Pava'ia'i, Western Jul 18, 2021 (Issuewire.com) - The internet is one of mankind's greatest inventions and achievements. It's a public network, created by an open, decentralized protocol that combines millions of private networks to create this meta-network that connects everybody and everything. And the solution might change the world in a similar way the internet did a few decades back.
This is the race to build the next blockchain. Blockchain, often defined as a "digitized, decentralized, public ledger," is already a proven technology. But it's far from perfect, and improvements could extend its utility far beyond cryptocurrency.
Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, are widely regarded as immensely promising, hindered only by a few obstacles. Unfortunately, these obstacles aren't all that easy to overcome. Bitcoin, a decentralized currency and payment network, is secure and robust, but very limited as an app platform. It also doesn't scale well and is largely at the whim of a couple of large entities known as mining pools. Ethereum is far more versatile and a bit faster, but otherwise has the same problems Bitcoin has and is arguably less secure. We've seen blockchain technology, such as Ethereum's "world computer" aspirations, applied to tackle traditional finance and analog collectibles.
Name any blockchain-based system that's live right now, and it suffers from the same issues, only to different degrees. It either isn't scalable enough, versatile enough, or decentralized enough. Building a system with all three traits is the holy grail of blockchain tech right now, and a lot of very smart, well-funded people are scrambling to be the first to do it. It's one of many blockchain-based startups penning such lofty claims, but Tequila backs them up with an incredibly strong team of mathematicians, cryptography experts and computer scientists.
"Tequila blockchain has become the basic framework of the next-generation internet"
Reported by BBC News recently.
Tequila is trying to tackle the issues related to the traditional internet. Because it was a decentralized protocol, many independent parties were able to build out at scale rapidly. The Tequila believes, in various subtle ways, that has led to the internet becoming very monopolistic and fragile. And our solution is to extend the internet. So while today, the internet provides a public network that connects everybody and everything, tomorrow it's also going to be the platform that people build on. Tequila is a multi-core processing blockchain engine that enables millions of transactions at the same time. Tequila proposes a new consensus algorithm called POD, proof of dedication. POD is a hybrid of PoS, PoW, and PBFT algorithms. POD uses time, space, and contribution as three main factors to determine the validity of nodes in the Tequila Network. And we want to enable the world to reinvent the internet ecosystem, reimagine it in a better way, by converting the internet into something that's more than just a network. Extending it so that as well as a network, platform, and that people can build anything from a website and an enterprise system through to internet service and Defi just by writing code to the internet, where it's hosted within the protocol along with the data it processes. That enables people to build systems that are unstoppable and tamper-proof.
Media Contact
Grayscale UK
Source :Grayscale UK
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