Blockchain Scalability: Velas Leverages Solana
Blockchain has been an all perfect invention until its adoption by many brought out the flaws of the system, security, speed, high fees and many others became a fear for many investors. This can be translated into what you can tag Scalability.
Scalability refers to the number of transactions that can be validated per second on a blockchain (TPS). To achieve this, many blockchains have changed consensus, and many at times some parameters on the blockchain system or basic architecture. To explain this in more details, blockchains have faced issues with;
1. Limitations: as blockchain is a decentralized public ledger, information is packaged about every transaction and added to the blocks. This means this data has to be entered with utmost accuracy.
2. Block size: bitcoin was designed to have a block size of 1Mb with an increasing number of transactions, it can always be noticed that the block size of bitcoin has significantly increased on average.
3. Response time: as the number of transactions increases, it means more time will be expended to confirm transactions on the blockchain. This is because of the transactions queuing up to be validated pile up increasing the processing time for transactions adding more to the scalability issues.
4. High fees: just like a chain of events, all the increased demand for the transactions to be validated, brings incentives to miners and hence will prefer to validate transactions with higher fees. This also results in a piled-up number of invalid transactions.
To solve these scalability issues blockchain projects and developers alike have brought a lot of theories which include but not limited to
· Hard forks
· Soft forks
· Lighting Network
· Plasma Cash
Velas forks Solana blockchain, which is one of the fastest in the blockchain industry. This gives Velas a hedge against other competitors. Making us a leading project with a vision and a wider range of crypto services to end-users.
Also integrating the Ethereum Virtual Machine gives it the system where Dapps built on Ethereum could run faster. Developers can now easily look into a system that suits their demand for a more scalable network. Velas is indeed the system we all are looking for to solve scalability as far as blockchain technology is concerned.