More security, transparency, and scalability: What blockchain needs for mass adoption
June 28 2022 - 01:21AM
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In February 2022, the Ukrainian government ran a crypto donation
campaign to support victims of the Russian invasion. When the
nation tried to reward those who had contributed to the fundraiser
by sending crypto wallet holders complimentary NFTs, a slew of
scammers took advantage of the government’s generosity, causing the
operation to cease. Rug pull scams like this, where cyber criminals
drain money from unsuspecting investors, aren’t uncommon in the
crypto space, unfortunately. Shortly following the Ukraine rug
pull, in March this year, hackers discovered a weakness in the
Ronin blockchain used by popular play-to-earn platform Axie
Infinity. In the security breach, the scammers ended up stealing
$165 million from Axie’s parent company, Sky Mavis. In addition to
rug pull scams, cryptocurrency exchanges can be compromised through
poor security or fraud. This is what happened in 2014 when the Mt.
Gox exchange collapsed in a years-long attack by hackers. By the
time the breach was detected, a loss of between $300 million and
$480 million of users’ funds had occurred. Since the attack, it has
been estimated that $1.5 billion in cryptocurrencies have been
stolen from exchanges. Blockchain’s utility isn’t limited to just
cryptocurrency, though. The shared and immutable ledger’s ability
to provide transparency and security allows it to be applied to
numerous other sectors, including real estate, supply chains and
gambling. Although the technology has taken the world by storm over
the last few years, issues like the inability to hold scammers
accountable for rug pull scams have plagued the industry,
preventing it from being adopted into the mainstream. Additionally,
large demand on blockchains that slow their transaction speed
requires improvements to the technology’s ability to scale, a
problem that many blockchains have so far struggled to achieve.
Newcomer to the blockchain space, Zetrix, has found a solution to
address issues relating to transparency and security in the
blockchain. It can facilitate smart contracts and deliver privacy,
plus its cryptographic infrastructure can be introduced to multiple
industries, creating a more transparent and efficient process.
Zetrix’s network also has incredible scaling ability, being able to
withstand 10,000 transactions per second. In addition, Zetrix uses
DPoS (Delegated Proof of Stake) to secure the blockchain by
ensuring representation of transactions within it. DPoS is designed
for implementing tech-based democracy using elections and voting
processes to protect from centralization. The Zetrix DPoS mechanism
is implemented through smart contracts with a dynamic upgrade
mechanism that adjusts to the difficulty level of validating node
access as Zetrix’s network expands, which means no matter how vast
the network grows, the privacy and security of its users will
remain intact. As an added measure, the consensus mechanism allows
transactions to be validated before being added to the blockchain,
and all validators are voted in via a contract. In a groundbreaking
new report by the Institute of Industrial Internet & IoT, China
Academy of Information and Communications Technology (CAICT), the
blockchain confirmed that it can complete transactions using a
significantly low amount of energy compared to other blockchains.
Specifically, it only requires 21 super nodes and 100 common nodes
to complete a transaction, compared to Bitcoin, which uses 2.2
million super nodes, and Ethereum’s Proof of Work (PoW) blockchain
which uses 2.3 million super nodes. Zetrix’s mission is to connect
countries and their governments, businesses, and people to a global
blockchain-based economy. The platform wants to make native
blockchain and cross-chain solutions accessible and effortless by
bringing rapid-deployment solutions to the market with meaningful
benefits and real-world impact for countries, businesses, and
users. By building a future ecosystem of Ubiquitous Trust Networks,
the next-generation layer-1 public blockchain infrastructure allows
value to be transferred freely on and across blockchains, just as
information moves freely across the internet. As a result, by
harnessing digital assets, decentralised applications can be
developed and deployed rapidly on its network. Blockchain
technology has been rapidly adopted by many industries over the
past decade, but mainstream adoption still remains a challenge due
to the prevalent issues faced including issues with security,
transparency, and scalability. Newcomers to the space like Zetrix
are proving that these issues can once and for all be addressed,
providing a much-needed step forward for this revolutionary
technology.
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