Blockchain technology has carved a niche for itself in the world. In 2017, it was the most talked about tech topic. The attention that Blockchain and cryptocurrencies have garnered is because of their inherent utility. However, like with every other nascent technology, cryptocurrencies and Blockchain both have challenges to surpass. We are living in an era of evolution when it comes to Blockchain. While the very first Blockchain was used to create Bitcoin nearly a decade ago in 2009, we have successfully seen the technology grow to support smart contracts. Now we are toying with D’Apps, which free us from the constraints of having centralised servers. In the next iteration of Blockchain, we need to remove the shackles that constrain Blockchain technology and to make it truly usable.
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Fractonet is a project that is all about creating unlimited Blockchain possibilities. It has developed a Blockchain that not only could bring to life better ‘crypto’ but also engages Blockchain with ‘real life’. In their efforts to bring the next version of Blockchain to fore they have tackled important challenges like scalability, expense, privacy, speed and most importantly storage of data on the chain.
In the age of evolution, the right evolution
As Blockchain and related products and services have matured, different challenges have arisen. Whether it be Bitcoin’s scalability issue or the issue of storage of large amounts of data on chain. Different solutions have been proposed for these emerging issues depending on the Blockchain or network in question. Some have taken to storing data off-chain, exposing it perils of 3rd party data storage. Some have even moved far away from the basic principles of Blockchain to provide ‘solutions’ that aren’t really the answer. The strength of Fractonet’s approach lies in the fact that it is grounded in the principles of the original Blockchain. It is based on a SHA-256 based protocol that embraces Proof of Work (PoW). The Blockchain could support automation through smart contracts and brings to life an entirely new communication protocol called Rift. Furthermore, privacy is ensured as there is a possibility to encrypt data and share it as and when required. The icing on the cake is that Fracton Network solves the issue of storing large amounts of data on chain by the use of Mini Blocks and bring the block size up to 1.5 GB, whilst a Mini Block can now be up to 25 MB. According to the whitepaper released by Fractonet their physical barrier based on mathematical calculations is 225 GB for the size of one block.
The Future of Blockchain
The proposals put forward by Fractonet have given a definitive answer to the scalability issue. In the Fractonet’s blockchain there is no block size or network limitation and it may be possible to create an unlimited network size as mined blocks contain mini blocks which have the reference to transactions resulting in self-contained block similar to fractals. Syncing is conducted through the Rift Protocol, where blocks are synchronised asynchronously thanks to the tracker mini block. This tracker mini block is the first among the mini blocks and contains a digital signature that is inherited to the mini blocks, this allows the nodes to sync with each other. The new communication protocol is essentially going to allow for the creation of an on-chain solution for data storage.
The possibilities are endless
In terms of what this emerging blockchain can achieve, the sky seems to be the limit. Whether it is deploying a blockchain for financial services where security is a prime consideration, Fractonet can handle it. Recordkeeping in medical setting, monitoring supply chains, retail and e-commerce or educational credential storage, the possibilities are immense. Many industries will benefit from the emergence of Fractonet but for the ordinary person on the street, it would be the first time that Blockchain truly emerges as a usable technology whether it is storage of photos, videos or personal data or conducting transactions through smart contracts in a safe manner. The world is about to experience the true power of the blockchain revolution.