Raiblocks: What Is It?
S c alabl e, insta nt , and feeless.
RAIBLOCKS WHAT IS IT? W r i tten b y: Lev i Sza llas i W ebsi te : www.r aiblo c k s .ne t
In today’s crypto-industry, even with its technological leaps and bounds forward, there are several underlying problems. Cryptocurrency mining has received a bad reputation, with calculations revealing projections of its substantial contribution to energy consumption, and in turn, climate change. With an incentive to use incredible amounts of energy to send transactions, results an inefficient, unsustainable system that is difficult to fix.
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Transaction fees and delayed transaction times, thanks to common methods of mining, are almost universal, often exceeding the transaction times and fees charged by banks – the very institutions which prompted the creation of the first cryptocurrency. These are significant problems, with more issues such as scalability either already existent, or on the horizon. Scalability refers to the ability for a Blockchain to cope with an increasing number of users, and therefore an increased number of transactions to confirm. With less than 0.05% (using optimistic estimations) of the world’s population as users of the largest cryptocurrency, Bitcoin, there is a huge amount of room to grow. With the number of users
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