Decentralized technology became popular because of the key concepts it provided – no central authority, an access from anywhere around the world and an immutable nature. Those haven’t changed. However, as we moved on, more and more implementations were found for the technology, which came with more demands as well. For proposed technology today it’s not enough to just fulfill a condition of decentralized structure, it also has to be fast, reliable, secure and most recent – interoperable, in other words, compatible with other systems.
Many projects have presented a solution for part of the problems, but by doing that, they have traded in other key concepts of blockchain. Whether it’s speed, security or other factors, most of the systems are either not up to the recent standards or have to sacrifice some aspects to grant others. However, there is a new project that has not yet reached out to masses, but does provide a technical solution for all of the blockchain issues we face today.
Libonomy is a public, open-source platform to create decentralized solutions. It’s similar to already well-known platforms like Cosmos, Polkadot, Cardano and most popular – Ethereum, but it comes with few key differences. It offers the industry's fastest blockchain, it’s more scalable, more efficient and it’s the first one to present a true solution for interoperability.
Speed. It’s no secret that Bitcoin is not meant for everyday transactions due to the slow nature of it. It perfectly fulfills the task as a store of value. But what about others? Is speed important to them? In short answer – yes. To find a comparison in known, centralized technology, imagine standing by the cashier waiting for your payment to be processed for several minutes and paying a small fortune for it.
Scalability and decentralization. Scalability has been a term thrown around a lot, but what does that exactly mean? Simplistically, it means how well the system can grow in a real-world environment. We often face the harsh truth when promised theoretical characteristics are not met in real life – many propose a beautiful picture, but it’s rarely achieved. To provide a full decentralization, blockchain has to be able to invite everyone to join, even low-end computers, while not forgetting about the first point – speed. By combining these two elements we achieve good scalability.
Decentralized, but also fair. To extend on decentralization, it’s not enough to provide a well-scalable platform that doesn’t sacrifice its performance by inviting low computing-power devices, it also has to be welcoming towards them. To rephrase, the reward for contributing in the network has to be worthwhile to everyone. Right now, whether it’s stake or energy demand, we face an issue where existing blockchain networks are unproportionally favoring the rich – more stake put in or better miners set up will get you more rewards, but the “little guys” will be left out.
Immutability. One of the focal points of blockchain is its immutability – once the data is written it cannot be altered or deleted. This is one of the major things the whole concept of blockchain is built around. But we quickly arrive at a state where we realize that there are some aspects that we are more than willing to change. A continuous adjustment of blockchain is not possible; if any key aspects are deemed outdated, in many cases new versions are proposed that replace previous ones – forks (Ethereum Classic – Ethereum, Bitcoin – Bitcoin Cash etc.).
Interoperability. Since the beginning of blockchain technology, all of them have lived in silos – separate from one another. One solution does one thing, and the next does something else. But why is it necessary to communicate with one another? Another simple comparison, imagine a bank that accepts money only from their clients – now you’re left with a decision to sign up for 10 different banks or restrict yourself to services that use your specific bank.
To meet all the requirements without inventing any new problems, we have to put the existing technology aside, take a step backwards and rethink the whole concept of blockchain – this is exactly what Libonomy has done. With an implementation of new architecture and artificial intelligence, Libonomy has been able to offer developers and business owners a platform that doesn’t just fulfill all the requirements of today, but also ensures the technology’s seamless transition in the future. Libonomy is a blockchain that can be used for public as well as private use cases, it’s the only one that can communicate with all other blockchains, it’s the fastest blockchain with a network that is built with wide variety of low-end and high-end computers while granting them fair rewards for their contribution, it provides dynamic updates that are carried out by the system itself – it is a solution for all the needs today and needs to-come in future.