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What Is A Multidimensional Block Lattice Structure?

What Is A Multidimensional Block Lattice Structure?
Is Multi-dimensional Block Lattice the new Protocol? Smart Contracts supported on a Multidimensional Block Lattice is a game changer. On top of the existing Block Lattice structure, the Smart Contract support allows users to create policies across various assets under the account management. For example, billing policies for WiFi and network access could be setup individually for different equipment. As well as other network services including storage, routing, etc. While this example is very network industry-specific and presented by QLC Chain, the idea could be translated into different domains. Gone are the days when Smart Contracts meant supporting a digital currency. Welcome to the Future. Block Lattice In 2015, Nano (formerly Rai Blocks) was launched to solve issues such as slow transactions and high fees. Nano introduced a block structure called Block Lattice which skips mining resulting in zero transaction fees. This revolutionary block structure changed the entire crypto landscape and labeled as the next generation blockchain structure. Block Lattice maintains one blockchain for each account controlled by private keys of the respective accounts. The blockchains are then replicated to all the peers in the network. Only balances are tracked in this blockchain and the transaction amount is not tracked. Balance transfer is done with the help of send and receive blocks. A send block reduces the balance and the delta is then marked to the recipient account. The recipient then creates a receive block which increases the balance. This new design lets Nano run a whopping 7000 Transactions Per Second (TPS) while supporting 500,000 users. The lack of account balances decreases the I/O operations which improves the TPS compared to current players in the crypto space. Multidimensional Block Lattice Structure QLC Chain uses the existing Block Lattice structure and takes it a step further. By converting the single dimensional Block Lattice into a multidimensional structure, each account can handle multiple tokens with new tokens being mapped to a new chain within the account. Since each token exists on a single chain (dimension), the entire structure with multiple tokens is called a Multidimensional Block Lattice Structure. This results in no limit to scalability while improving on security. The design inherited the advantages of Block Lattice while adding smart contract on top. QLC Chain changed Block Lattice to become a protocol to support various tokens, moving forward to build a Public Chain for blockchain network services. Currently, the team has completed the first step of the multidimensional structure construction - multi-token transfer successfully tested. Smart Contracts on the Block Lattice Structure QLC Chain will support Smart Contracts and Distributed Applications (dApps) be built on the Multidimensional Block Lattice structure. Each account has its own blockchain with support for multiple tokens running on parallel chains, supporting multiple token issuances within a single account. QLC Chain defines Smart Contracts as an account with its independent chain and Smart Contracts Block. The Smart Contract Block consists of Contract Handle for Smart Contract Addressing and Contract Instance for saving ABI and Contract Signature. Since Smart Contracts can be set up on Multidimensional Block Lattice structure, we will see a rise in advanced structure beyond just supporting a Digital Currency. QLC Chain presently supports two Smart Contracts:
  1. Token Smart Contract : for new token issuance in the system.
  2. Asset Smart Contract : for digital asset registration without the need for new tokens to be generated.
Asset based Smart Contracts lets physical equipment get a service attribute tag. For example, Networking Equipment will receive a telecom services tag. This allows Account holder to manage the equipment’s digital identity. Is QLC Chain the Future? The QLC Chain is a public chain designed for decentralized mobile network service. This would help in incentivizing unused network sharing and enabling P2P network services provision. At the same time, it will extend network coverage, reduce the cost for telecom operators. QLC Chain is building an infrastructure for Network-as-a-Service (NaaS). Similar to Infrastructure-as-a-Service (IaaS), QLC Chain focuses on networking access, name resolution, storage, network transmission, firewalls, and related security. The QLC Chain approach to Blockchain is very unique and commendable. The Multidimensional Block Lattice Structure helps to avoid network strain and very cleverly handles the scalability and energy consumption issues. The support of Smart Contracts on this Block Lattice Structure is a game changer. While the technology is nascent, it holds tremendous potential. QLC Chain is definitely one startup you have to look out for in the coming days.

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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Quick Take

1 minute read

  • Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. 
  • It was announced last week that Fred would be joining the board following a recent round of funding.

Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. It was announced last week that Fred would be joining the board following a recent round of funding.

The co-founder of the well-known crypto platform is getting ready to join the company as a board member following a $30 million funding ground to help expand its operations on an international level.

Throughout 2020, Fireblocks has launched a secure asset transfer network which would allow more institutions to efficiently transfer assets on chain. And on top of this, the platform also announced that it has seen more than $150 billion in transferred assets over the course of the past year. Fred has said:

“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones… The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers.”

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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XRP Price Analysis: XRP Continues Correcting

XRP Price Analysis: XRP Continues Correcting

This analysis brought to you by RoboForex.

On Friday, November 27th, XRP has reached stability but is still correcting and trading at $0.5550.

As we can see in the daily chart, after finishing a quick rising wave, XRP/USD price is correcting to the downside. At the moment, the asset is trading close to 61.8% fibo, a breakout of which will indicate further pullback towards 50.0% fibo. The MACD histogram has broken 0 and is still moving to the upside – it may be another signal in favor of a new rising impulse. The upside target of the completion of the correction will be at 0.6800.

In the H4 chart, the cryptocurrency continues correcting to the downside. Right now, it is testing the support level, a breakout of which will result in further decline towards 50.0% fibo. The Stochastic indicator has formed a “Black cross” inside the “overbought area” and is still falling, which is an additional signal in favor of further decline towards 50.0% fibo. After completing the correction, the asset may test and break 61.8% fibo, and then continue trading upwards. The upside target is similar to the daily chart, 0.6800.

Ripple started its rally on November 20th, together with other cryptocurrencies. There are a lot of explanations of why it happened, from investors’ search for alternatives to fiat instruments to a surge in interest in cryptoassets from institutional players. Indeed, all of this really took place and, of course, expansion of the interest was in favor of cryptocurrencies. The entire market is on the rise but since “trees don’t grow sky-high”, active purchases faded to the correction.

Over this period of time, XRP has managed to update its high reached in May 2018. The asset is still moving like 80% below the highs of January 2018, when it was trading at $3.7, but investors are surely positive about further growth.

At the moment, XRP is back to third place in the list of the strongest and most popular cryptoassets.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

 

Disclaimer

Any predictions contained herein are based on the author's particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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