Blockchain is the talk of the town among the technologically savvy these days. Until quite recently, blockchain technology was a field reserved for Bitcoin and illegal websites.
A new disruptive blockchain application seems to appear daily.
Reports companies like Xerox are filing blockchain patents to use blockchain technology shows the substantial power that blockchain can leverage.
Other industries, like secure private messaging and payment applications, are using blockchain as well, seeking to bring profound change their specific markets.
But with all this innovation, arise several problems. Amid all the positive press, some stress fractures are starting to show.
In spite of the apparent hype, though, many blockchain professionals are aware that under the apparently peaceful Dr. Jekyll demeanor of blockchain technology is a swirling Mr. Hyde, full of chaos and confusion, causing substantial concern for consumers and technology professionals.
For example, consider the controversial issue of block formation.
Bitcoin utilizes an algorithm called Proof of Work (PoW), in which miners who create new blocks are asked to solve complex equations to add the block to the chain and receive the compensation linked with it. Though functional, PoW has met with substantial pushback among government agencies and public advocacy groups because of the high electrical usage required, often exceeding some smaller nations per anum.
Ethereum, the second largest cryptocurrency by market capitalization, may shift to a new system called Proof of Stake (PoS). PoS requires that block makers hold a large value of the cryptocurrency, creating a clear incentive to protect the chain.
The PoS protocol has not been well-received by blockchain adherents who have commented that a platform like this may well produce a centralized monopoly on the blockchain so that all blocks are created by a small conglomerate of large-stake miners, ending the intended decentralization of the blockchain.
The most heated arguments between blockchain professionals, though, concern flexibility. A quick search for SegWit will bring to light the huge debate regarding chain control and forking. Industry insiders feel that current blockchain systems can’t provide scaling solutions for the growing market. The protocols in each chain can therefore cause debate about block size limits.
Blockchain is akin to the first radios in the 1920s – huge, costly, and cumbersome. Though to any observer at the time would have understood that the technology would radically shift communication, radios were nevertheless costly and unfriendly to users. Beginning technology rethinks often require substantial effort iron out the bugs and gain mainstream acceptance. Current blockchain systems are in need of retooling for just this purpose.
Soferox Cleans Up Blockchain
The blockchain systems underpinning Ethereum and other cryptocurrencies have been touted in the non-technical media. Nevertheless, these technologies, while offering base-level support for the first real application of decentralization, also have profound weak points.
Soferox, however, has developed a solution that will completely overhaul these original platforms.
Soferox has developed a two-chain blockchain system. Rules for management have been bifurcated from transactions by developing two separate but interdependent chains. This platform creates secure and immutable transactions, while also providing an elegant rule management scheme in which changes can occur without hard or soft forks and new coin creation.
As an added bonus, Soferox has decided against charging any transaction fees and has created a new block protocol which is a combination of the PoW and the PoS named Proof of Pact (PoP), which offers a simple and smooth system for consumers and miners alike.
This very concept (PoP) might be the answer to creating the next generation blockchains.
Another Link in the Chain
Soferox was on a full stealth mode and just started its ICO presale and is planning for the full ICO to begin September 15. The token is called SFX, and investors who buy into the ICO during the early phase will receive a graduating token bonus.
The PoP block generation system and the Soferox dual-chain platform are the first real solution for the weaknesses of blockchain in the future. Soferox has created a technology that both deals with underlying issues in blockchain as well as utilizing the strengths that blockchain provides.