In the midst of the current scalability and transaction fee issues that are faced by Bitcoin – which might also loom over Ethereum in the long run – what if there was a solution proposed of a blockchain that has no scalability issues, no mining requirements, and offers transactions without a fee?
You would not call it impossible. You would call it RaiBlocks.
A truly innovative cryptocurrency
Built from scratch, RaiBlocks started gaining traction last year. The blockchain based platform goes one step further than developing upon its older counterparts. Instead of having one blockchain, it gives each account its own blockchain, an architecture termed as “block-lattice.” This way, it works ensures that transactions are performed almost instantaneously.
Learning from the high power consumption and dependability issues that are faced by the likes of Bitcoin, RaiBlocks also eradicated mining by performing manual mining through captcha during its distribution cycle. Once all the available supply was mined, two-thirds of it was burnt to prevent future speculation in its value.
The platform also offers transaction processing with no fees. The platform cites the protocol’s lightweight mechanism as the reason behind this achievement.
RaiBlocks also uses a delegated proof of stake (dPoS) mechanism. This does not only contribute towards timely transaction processing but also prevents any potential attacks since no attacker would spoil that much capital to gain over 50 percent of the available supply only to harm it in the end.
The project was created by Colin LeMahieu, with the aim of developing a cryptocurrency that could truly be used for everyday transactions and does not repeat the issues faced by the current digital coins.
While it seemed idealistic at first, the project has been very well received by its users, some of which are taking initiatives of their own to enhance this platform’s outreach by developing plugins for the everyday user.
The latest to join them is BrainBlocks
Daniel Brain, a lead engineer for PayPal checkout, was incredibly impressed by RaiBlocks once he got the chance to learn more about it. He was so impressed that he went ahead in his own time and created a user-friendly plugin with Jill Robinson so people could integrate RaiBlocks payments to their sites’ Checkout page.
The plugin is mainly focused on WooCommerce for now, but Brain has since shared its code on a BrainBlocks website that he created specifically for this purpose. With simple API integration, site owners can integrate the code into their own platforms easily.
As per Brain, what caught his attention for RaiBlocks was the fact that it was not just built on top of an existing blockchain code and added its own elements to it, but that it was built from scratch and was truly a one of a kind solution.
Brain is not the only one that thinks this way, as several members of the RaiBlocks community are extremely confident of its success. So far, the project has been attracting an increasing amount of users while being listed on exchanges such as Kucoin and MERCATOX.
RaiBlocks is a very promising project and so far has been able to deliver on what it promised. However, it remains to be seen if it maintains the same level of efficacy once it starts attracting more users and sees a higher number of transactions on a daily basis.
For the sake of innovation, we do hope that RaiBlocks gets to be a successful venture and inspire others to think out of the box as well.