Sharding In Cryptocurrency: It's Unique Advantages To A Blockchain Network

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Hello great minds,

It is a wonderful opportunity to come before you all today again, to discuss on an issue of great importance in the cryptospace.

I trust you are all doing perfectly fine and are enjoying your activities in the community as we jointly promote steemit across various social media platform.

I am here to discuss about a new cryptocurrency concept that I am sure many do not know about, although some may have little idea about it.

Please continue this journey with me as we learn about sharding in the cryptospace.

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WHAT IS SHARDING

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Sharding can be explained to a concept in the cryptospace that is aimed at increasing the scalability and efficiency of the blockchain network.

As cryptocurrency like bitcoin and ethereum become more popular, limitations of traditional blockchain architectures have become apparent .

These limitations may include a higher transaction fee, a slower transaction speed and other related scalability issues.

These challenges is being countered by sharding as it provides a method to divide the workload, enabling parallel processing and resulting to a higher throughput.

Sharding can further be explained to be the process of breaking down the global blockchain into smaller, more manageable parts known as shards.

And here, each if these shards operate as an independent chain, and they are in charge of the processing of the little fraction of the overall transaction.

By distributing the workload across various shards, this helps the network to process multiple transaction at the same time, thus improving the network scalability.

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ADVANTAGES OF SHARDING

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There are several advantages of sharding in the cryptospace, and we shall be examining some of them.

• SCALABILITY:

Scalability is one of the pressing issues facing the blockchain network, and sharding helps to profer solution to this challenge.

With the growth of traditional blockchain network, there is an increase in the demand of their resources which results in a slower transaction processing time and congestion in the blockchain network.

The issue of head-on is being tackled by sharding as it allows for the running of multiple shards simultaneously.

The network capacity is being boosted by this parallel connection, as it allows the network to handle a larger number of transaction concurrently, as a result, increasing it's overall scalability.

• ENHANCES TRANSACTION THROUGHPUT:

Another advantage of sharding is that it enhances transaction throughput, and this is because each shard processes it's transactions independently.

This implies that the overall transaction processing capability of the network is directly proportional to the number of shard, providing a linear scalability model.

As a result, a higher number of transactions per second can be handled by a blockchain network employing the use of shards, and this is very important for mainstream adoption and the utilization of cryptocurrency.

• ENHANCES PRIVACY AND SECURITY:

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Another advantage of sharding in the cryptospace is that it helps to enhance security and privacy.

Since each shard is independent of the other, the data in one shard is also independent/isolated from the other.

An additional layer of privacy is being added by this segregation, thus making it very difficult for malicious users to access sensitive information in the network.

Also, the network is being secured by the decentralized nature of sharding.

Even with the compromise of one shard, the network still maintains it's integrity.

• REDUCES LATENCY IN TRANSACTION CONFIRMATION:

The reduction of latency in the confirmation of transaction is another Importance of sharding in the cryptospace.

In a non-sharded blockchain, the network congestion greatly affects the time it takes for a transaction to be confirmed.

This issues is being mitigated by sharding as it distributes the transaction process across multiple shards, giving room for a faster confirmation times.

A quicker transaction finality is being experienced by users and this makes cryptocurrency more practical for use in our everyday activities.

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CONCLUSION

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Sharding serves as a representation of an important advancement in evolvement of the blockchain technology.

It offers different advantages as it brings solution to several challenges such as security, efficiency, privacy and scalability.

There are more to learn, please stay along with us, as this will be examined in our next discussion.