THE HELIOS PROTOCOL: Scalable cryptocurrency and smart contract platform based on DAG + blockchains.

in #blockchain4 years ago

Ever since the birth of Blockchain technology and Bitcoin back in 2009, the world’s financial system was permanently disrupted for the better. As a true crypto enthusiast, I was among the first people to embark on this amazing journey of crypto trading.

It was intriguing to think that I did not have to entrust my hard-earned cash to middlemen, such as banks and other financial institutions. This by far is the most appreciated feature of blockchain technology, decentralization. However, Bitcoin came with numerous other benefits that simplified the transaction process altogether. I am talking about the fact that I would not be required to pay ridiculous transaction fees to send money across border or that I would not have to pay fees for carrying out too many withdrawals.

The sense of freedom from anyone telling you how, when, or what to spend my money on was liberating. The power had been truly given back to the people. However, over time I started noticing that Bitcoin was getting too common among people which led to scaling issues.

🔗 The number of transaction fees had drastically risen to 20 dollars per transaction on average.
🔗 Transaction processing began taking too long, considering the increased volume of transactions.
🔗 Miners increased in number leading to a waste of resources.

I believe the entire crypto community needs a solution to eradicate all of these issues. There have been attempts to solve this issue of scaling with protocols attempting to:

🔗 Minimize the interval between blocks.
🔗 Increase block size.
🔗 Handle transactions off-chain.
🔗 Use a DAG architecture.
🔗 Sharding blockchain networks.

All these attempts, however, can handle on the order of 1000’s of transactions per second.

Helios Protocol solution.

However, I have the perfect solution for all of these challenges that I have mentioned above. I am talking about Helios protocol! This protocol looks to solve the problem of a bottleneck where the blockchain is only capable of processing a particular number of transactions per second.

The protocol plans to do this by replacing a serialized process with a parallel process. Unlike conventional blockchain protocols, instead of just a single blockchain, Helios will have a blockchain for every wallet address on the network. With this strategy, the bottleneck will be eliminated as all the transactions don’t have to go to the same blockchain.

Every wallet on the Helios network will have its very own blockchain. Each blockchain will have the capability to contain transactions to or from the owner’s wallet. Additionally, each wallet is permitted to add new blocks with a new transaction to their blockchain anytime they want to. For security purposes, once a transaction occurs between two wallets, it is only recorded on a block on the blockchain of the receiver and sender.

Transactions on this protocol need to involve just the sender, and the receiver and those between other parties are completely independent. This means that transactions between different parties will be able to take place simultaneously and the transaction throughput of the protocol will grow linearly with the number of users.

CONCLUSION.

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This is exactly what the crypto ecosystem requires to solve this scaling issue. Helios is going to revolutionize the entire crypto space by ensuring that transactions are extremely fast. I don’t know about you, but I would use some speed while trading crypto!

🔗 Website: https://heliosprotocol.io
🔗 Whitepaper: https://heliosprotocol.io/#project-tabs-indicator-white-paper
🔗 Telegram: https://t.me/joinchat/GSuKeBGme_EoTjHCiGmupQ
🔗 Twitter: https://twitter.com/HeliosPlatform
🔗 Facebook: https://HeliosProtocolPlatform
🔗 Github: https://github.com/Helios-Protocol

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★ Author: jamesndungu1
★ BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1856049
★ All Images credited to THE HELIOS PROTOCOL

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