Explained Blockchain Scalability
During Bitcoin Wednesday on 7 September 2016, Bas Wisselink, a board member of the NXT Foundation, will talk about new solutions for blockchain scalability and performance to be implemented in the upcoming “Ardor” Blockchain Platform.
One of the biggest problems faced by any decentralized blockchain after it has been in sustained use is that the network has to process and maintain an entire transaction history. The more the system is used, the bigger the problem becomes; the network has to carry the burden of its own success.
Nxt proposes to solve this issue with a series of improvements to be introduced in its upcoming Nxt 2.0 release, called “Ardor.” The Ardor Blockchain Platform will bundle and prune data in order to make the Nxt network more efficient and scalable as it grows.
Bas will also talk about Ardor’s new child chain and smart transaction features:
- A child chain is how the Nxt software will have the ability to improve network performance by maintaining the entire transaction history without having to verify individual transactions.
- Smart transactions is how Nxt will deploy some of the basic functionality achieved by smart contracts in a safer and simpler way compared to Ethereum by providing for basic pre-tested executable transaction types that are called by the networks’ nodes.
Nxt is a second-generation “Bitcoin 2.0″ cryptocurrency, and one ten largest in the world with a market cap of more than $28 million as of August 2016. It is considered one of the pioneers and innovators among the growing group of more than 500 cryptocurrencies. The Nxt platform supports user-defined tokens and decentralized applications and includes its own asset exchange for decentralized trading. In May 2016 Russia’s Central Securities Depository, NSD, announced that it had developed and tested an e-proxy voting system that can process 800 transactions per second based on a fork of the Nxt blockchain.
Bas Wisselink started working with Nxt as its community manager in 2014. He majored in Theater Studies at the University of Amsterdam and later worked on the faculty at the Hogeschool van Utrecht. He founded two theater companies, and lived and worked in a Buddhist center which he helped become an important distributor of yoga and meditation gear. He strives to bring creativity into his role as board member of the Nxt Foundation.