NEW YORK, NY / ACCESSWIRE / January 10, 2020 / The blockchain technology has recorded significant growth over the course of the last decade, starting from a proof of work-based consensus mechanism to modern-age proof of delegate stake, proof of authority, and hyper ledger-based private consortium distributed ledgers. It is evident that the technology is evolving as several new protocols are being tested, and the technology is expected to develop further. The recently trending aspect is what is being termed as 'Blockchain 3.0.'
Genesis Ecology: An improved blockchain 3.0 network
An open-source project called Genesis Ecology has developed a new blockchain system that is claiming to create a complete decentralized economy while solving the scalability issue of cryptocurrencies and given its network throughput and features, it makes Bitcoin and Ethereum networks look slightly backward. Cryptocurrencies, as per the vision of Satoshi Nakamoto, were all were introduced to make payments trustless, cheaper, faster, secure, and easier. Arguably, they have further complicated the process.
An overview of traditional blockchain networks and the issues faced by consumers:
The existing blockchain networks are utilizing consensus mechanisms that are consuming a high amount of computational power while the efficiency is low. As a result, the Bitcoin network can conduct only 3-5 TPS (transactions-per-second) while the Ethereum is marginally better at 15 TPS. Furthermore, these blockchain networks are not interoperable, which means a user is restricted to remain within the defined ecosystem of a certain blockchain. Take, for example, a person using Ethereum dApp can't access other blockchain networks or associated protocols and digital assets. Thus, considering the fact that cryptocurrencies strive to serve as a replacement of the global payment system, how can these networks manage to process millions of transactions that would happen if these networks get the same traffic as we have in the traditional financial world when throughput is low and interoperability is missing.
How does Genesis Ecology stand out by resolving these issues?
Genesis Ecology is a new generation blockchain 3.0 network that serves as a better alternative to traditional blockchain networks by resolving the issue of low throughput and interoperability. It offers a complete range of decentralized tools and solutions while also ensuring to offer a throughput of 15,000 transactional per second. Genesis Ecology offers an upgraded architecture for a multi-DAPP platform that is deployed on a public chain, which changes the single-layer architecture design of the basic public chain and creates a real decentralized DEFI financial platform. In addition to the Genesis public chain itself, it offers decentralized browsers, multichain wallets, as well as a software development kit (SDK) for developers aiming to create smart contracts and decentralized applications (dApps).
The Genesis Vision for a Decentralized Economy
By harnessing the power of cryptography and blockchain, Genesis Ecology is committed to decentralization and trustless distribution of value. It uses the node fission mechanism to create a positive industrial economy revolving Genesis Chain. Genesis Ecology takes DAPP as the entrance and super smart contracts as the guarantee to build a global value network, envisioning to develop a global, industry-wide economic cluster. An ecosystem that is based on blockchain, which ensures transparency, immutability, and disintermediation.
Genesis Ecology Cross-Chain Functionality
To enable distribution of value without restrictions on a specific blockchain network, or borders and geographic limitations, and to nullify the influence of traditional financial institutions and banks, the Genesis Ecology will adopt a multichain structure to support multi blockchains and cross-chain functionality, the core chain of which is used as the control blockchain. The rest of the different common chains are combined according to the instructions of the control blockchain to become the general asset chain on the Genesis Ecosystem. Although the consensus mechanism and algorithm of each asset chain and the parameters of each blockchain may be quite different, the data exchange and asset transaction between different assets can be realized under the control of the control chain.
The Use Cases
The Genesis Ecology network has the potential to serve as a blockchain protocol optimized for the decentralized distribution of value, decentralized payments, and decentralized. It is a network that is designed for developers aiming to create dApps while escaping the influence of centralized app stores who charge hefty fee and have unfair revenue sharing models; for merchants aiming to accept payments while not having to rely on payment processors or banks; for businesses aiming to tokenize their assets; or institutions looking to deploy their operations on a trustless, transparent blockchain network. The Genesis protocol is the next evolution in the blockchain, a truly viable blockchain 3.0 solution that will be particularly fit for all sorts of use cases and industries.
About Genesis Ecology:
Genesis Ecology is a new generation of multi-dApp ecological platform based on its native public chain network. It uses diversified, decentralized financial DEFI based on GE multichain wallet, including ETH, EOS, and GE public chain DAPP ecosystem, and Genesis Ecology can provide high-quality and reliable protection mechanisms for these defi-dApps. It changes the single-layer architecture design of the basic public chain and creates a truly decentralized DEFI financial platform. Moreover, it also offers a diversified cross-chain wallet to promote the construction of the asset management platform. For more information, follow http://genesis-ecology.com/#/home.
Contact:
Name: Xavier D. Austin
Email: xaviergenesis@gmail.com
SOURCE: genesis
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https://www.accesswire.com/572690/Issues-faced-by-existing-blockchain-networks-Blockchain-30-and-Genesis-Ecology
