaking, the sizes of chain and blocks are unnecessarily huge because of the amount of data they need to store. For instance, BTC’s block is of 1MB and its still insufficient because ‘big transactions’ cannot squeeze their details inside it. Contrary to this, TARUSH’s blocks rest at a mere 100B and this is because we cut down any unwanted information that may overburden the block or pose a security threat to the users.
Moreover, our chain continuously optimizes its size by getting rid of the intermediaries. If the same concept is applied to the Bitcoin network, millions of user would reap its benefits and hence, the utility would grow exponentially.
Furthermore, if we want to prolong the game for BTC, it is important to bring in a great deal of fungibility. See, blockchains are becoming interoperable now and since the end consumers belong to a variety of niches (e.g. merchants), it is crucial to make different types of tokens interchangeable. As a result, more people will start using the coin and hence, the popularity will surge. This is exactly what TARUSH has achieved with the help of MimbleWimble protocol.
A word to wrap it up
You must have understood by now that in our opinion, BTC is no way near its end and even in the long run, we don’t see that happening. This currency was created to last forever and revolutionize the way we carry out transactions on a daily basis.
However, the fact cannot be ignored that BTC is struggling to gain value after it plummeted down at the beginning of 2018 and has not been able to recover since then. While a major chunk of responsibility falls over the shoulders of speculators, technological factors are also to be blamed.
Just imagine — could you win a war with a sword in 2019?
That was the case of Bitcoin network before sidechains were introduced and trust me, in the long run, solutions like MimbleWimble will turn the tides in its favor and escalate the value per token.
It should also be noted that even though several altcoins have been rolled out in the last 12 months, they are relatively complicated. Most of the ventures are being developed as open source platforms with various developers from around the Globe. Unfortunately, most of them take a significant amount of time to reach a decision before it is finally introduced to the network in order to be implemented after reaching a consensus. So in a nutshell, their directions and rather unpredictable and in such a ‘confused’ state, Bitcoin has a decent chance of regaining its lost value and establishing a decent ranking in the market once again.
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