According to PwC, blockchain technology has the potential to boost global gross domestic product (GDP) by US$1.76 trillion over the next decade. Whilst it was devised, in part, to serve as a solution to present data security challenges such as data breaches which, according to Security Intelligence, costs over $4.24 million on average, blockchain has somehow not been able to viably address these issues. Why?
Well, a large number of blockchain platforms are problem-laden. With brands like Samsung, BMW, Nestlé, et al already integrating blockchain to varying degrees, a few of the ubiquitous obstacles impeding global adoption are;
- Inability to scale — most of the modern blockchain platforms are incapable of handling a high-volume of transactions as the rate of adoption continues to soar.
- Cost of deployment and application development, which can be prohibitive and vary considerably, based on individual users’ and enterprises’ requirements.
- The complex nature of the nascent technology.
While a few blockchain platforms like IBM’s which uses the Hyperledger framework, and Ethereum, are working diligently to expunge these stumbling blocks, a promising project, XTblock, is all set to take off to address these challenges..
What is the XTblock Network?
A hyper-capable network as described by the executive team, the XTblock Network will offer users the unique opportunity to operate not only a high-performance blockchain, but also the ability to decentralise artificial intelligence and bot computing. Therefore a powerful blockchain that will address the issues of speed, high latency and scalability is only one of its use cases – and, admittedly, a very significant one.
In addition to all of the game-changing facets of blockchain technology, the XTblock Network, via its high-performance blockchain platform, will offer users:
- Lower costs — as reported by the project white paper, users will benefit from significantly reduced CapEx. Additionally, XTblock will offer arguably some of the lowest adoption and usage costs in the blockchain space.
- Scalability — unlike an array of projects and platforms that are incapable of meeting the growing needs of enterprises, XTblock’s unique architecture will enable true scalability . Thanks to this supercomputer architecture, the network is capable of scaling up or down according to users’ need for speed (transactions per second or TPS).
- Seamless integration — XTblock’s Platform Terminal, as stated by the development team, will simplify the blockchain integration process, making it easier for companies and individual developers alike to conveniently adopt this technology.
At the heart of it all lies Time-sharding technology, XTblock’s revolutionary contribution to networks, blockchain and computer science at large. According to the official website, this powerful technology is what enables it to deliver the aforementioned benefits in an unprecedented manner.
Combined with Time-sharing, XTblock is setting the stage for the outbreak of a new dimension of blockchain capabilities, thus pioneering a paradigm shift across the technology landscape and in the trillion-dollar crypto space.
XTblock is also striving to level the playing ground, offering everyone, from developers to SMEs and large corporations, access to its innovative network. As part of its larger goal, XTblock will allow users to subscribe to the transaction speeds they need — starting at 5 TPS and scaling up to tens of thousands of TPS and beyond. An internet service provider [ISP] is a fitting analogy in that users can subscribe to the speed they need. But unlike an internet subscription, they will also be able to scale TPS up or down via the simple Platform Terminal tool.
The real promise of XTblock lies in its ability to catalyse massive change not only in the blockchain realm, but also far beyond. The team’s ambitious but carefully constructed roadmap lists key milestones including scientific and commercial use cases that are intended to prove its capabilities across decentralised finance [DeFi], decentralised AI, decentralised live video streaming, an NFT marketplace, crypto market analysis and trading bots, and much more.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.