LightChain Ushers Blockchain into the Millisecond Transaction Era
LightChain is a double-layer technology that promises to solve blockchain’s performance issues. Indeed, LightChain hopes to lead blockchain technology into the “millisecond transaction era.”
LightChain Is a Double-layer Technology
Granted, Bitcoin’s slow transaction processing speed and high transaction fees are the most pressing issues afflicting the cryptocurrency ecosystem. By design, there is only 1MB of data available per Bitcoin block. That is, just 1 MB of transaction data is allotted every 10 minutes.
🙌 It's a tower takeover! #LightChain is making its debut on the Nasdaq tower in @TimesSquareNYC @Nasdaq. Light Chain (LIGHT) is designed to be the world’s first double-layer chain. #Nasdaq #LightChain #Blockchain pic.twitter.com/AVdX0ZDPkx
— LightChainOfficial (@LightChainOne) January 16, 2018
LightChain offers to fix these issues by introducing a new blockchain architecture that comprises one prime-chain and several other sub-chains. LightChain Corporation believes that this technology will make possible the processing thousands of transactions per second.
The prime-chain, like Bitcoin’s blockchain, provides immutability and transparency. The sub-chains, on the other hand, provide the fast network services, by synchronizing and transcribing the transactions onto the prime-chain on regular bases. According to LightChain Corporation’s press release:
LightChain adopts the world’s first double-layer chain architecture, which not only maintains the core function of the Blockchain as a super account, namely records cannot be tampered with and destroyed, and simultaneously realizes the processing speed of 100,000 transaction requests per second.
Proof-of-Machine Validates Sub-chain Transactions
LightChain brings to the forefront the concept of Proof-of-Machine (PoM) to validate the transactions that are executed on the sub-chains. Additionally, the performance of the sub-chains is enhanced by using an in-memory database cache.
The in-memory caching system increases application performance by retaining frequently-requested data in memory, thus significantly reducing the need for database queries to get that data.
In the LightChain architecture, there is only one prime-chain or mother chain, which preserves the attributes of Bitcoin’s blockchain: immutability and transparency. However, the sub-chains use Proof of Machine for validation purposes, as the white paper explains:
Sub-chain is independent from each other, and the number of sub-chain can be extended when necessary. Prime-chain is decentralized and distributed network that is immutable transparent to the public. Sub-chain based on PoM (Proof of Machine) validation model, combined with an In-Memory database, to achieve substantial performance improvement.
Bitcoin started the year with the introduction of several schemes and new technologies promising to address Bitcoin’s scalability problem. Examples of these options include SegWit, Lightning Network, and Schnorr signatures. Now LightChain promises to expand the number of optimization options. Hopefully, upon review of these options, stakeholders will support their successful implementation.
How do you think LightChain’s adoption will impact Bitcoin transaction fees and speeds? Let us know in the comments below.
Images courtesy of LightChain Foundation, AdobeStock