Scalability Problems of Existing Blockchains

It has become increasingly obvious over the past year that existing blockchains are struggling with scalability issues. Ethereum (ETH) is a prime example as the network has very low TPS which is caused by congestion problems as their blockchain is adopted by more companies, DApps and projects.



Back in July, Ethereum suffered severe network congestion and the gas price rose dramatically to levels we had last seen back in January when ETH's value reached record highs. So how come the gas price went up in the middle of a bear market? Well apparently a new exchange called FCoin introduced a ridiculous voting system, where votes were replaced by deposits and they charged really high gas prices to make these deposits. This incentivised Sybil attacks on the network and caused huge problems for ETH miners and users.

This follows the problems Ethereum suffered back in December last year after the CryptoKitties games was released. As I'm sure you have already heard CryptoKitties is an ETH DApp that came out last year. It was meant to be a bit of a novelty as it was one of the first blockchain based games. However, it became viral and the ETH network soon became overloaded with transactions which clogged up the blockchain and pushed up the gas price.

Ethereum has encountered a lot of problems that are mainly due to problems with congestion that are caused by a lack of scalability, Vitalik Buterin (Ethereum co-founder) has thought of a solution for scalability issues on Ethereum called sharding scaling.

Sharding will be good news for Ethereum, however.. The Mother of All Chains (MOAC) is already ten steps ahead...

MOAC Sharding Process

MOAC already announced they would be using sharding on their blockchain to speed up their network TPS. They have also stated that their form of sharding will be much more effective than the one ETH have come up with.

Sharding is basically a method of increasing the transaction processing power on a blockchain. The way it does this is by dividing the nodes on the network into smaller groups and then through the combined power of these groups they can process the transactions in a more concentrated manner.

There are some requirements for sharding that must be reached otherwise the network will not be able to 'shard' efficiently. There must be at least 50 nodes in one of these sharing groups if it is to work properly. POW will not work with sharding that well as there is much lower number of nodes. Then finally the sharding must be arranged in a compliant fashion and it must ensure data consistency and security.

MOAC Microchains

MOAC also have another trick up their sleeves that will ensure fast network speeds and that is the implementation of microchains.

The microchain architecture that MOAC will use is called the Nuwa platform. This was released by MOAC on August 10th and it is available on there GitHub page: https://github.com/MOACChain/moac-core

Microchains will play an important role in the use of MOAC as it will create a token-free independent blockchain that will be used to distribute processing tasks to nodes on the network and the sharding groups of nodes. Smart contracts will also be written on the microchains which will allow far more application scenarios to developers. They are unlike sidechains they will work as one with the main chain and therefore individual attacks to microchains will not do anything to the overall network.

The data and contracts stored on these microchains and MOAC's multi-layer blockchain will really reduce storage problems on the main chain, which will improve the main chains speed capabilities and lower the risk of scalability issues.

Summary

MOAC is an interesting project that provides users with glimpses of what blockchain 3.0 will look like. They have identified the issues that currently face existing blockchains surrounding network speeds and scalability problems. I genuinely think they have created a solution and they are actually in terms of development light years ahead of projects like ethereum.

The only issue is adoption and exposure, MOAC is very new and they have only recently started to spend more time promoting their blockchain. I think with the right partnerships and marketing strategies MOAC can become one of the most popular blockchains in the world, and they can become a real threat to existing ones such as Ethereum and EOS.

MOAC Links

Website: https://www.moac.io/

Github: https://github.com/MOACChain/moac-core

Twitter: https://twitter.com/moac_io

Telegram: https://t.me/moacblockchain

Medium: https://medium.com/@moac_io

Facebook: https://www.facebook.com/moacchain/

Telegram China: https://t.me/moacchina

Reddit: https://www.reddit.com/r/MOAC/

LinkedIn: https://www.linkedin.com/company/moac-chain/