PoW VS PoS, scalability with Horizontal partitioning (Sharding)
Blockchain is decentralized, right? No worries about stolen funds, unless you’re subject to an old-fashioned phishing scheme or on a centralized exchange, right?
Isn’t Blockchain supposed to be the future? What about scalability? Bitcoin is so slow and power-hungry when it comes to the Proof-of-work algorithm. How will this ever be the future in terms of finance?
Well, Zilliqa (ZIL) attempted to solve the scalability issues with data partitioning (Sharding). Sharding is a kind of horizontal partitioning that can help overcome the problem of slower response times for growing databases. However, due to high throughput, Gigabytes of data is needed to be stored. Zilliqa implements sharding only at the transaction level, NOT at the state level. Which means each node is required to store ALL of the data. This would only be possible with terabytes of data at their disposal. It is unclear how they will be able to manage this without impacting their blockchain negatively.
Well, in terms of security; some would argue that PoS is more decentralized than PoW. Thus, making it more secure.
Coins like Bitcoin utilizing PoW algorithms have mining equipment competing to solve a mathematical puzzle with large volumes of electricity being consumed while competing with others on the network.
By now, data has concluded that the largest mining pools with the highest hash rate are coming from
One Centralized location — China.
Miners secure the network and validate Bitcoin transactions. A group of mining pools in China controls most of the network hash rate. With these pools, high hash rate and alliance between such large pools, the risk of a 51% attack is increased. This definitely raises concerns.
Since the security properties of PoS are not based on the extrinsic cost of validating the chain, the above attack is out of scope and we are free to shard/scale the network more traditionally. –Another area where ZIL falls short with its PoW algorithm.
So, who can solve the blockchain bloat utilizing the superior PoS algorithm?
Harmony (ONE) project is working on a PoS, sharding blockchain. However, they will be rolling out their main-net in stages and are looking for people to sign up to add nodes to their network in their first trial run.
So — What’s Next? As Apollo Currency (APL) would state. As the foundation just had their first birthday; they are giving us high hopes of cryptocurrency’s future.
Apollo Currency, which started with a working product, has achieved the world’s first horizontal partitioning (Sharding) on a live PoS Blockchain. The first shard executed at block 2,250,000. This is a revolutionary event in the crypto space, as this shard was achieved at the state level. Solving the dreaded blockchain bloat and latency issues of the past.
Published at Thu, 29 Aug 2019 04:27:08 +0000
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By trendingtopics on 2019-04-09 07:42:44
