At the Daily HODL, Matt Chambers looks at how linking blockchain can decrease congestion on networks.
Network congestion is one of the hurdles blockchain technology faces on its journey towards mass adoption, says Chambers. Network congestion slows down transactions. It’s a major reason why Bitcoin allows for only seven transactions per second while non-blockchain Visa allows 24,000 per second.
Chambers argues that while many projects seek to render other blockchains obsolete, this isn’t the best way to get consumers to adopt the technology. Instead, he argues that the way forward is to find a way to connect all blockchains. That way, individual blockchains can serve their own unique purpose, but can also combine to maximize the benefits for all. He likens the solution to a symphony, where individually talented musicians lift one another up by working together.
Chambers cites three promising projects working on an interconnected solution: KardiaChain, ICON and Wanchain. About ICON, he writes:
Another promising project is ICON (ICX), which is a decentralized network of blockchain communities. The project focuses on usability, scalability, and reliability. The technology can be applied to public blockchains such as Bitcoin and Ethereum but also to private/permissioned blockchain networks.
ICON and Wanchain are founding members of the Blockchain Interoperability Alliance, along with Canada-based project Aion. Prioritizing communication and collaboration on interchain transaction research, the Alliance focuses on developing common industry standards. They share research and protocol architecture with the common goal of connecting blockchain protocols. ICON has emphasized interoperability from the beginning, as the discussion of rhizomatic philosophy at the start of its yellow paper on ICONstitution and Governance would strongly indicate.
Also in the ICON Republic:
- Thoughts On Blockchain Enterprise Adoption, With Founder Of Two Top-100 Projects (Apr. 14)
Forbes’s Yoav Vilner throws the proverbial bull with Jack Lu, founder of Wanchain (and Factom, for that matter).
- ICON partners with VELIC to list tokens of its blockchain accelerator projects (Apr. 19)
As readers recall, ICON and VELIC have upgraded their partnership, with VELIC offering to list the coins of projects that go through ICX Station.
- ICON to Sponsor ‘Blockchain Revolution Global’ (Apr. 23)
ICON took part in the inaugural Blockchain Revolution Global conference on Apr. 24 & 25 in Toronto.
- Wanchain Proof of Stake Consensus Technical Deep Dive: Pt. 1 (Apr. 24)
Wanna take a deep dive into Wanchain’s Galaxy Consensus? Well, here’s Part 1.
- P-Rep TestNet Updated News (Apr. 26)
ICON has released its P-Rep Installation and Configuration Guide ahead of the Apr. 30th launch of the TestNet.
- Call for ICONSENSUS Campaign Ambassador Program — Applications Are Now Open (Apr. 26)
We’ve mentioned it before here, but in case you missed it, you can now apply to become an ICONSENSUS Campaign Ambassador. Here’s an update.