LightChain promises to solve blockchain’s performance issues
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The Bitcoin problem is that it has a slow transaction processing speed. Furthermore, Bitcoin has high transaction fees, which is a huge problem in the crypto world. Bitcoin was designed to have only 1MB of data available per Bitcoin block. Indeed, just 1 MB of transaction data is allotted every 10 minutes.
LightChain aims to fix these problems by introducing a new blockchain architecture. The LightChain architecture comprises one prime-chain and several other sub-chains. LightChain said that this technology could be used to process thousands of transactions per second.
Bitcoin’s blockchain provides immutability and transparency, but the sub-chains provide the fast network services, by synchronizing and transcribing the transactions onto the prime-chain on regular bases.
LightChain adopts the world’s first double-layer chain architecture. This architecture has immutable ledgers (like Bitcoin’s blockchain) and simultaneously realizes the processing speed of 100,000 transaction requests per second.
LightChain brings to the forefront the concept of Proof-of-Machine (PoM) to validate the transactions that are executed on the sub-chains. Additionally, it uses an in-memory database cache for enhancing the performance of the sub-chains.
The in-memory caching system retains frequently-requested data in memory to increase application performance, so this significantly reduces the database’s queries to get that data.
The LightChain architecture has only one prime-chain that brings immutability and transparency (like Bitcoin’s blockchain). Furthermore, the sub-chains use Proof of Machine for validation purposes.
So, sub-chain is independent of each other, and the number of sub-chain can be increased. Furthermore, prime-chain is decentralized and distributed network that is immutable transparent to the public. Sub-chain based on PoM (Proof of Machine) validation model, combined with an In-Memory database, to achieve substantial performance improvement.
Bitcoin had some new schemes and technologies to address Bitcoin’s scalability problem. For example, there are SegWit, Lightning Network, and Schnorr signatures for this problem. However, LightChain promises to expand the number of optimization options.
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