Dubai, UAE, 26 Oct 2021, ZEPXRWIRE, CORE Multichain is proud to announce to their community about its platform with multi-layered consensus model and voting-based governance. The Multichain blockchain movement is currently taking place and has led to a division between cryptocurrency community members as to what the future of the Multichain movement will look like.
About Blockchain Trilemma
Currently, blockchain technology faces a dilemma regarding its limited scalability, low throughput, and limited interoperability. Existing blockchain solutions are yet to find a way to address all 3 of these limitations simultaneously. One of the main points brought up when mentioning blockchain technology potentially replacing existing centralized financial systems.
Before blockchain technology can ever replace centralized financial systems, something needs to be done to enable the technology’s scalability. Also, if there is to be a future where the Multichain movement thrives, the interoperability of blockchain technology will need to be addressed so that value can be exchanged in a truly cross-chain way.
The two sides of the Multichain:
One Chain for Everything: One side of things is that one blockchain project will monopolize the blockchain market. Some blockchain projects have established their dominance in the blockchain market.
Gives Blockchain the Edge: For a blockchain to gain traction and maintain its position in the market, it needs a growing user base and a series of use cases. The current leader in this regard is Ethereum, with its smart contract and dApp creation capabilities. Ethereum makes it easy for developers to create and deploy decentralized applications. Apart from Ethereum’s ease of use and market dominance, it also has a proven track record of decentralized security.
Competing with Ethereum
Another blockchain project may replace Ethereum. A reason for this could be the problem with Ethereum’s rising gas fees for decentralized apps to run on its blockchain. This could be a potential gap for a competitor blockchain to enter the market and compete with and replace Ethereum.
Multiple Chains Working In Harmony
The other side of the argument is that the Multichain movement will continue in its current state wherein multiple blockchains exist in harmony, and the number of blockchains in the market continues to grow. However, to create a truly decentralized future where no one blockchain dominates the market, all blockchains will need a way to exchange value.
To recap, the Multichain movement proposes a future where multiple blockchain projects work and communicate in harmony. We have also discussed the two potential outcomes of the Multichain movement where one option sees the Multichain movement thrive and the other option sees one blockchain project monopolizing the blockchain market.
CORE Helps the Multichain Movement
CORE project, an exciting project with a lot of potential. CORE looks to address the blockchain dilemma of interoperability, scalability, and throughput, which, as we previously mentioned, was a problem that every existing blockchain solution faces. This qualifies the CORE project as a viable option to replace the current centralized financial system. Furthermore, the CORE ecosystem enables the development and deployment of decentralized applications ranging from gaming to NFTs to transactional systems, where digital value can be transacted between users. As you may remember, for a blockchain project to gain traction in the market, it needs to enable multiple use cases, which CORE does. Coupled with CORE’s ease of use, all of this makes it a serious contender in the blockchain market and a definite Ethereum competitor.
As you may recall, there are two outcomes for the Multichain movement. CORE is perfectly positioned to thrive no matter the outcome of the movement. CORE has all of the functionality needed to compete with any blockchain in existence technically and, with their continuous focus on enhancing their ecosystem, they can keep their market traction.
However, should the Multichain movement thrive and multiple blockchains coexist, then CORE enables true cross-chain communication to allow for the secure transfer of data between blockchains without the need for 3rd party intermediaries. Therefore, multiple blockchains will coexist, but they will also be able to communicate seamlessly with each other. Proving that CORE can thrive no matter what the outcome is.
About CORE Multichain
CORE Multichain is a PoS network which focuses on interoperability, scalability, and usability. The platform utilizes an AI-enabled Proof of Stake algorithm, which also uses a multi-layered consensus model and voting-based governance. It is a multi-chain communication system that supports cross-chain registries and cross-chain computing protocols.
LBank is an ever growing global cryptocurrency trading platform which offers safe trading for users. It also provides professional and convenient crypto-asset exchange services, derivatives services, and asset management services. The platform has more than 6.4 million users in over 210 countries.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.