While projects like Ethereum are working on solutions galore and have roadmaps 1-2-3 years down the road, Elastos has already come up with a scaling solution via its unique side chain infrastructure and Carrier network amongst other features. And, the ETH sidechain has already been launched on testnet, ready for full launch in July.
Ethereum, the world’s first smart contract blockchain platform, has become one of the premier blockchain projects in the world. Led by Vitalik Buterin, known to be one of the most brilliant minds in blockchain, has attracted the most blockchain protocol developers in the world to Ethereum and has developed a robust network with the Ethereum Alliance.
In 2017, “The Year of the ICO”, many projects raised ETH to build on top of the Ethereum platform. The demand of ETH increased, as did the price of the native token. People were excited about the possibilities of building on a sophisticated smart contract platform. However, digital feline pets vastly humbled the Ethereum network.
Cryptokitties, a game launched on the Ethereum platform, became an instant hit and went viral amongst blockchain and crypto enthusiasts in late 2017, early 2018. It was so popular that the network started to slow down and fees became much much higher. Scalability became a major point of concern for the blockchain community as a whole. If it was impossible to even process a transaction due to a single game’s transaction volume, how could the mass population adopt crypto?
Buterin and the Ethereum community know that scalability is an obstacle they will need to overcome. Ethereum’s website lists multiple ways in which they are looking to improve scalability.
First are “Layer 1 Solutions” which are based on improving the core Ethereum protocol. This is based on sharding, or in other words, splitting up data into smaller pieces and spreading them across distinct places. According to Ethereum’s roadmap this sharding process may need until 2020 or 2021 until fully implemented.
Another scalability fix that’s being looked into are “Layer 2 Solutions”. Payment and state channels can provide feeless and instant transactions off chain. Sidechains, which will be discussed later in the article, are another avenue Ethereum is exploring in order to improve TPS. In an article written about sidechains , George Kanstantopoulos explains, “A sidechain is defined by a custom “rule-set” and can be used to offload computations from another chain.” Through sidechains, the dapp is not bogged down by the main chain.
Then there is “Plasma”, another “Layer 2 Solution” framework that “aims to increase transaction throughput”.
While Ethereum and its staff/community are vigilantly working on these Layer 1 and 2 Solutions, no one truly knows if/when these will be fully implemented and actually work for the masses to use. Cryptocurrency projects like Raiden and Matic are seeking to be the killer dapps in terms of improving Ethereum’s scalability as well. However, these projects have not been implemented yet and it’s unsure if they’ll be successful.
So what if there were a Blockchain protocol that could port Crypto projects and instantly increase scalability for the masses? This project is Elastos.
In late February, CR Press wrote an article highlighting Elastos’ ability to scale projects like Ethereum. As stated in the article, “The combination of the main chain and side chain setup, and its own peer-to-peer Carrier network, creates the truly scalable and safe infrastructure that is Elastos.” Kiran Pachhai (KP), a key member of the Elastos DX team, explained how Elastos’ side chain structure helps vastly increase TPS for all sorts of different crypto platforms:
“If you want a high TPS and you’re not satisfied with Ethereum Sidechain TPS which is around 1500 TPS, then you can port existing fast consensus Blockchain platforms as a sidechain to Elastos. Elastos is really very agnostic. The only reason there is even a limit to ETH sidechain on Elastos is because that’s the limit of the ETH network. If there’s a more robust network than ETH, and it’s popular, it’s easy to port it to Elastos. Then you can have all the insane TPS you want.” 1500 TPS is currently around 100 times faster than the amount of transactions per second Ethereum can currently produce.
How about the argument that the main blockchain will always be in the way of slowing down transactions? Will this ultimately be a limitation in scaling projects such as Ethereum? KP says no, “Why would apps need to talk to the blockchain all the time? You only need to use the blockchain when you need to. Instead, you use Elastos Carrier, Hive, and many other upcoming components of Elastos to perform those transactions. The speed of Carrier is dependent upon the user’s internet bandwidth as well as how fast the p2p network is itself. The Carrier has not yet been tested with full-on dapps and millions of users utilizing the network, however, with the number of Carrier nodes already on the network, it should be very fast and efficient.”
KP also explains the framework of Elastos technology and its sidechain structure compared to Ethereum’s: “The philosophy of Elastos blockchain technology is not of one world computer but rather distributed world computers. This by itself is enough to solve any kind of future scalability issue Elastos will encounter. This solution is only possible because of the unique architecture Elastos offers. Elastos approaches the scalability issue very differently compared to most projects and it’s this ingenuity that distinguishes itself from other projects”.
Elastos will not rely on one main chain or one single chain- it’s composed of a variety of elements such as the Side Chains, Carrier, Hive and other special features that ensures security and scalability.
While projects like Ethereum are working on solutions galore and have roadmaps 1-2-3 years down the road, Elastos has already come up with a scaling solution via its’ unique side chain infrastructure and Carrier network amongst other features. And, the ETH sidechain has already been launched on testnet, ready for full launch in July.
If you are an Ethereum developer, do you want to wait all that time in order to build? Or would you rather instantly port your ETH dapp into the Elastos ecosystem and start scaling right away? Elastos is here and ready to change blockchain and the cryptocurrency industry for the better. Time to scale. Time to build on top of Elastos.