In the world of blockchain, it’s no secret that scalability, transaction fees, and transaction speeds have long been persistent issues. However, Firechain Network, a novel distributed ledger network focused on decentralized services, is making strides to address these issues head-on.
Firechain’s vision is nothing short of ambitious. The company is not just aiming for a few thousand transactions per second (TPS). Instead, it’s designed to offer infinite scalability and speeds that outperform nearly every Layer 1 (L1) blockchain on the market. This performance class, coupled with its goal of enabling free transactions for users, positions Firechain as a true innovator in the field.
A New Breed of Blockchain
Firechain is an asynchronous, event-driven smart contract platform built to power the next generation of decentralized applications. Its core features include an execution engine that can handle the vast majority of transactions in parallel and a novel ledger model that combines the capacity of a Directed Acyclic Graph (DAG) with the security of a blockchain.
The platform’s asynchronous transaction flow and event-driven design allow for capabilities unheard of in other networks, like on-chain event listeners and real-time responsive execution. These features are aimed at supporting real, complex business cases and pushing the limits of what’s possible with blockchain technology.
A Unique Approach to Overcoming Blockchain Limitations
One of the fundamental limitations of blockchain adoption is the sluggishness of transaction processing. Existing networks like Bitcoin and Ethereum can only handle around 10 to 20 TPS, respectively, which pales in comparison to traditional payment systems like Visa which handle around 2000 swipes per second.
Firechain has charted a different path. By building their entire network from the ground up, they have been able to focus on developing for the future, rather than improving upon suboptimal solutions. This approach has allowed them to eliminate the economic barrier to entry by making transactions entirely free for end users.
Backed by Industry Leaders
Recently, Firechain raised $3 million in funding from industry leaders including Genblock, MGNR, and Ankr, bringing their valuation to $100 million. This funding round is a testament to the confidence these industry leaders have in Firechain’s innovative approach to blockchain technology.
Firechain is led by a seasoned team of technology experts. Chris Cashwell, Head of Technology, has a proven track record of building teams and products with a focus on security and scalability. He’s joined by Bryan Keltner, a compliance expert and software engineer, Andrew Rogers, a core contributor to the Stellar blockchain network, and Andres Montalban, an experienced infrastructure engineer.
Looking Ahead
Moving forward, Firechain aims to focus heavily on building the ecosystem and onboarding the world. They have developed an exciting proof-of-concept and are actively working on building core features and infrastructure. Their token allocation during the Token Generation Event (TGE) is scheduled for Q4 2023.
Firechain Network is charting a new path of innovation in blockchain by offering free transactions, infinite scalability, and transaction speeds exceeding 100k TPS. With their recent funding and industry backing, it’s clear that Firechain is a platform to watch. To learn more about Firechain, visit the official website at firechain.io.
