How Nexty can improve blockchain scalability

ionzar (28)in #nexty • 6 years ago

https://bitcointalk.org/index.php?topic=2498919
https://nexty.io/nexty-whitepaper.pdf
https://facebook.com/nextycoin
https://twitter.com/nextyio
https://t.me/nexty_io
https://nexty.io/

🔔 🔔 🔔

Everyone knows that any transaction after checking by miners is added to the block, which is then stored in the blockchain, a distributed database. This database is publicly accessible to each user and is immutable. Like any set of data, a transaction has its own size, respectively, the size of the block is formed from the size of all transactions included in it.

That's where the problems begin. To date, the maximum block size is 1 MB. That is, each cell of the blockchain cannot exceed this indicator. This bar was established in 2010 and proved to be quite effective, allowing to confirm 6-7 transactions per second. But the number of users and network operations is growing very fast and this bandwidth is not enough. This is the problem of bitcoin scalability - the network bandwidth is difficult to adjust in accordance with the current requirements.

🔔 🔔 🔔

What does bad scalability lead to?

So, in daily mode, the speed of the bitcoin network is acceptable, but at peak moments, when the number of transactions reaches its maximum, you can wait for the payment not only for hours but also for days.

In addition, the problem of commissions has been updated, because the issue of how quickly the operation will be carried out depends on them. Against the background of a jump in the price of equipment and its maintenance, miners tend to check the transactions for which they will be paid more first of all. Accordingly, the cheapest of them can hang even for weeks.

If earlier it was enough a few cents for the usual transaction, now the optimal fee can reach tens of cents or even a few dollars, which for some users, especially in the case of microtransactions, is very expensive.

Thus, the poor scalability of bitcoin can lead to a drop in interest in the currency from the users. By the way, classical banking systems are able to make millions of payments with a delay of minutes and their commissions remain relatively static.

🔔 🔔 🔔

How can Nexty solve this problem?

Nexty is an absolutely new platform that aims to permanently destroy commissions in the blockchain. In addition, transactions will become instant. This is achieved through the use of the Dual Cryptocurrency Confirmation System. This concept includes the use of two cryptocurrencies in parallel. All user transfers in the system will be made in NTY tokens. Everyone can buy these tokens on the exchange. The second token, NTF, provides confirmation of transactions from inside the system. The transaction confirmation system is based on a point-to-point network with specific criteria to meet the operational requirements.

Thus, the system is divided into two parts, for convenience, you can call them frontend and backend. These parts do not overlap, but the NTF token supports network bandwidth. The holders of this token ensure the network's performance, but for their work, they receive not a fee, but a stable reward at the end of the month. This allows keeping users interested in working on Nexty.

🔔 🔔 🔔