A benefit to the new system is that there is less hash power needed and allows for block rewards to be assigned to token holders proportionately. This acts to significantly reduce the energy needed to mine, which makes it more economically efficient.
This type of innovation building on top of the last generation has allowed for ideas such as IonChain to not only come to fruition but retain a level of dominance in the industry due to being early movers in an industry which is still seeing exponential growth.
The fact that major blockchains have a present problem in handling the high volume of transactions that they are seeing is proof of the need for more platforms to be created.
IonChain is Utilizing the latest technology to include database networks commonly referred to as fractions, IonChain will bring large-scale and distributed systems that have different scalability advantages. This will allow IonChain to fill the gap in the market and grow with business needs globally.
Distributed networks increase IonChain capabilities exponentially and will act to see IONC integrated into common transactions. The Blockchain challenge IonChain will handle is the ability to measure, security and decentralize while maintaining fast-moving services.
How it works?
The principles of IonChain’s design including increasing scalability but at the same time making sure that decentralization and security are paramount. Creating cross shared transactions seamlessly to give user quality of experience (QoE) within an ecosystem that is incentive driven is key to IonChain, being able to support different platforms and providing users with an easy to use account.
Our design will allow for scalability to be in line across the requirements of maintaining high security with a good level of decentralization.
An important core feature of the IonChain network is that it has been designed from the outset with scalability in mind.
Horizontal Scalability – The network runs each node as a super full node which allows the same level of security against malicious attacks as traditional blockchains.
The network is easy to use, safe, and allows for public participation with the ability to link weak miners together.
IonChain has created a divide and conquer concept which separates functions into two distinct layers, which acts to enhance the scalability whilst maintaining the appropriate security levels.
Utilizing a layer of elastic sharding in the blockchain, smaller shards will be listed within the layers and as the number of shards increase the ability to process them concurrently, thereby increasing systems capacity.
The network contains a base chain that will confirm all sharded blockchain blocks but will not process any transactions. It will also have a level of difficulty which will preclude anyone from reverting a transaction since it would not be economically efficient to do.
The platform is designed to be able to support additional shards which will be able to independently process subsets of transactions.
Features of IonChain Networks
An important core feature of the IonChain network is that it has been designed from the outset with scalability in mind.
Horizontal Scalability – The network runs each node as a super full node which allows the same level of security against malicious attacks as traditional blockchains.
The network is easy to use, safe, and allows for public participation with the ability to link weak miners together.
This is the trully of the features :
Sharding
Sharding is the partitioning of data from a large database into smaller databases. This is the most common way in which centralized systems reach their scalability needs. For example, Ethereum supports cross-shard transactions and has been noted as integrating sharding for their scalability needs.
One complication which arises for existing blockchains is the ability to integrate sharding if it was not planned for at the outset. Challenges that surround sharding include cross sharding transactions, scalability issues and security issues such as single shard takeovers. Since the user’s account would need to have multiple accounts to keep up with the sharding for the purpose of completing a transaction.
Scalability
This type of network requires at least two transactions – one to complete the payment channel and one to destroy it. The lightning network is not good for use in all purposes, being made for a group of users to create repeated transactions between them.
A random user trying to reach a sporadic target would be ineffective in a lightning network. Lightning channels will also track their transactions which creates a transparency concern, since they are tracked in the channels instead of the main blockchain. Third party sites such as PayPal are often required as well, with these type of off-chain solutions relying on such help. The number of centralized payment methods are at an alltime high, which creates uncertainty as to whether adding more would be helpful.
Decentralization
The ability to decentralize trading and storage creates an ability to reduce necessary expenses which allows normal people to be able to leverage the technology the same as a large company would. It also gives the blockchain the security which it is known for.
It is being reconsidered from a practical perspective however, with many mining pools forming for a POW based blockchain which allows even the weakest miner to collect a proportional share of block reward in the same timely manner as larger miners, instead of waiting to collect block rewards.
This type of mining people helps centralization which in turn creates a risk to the decentralized POW blockchain.
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