Is there an equivalent alternative to Blockchain?Colin Baseman
Blockchain technology is actively developing, the scope of its application has gone far beyond cryptocurrencies. However, it is not perfect. Thus, mining requires huge resources, which makes blockchain expensive, the technology is poorly scaled, and transactions take some time. The current conditions contribute to the emergence of new alternatives to blockchain.
Many experts call it the Ripple-killer as a joke. The system presents a decentralized version of the popular cryptocurrency. Stellar Lumens owes its appearance to the CEO of Ripple, who wanted to eliminate the shortcomings of the current platform.
Lumens Protocol processes thousands of transactions per second. Millions of dollars can be transferred for just a few cents. The project has great potential. Its investors are Patrick Collison (head of Stripe) and Sam Altman (CEO of Y-Combinator).
Stellar Lumens Features
Lumens tokens work in the Stellar network, they act as digital money. Stellar lets you convert any asset to its redeemable and convertible digital version. The private key lets you manage the assets.
Lumens allow you to simultaneously perform several operations with coins. Many people use the token as a link between different coins (read more in the article "Tokens vs coins"). It has no direct market. This situation plays into the hands of the stellar network.
Key features of Lumens
The technology has undeniable advantages:
- Minimum confirmation time: less than 5 seconds
- Proof of work changed from Proof-of-work to SCP (Stellar Consensus Protocol), which uses nodes in its work
- Versatility: you can sell or transfer various currencies and assets
- Simple and intuitive API
- Decentralized database
- Inflation 1% per year
- All coins are available (a consequence of the lack of mining)
- Open source
- Availability of technical documentation
- Support for smart contracts and multisignature
- The initial emission of 100 billion XLM
Of course, in Stellar Lumens there are clear parallels with the blockchain, although the technology and the coin is different from bitcoin. The system went a step further and provided additional benefits.
Digital coin Raiblocks got a new architecture that is based on directed, acyclic graphs. This structure opens up more opportunities for scaling in comparison with blockchain.
It is pretty clear that the crypto enthusiasts do not treat Bitcoin as their last resort and consider other options. They experiment with new approaches to the already used technologies, try to create something entirely new and not explored yet. However, as of now, Bitcoin continues its reign as the main solution. On our crypto portal you can always learn about the latest developments in this and other digital areas!
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