With many crypto goers scouting for incredible transaction speeds, ChainWeb might offer the right solution. After the latest upgrade, the ecosystem becomes the first in offering the fastest transaction across all blockchain platforms.
ChainWeb has reported a 480,000 transaction per second (TPS). However, the platform is riding on sharded Proof-0f-Work which runs on several parallel chains. The good news is that Kadena, the force behind the platform is aiming at 1 million TPS.
ChainWeb Team Working Behind the Scenes
Since its launch in 2018, ChainWeb, the team behind the platform has been working behind the scenes to tackle the crypto nagging problem of scalability. The platform aims at solving the PoW scaling problem.
Initiated by JPMorgan, the project was taken over by Kadena in 2018 and raised $15 million for development. This came a year after the industry was hit scalability issues with Bitcoin and Ethereum reporting high levels of network congestion and increase in transaction fees.
Will DeFi Benefit from ChainWeb?
The rise of DeFi has brought questions as to whether the current crypto infrastructures are scalable enough. Ethereum has been hit by network congestion sending its gas price to the roof. Slow transactions mean high transaction fees and this is the problem ChainWeb is battling.
The introduction of parallel chains on the ChainWeb ecosystem will reduce the platform strain. What’s more; it runs on PoW consensus that optimized speed and enhances the networks’ security. Will the Kodena’s ChainWeb platform tackle the blockchain salability problems on the future?
The Future of Kodena’s ChainWeb
With the dynamic nature of the blockchain technology, ChainWeb is set to reap big especially with the DeFi craze. The team plans to add more parallel chain and push per second transactions to 1 million. Already healthcare, finance and insurance industries have adopted are eyeing the platform
The next upgrade is set to usher in news speeds that have never been experienced in the crypto verse. With an anticipated growth from ten to 50 parallel chains, the ecosystem is set to change how crypto goers interact.