Where all innovations seem to be failing Fusion seems to be the solution towards aiding the Blockchain technology to reach its ultimate potential. Initially, it seemed though cross-blockchain data exchanges would solve these major issues it wasn’t meant to be.
Blockchain technology has been in the limelight for quite some while now. A technology which was known to just a small group of passionate cryptocurrency seems to have taken the world by storm. Almost every media channels seem to be posting about it these days.
While Blockchain was initially introduced to the world as the building blocks of Bitcoin and it continues to be associated with cryptocurrencies. However, it has way more potential than that. It can literally redefine the future. By entering into the space of Web 3.0 which will be a platform based on decentralization what blockchain can do for the internet word is beyond imaginations.
In a time where data has become a crucial part of our lives, Blockchain could be that ideal solution to harnessing and managing data much more conveniently. Basically how Blockchain technology works is that it represents an innovative way of handling data, using decentralized ledgers to make information more transparent, secure, and accessible.
. It presents a great threat to traditional, centralized data management methods. Blockchain has shown great promise in several trials, with major banks and even some states adopting the technology.
However, contrary to what it proposes blockchain isn’t yet a complete model. Many existing blockchains and blockchain-based applications have clearly expressed the dire need for this technology to be upgraded resolved. These issues arise right from scaling challenges to difficulty in moving values across blockchains.
A deeper analysis of blockchain
The biggest problem by far faced by this technology is the hindrance that occurs while transferring value from one blockchain to another. It has been really tough to move data across blockchain platforms, as they mainly exist as separate entities.
What can also lead to blockchains getting obstructed with data that will eventually slow them down is the fact that this problem also broadens to off-chain data, An example here being smart contracts, which currently doesn’t work with data that isn’t stored on the blockchain.
The next obstacle faced by Blockchain is regarding the issue related to scalability, it is also noticed that as chains grow and begin processing a higher volume of transactions, it starts to slow down the platform. This is particularly evident with Bitcoin — where users have been constantly complaining about waiting for days and also not to forget the jaw-dropping transaction fees when the network is busy.
Despite these flaws, there is a bright hope for blockchain as people involved in the blockchain space have been working extremely hard to resolve these issues. they’ve also tasted some success, but there’s still a long way to go if blockchain has to reach its ultimate potential.
Progress so far
In a pursuit to build cross-blockchains capable of sharing data, many attempts have been made with the likes of Bitcoin Lightning, Ripple, and WanChain, working to create a platform that can o untie transactions from the main blockchains and make cryptocurrencies better at working together.
, Each platform had a unique approach to tackle the problems, with each one of them having varying degrees of success Some have been more successful than others, but there’s still no clear-cut solution on offer.
This is exactly where fusion seems to be the deal breaker
FUSION could be the best cross-blockchain platform yet. Developed by entrepreneur DJ Qian, Fusion could arguably be the best-blockchain platform yet. What is proposes is an open-code public blockchain which can be implemented by developers and existing blockchain apps.
The ability to move value between cryptocurrencies and across blockchains is the main target of Fusion. They wish to create a platform where data will no longer be confined to one blockchain, they want to create a platform where it opens up possibilities to exchange between multiple parties in the crypto finance space.
This represents a shift from isolated, fragmented blockchains to a more cohesive network of data — something that more closely resembles a fiat economy.
FUSION aim to create smart contracts capable of dealing with off-chain data, which would considerably boost up operations and open new ways of data management. Using smart contracts to authorize actions based on real-world, real-time events could be a massive improvement to the IoT, and with FUSION this can become a reality very soon.
Blockchain is making quite an impact on the world. This can really be the turning point which could arguably make history and change the course of the entire world. Two extreme possibilities can become a reality it could either be accepted by top financial players or either be completely rejected. If cross-blockchains manages to overcome the issues with scalability and efficiency that the technology currently faces, the possibilities that could be achieved are unimaginable.