Fractonet Innovation Technologies Trusts Its Blockchain Is The Solution For Scalability Concerns
Startup known for providing blockchain services to firms, Fractonet Innovation Technologies considers its blockchain, that is founded on the SHA-256, is the answer to the problem of scalability, which is one that many cryptocurrencies do not seem to support.
Ultimately, the firm highlighted its platform’s ability to support large transaction sizes, sharing that it can process a little over 33,000 TPS (transactions per second), with blocksize of 5 minutes, which is half of that of bitcoin’s.
Fractonet’s protocol, dubbed, “RIFT Protocol”, is what allows its platform to successfully process large data, as each block supports 1.5 GB. Furthermore, each block, as per Coin Telegraph, has sub-blocks, each with an equivalent size of 25 MB.
Along with scalability, the firm greatly emphasizes speed and ensuring that all data is stored and not left outside the blockchain, which to them are factors that will help cryptocurrencies become “the money of the future”.
The confidence in the firm’s platform has been clearly expressed, as Fractonet envisions its blockchain as being a “complete redesign of the blockchain”. The mining aspect of Fractonet’s blockchain will not change from its competitors, however, its sub blocks will serve as a reference system, which might help to reduce mining costs.
As for its real life uses, it appears that the SHA-256-based blockchain can come in handy within financial sectors, supply chain management, retail industry, and keeping track of medical records.
The main goal behind Fractonet is to help consumers regain their confidence in cryptocurrency, which the team involved claims has been lost for many, especially in 2018. As for the actions that will be taken, Fractonet will also direct its attention towards the blockchain’s stability and overall works.