Every blockchain is comprised of a specific underlying consensus algorithm. It is this underlying algorithm that determines the governance and operational processes of a particular blockchain.
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No Blockchain is Perfect
Products built on top of blockchain platforms automatically adopt the underlying protocol of such platforms. This explains the reason why not every program can be developed on every blockchain platform, and also why the functions of a particular project determine what platform may be suitable for it to run properly.
Several consensus algorithms currently exist on the blockchain, they include, Proof of Work, Proof of Stake, Proof of Service, Proof of Burn, Proof of Space, etc., all of them claiming to solve the cryptocurrencies/blockchain challenges for decentralized control, low latency, flexible trust, less resource intensive, asymptotic security, etc.
However, it is now widespread knowledge that each of these algorithms has their particular areas of strength and weaknesses. Therefore, it is only normal to find a blockchain that would offer excellent functionality in a particular area but fail to deliver optimally in other areas.
Inpay Blazes a Trail
Combining blockchains to achieve optimal results based on their specific areas of strength is a development that has been adopted by the creators of Inpay, a cryptocurrency designed to harness the properties of Ethereum Classic and Waves in enabling features such as decentralized voting systems and aliases.
Being the first Ethereum Classic and Waves based platform, Inpay explores the intrinsic qualities of these platforms to achieve a completely decentralized smart contract infrastructure and a decentralized exchange at the same time.
Through Ethereum classic, Inpay is able to explore the completely decentralized infrastructure Smart contracts and dapps which allow the development of many different features of the platform while security is provided by a lot of mining power.
Waves, on the other hand, offers the options to trade InPay vs fiat in a decentralized exchange built into the simple official client that doesn’t require synchronization. This enables the easy addition of assets just by sending tokens to the address.
The Future of Blockchains
Apparently, creating platforms that enable the combination of blockchains will go a long way in solving some persistent problems within the decentralized ecosystem.
Robust platforms like Inpay will indeed offer solutions that cut across security, speed of transaction, efficiency, immutability and a lot more as the blockchain industry continues with its development.
What do you think? Will combining multiple blockchains solve some of the problems plaguing decentralized ecosystems? Let us know in the comments below.
Images courtesy of Pixabay, AdobeStock, Inpay