Concepts like algorithms, ledgers, and so on are still on our minds, as we try to figure out the world of blockchain. The system has brought matters into perspective and goes a long way in taking us forward into the future. By now, we are all aware of the extent and how it is essential […]
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Concepts like algorithms, ledgers, and so on are still on our minds, as we try to figure out the world of blockchain. The system has brought matters into perspective and goes a long way in taking us forward into the future. By now, we are all aware of the extent and how it is essential for us in this day and age. But there are a few other concepts that have been making a difference in blockchain, as they take it further. Although they were introduced way back in 2018, they manage to be on the top due to the quality of innovation. Hence, to give you a better understanding, here are those top innovations.
Bitcoin, Lightning Network
The market called cryptocurrency is huge and contains numerous players. But the most predominant and essential player has to be Bitcoin for a whole bunch of reasons. Bitcoin created a wave and managed to take us all by surprise. As we talk about the advantages of Bitcoin, it is also important to look into the disadvantages. Matters like stability is the biggest disadvantage and developers had suggestions for change way back in 2015. As people became aware of the fact that Bitcoin blockchain cannot handle too many transactions, they wanted something different. So developers went ahead and introduced the Lightning network. The payments and transactions that take place here do not require confirmation, as such concepts are already fed into the same. All these transactions are sent over a network of micropayment channels. Hence, the speed has gone ahead to establish the name called “lightning.”
Enigma, Secret Contracts
Uses that come from using a ledger is essential, and we know all about the same. Since most of the data is public, it stands true to the concepts such as decentralization, trustless and ultimately transparent. But this does not go a long way in bringing privacy to the table, as the world is aware of everything. So to save the day, developers have introduced Enigma, an innovative technology that keeps your contacts in secret. The date can be processed through nodes, but they one cannot see the data that they are operating on.
If you have friends that are well advanced with cryptocurrency, then you might have noticed their need recognition towards Interoperability. The need for the same arises since more and more blockchains keep getting introduced into the space. This moves ahead to create a problem for the masses since they will have to switch to other blockchains if they wish to change applications. So to minimize the effort and bring about interchain communication, we have with us a new technology called “Ark.” It does a fine job in reducing the gap and provides people with comfort.