Introduction
The first blockchain was invented and designed by Satoshi Nakamoto in 2008 and was realized in the following year as a core element of Bitcoin, when blockchain technology acted as a ledger for all of transactions take place on chain. No surprisingly, it can be said that Blockchain brings many advantages, especially, cost savings are the most noticeable advantages of this technology. Although we have heard blockchain is applied to the financial services industry, in fact, it is applied in many fields, internet identification, voting and education. With blockchain, third parties are removed, leaving the payer and payee directly connected to each other. As a result, the transaction process become faster and cheaper with less fraud or breaches, hence, their belief can be increased. In fact, every revolution in the field of science and technology has experienced difficulties and obstacles. Similarly, in addition to the benefits that Blockchain brings, it also has many limitations that are difficult to overcome. The following parts will find out what are these barriers and how RiveX - a blockchain-based project created with the purpose of providing a high-throughput and scalable blockchain, can give solutions for current blockchain’s issues.
Current Limitations Of Blockchain Technology
Network size
Blockchain (like other distributed systems) are resistant to disruption - they go through attacks and become stronger. However, a strong Blockchain needs a very large user network (nodes) with widely distributed network nodes. With the current situation of this declined market, this seems an impossible mission to call out more people joining the network.
Security
There is a notable security issue in Bitcoin and blockchain, which is if more than half of the nodes in the network agree with a lie (roughly 51%), this lie will naturally become true.
Difficult to scale
Scaling in decentralized space is undoubtedly more difficult than traditional centralized systems. That is because all the data is put in different places making the cost of transmission, verification, and storage growing huge. Besides, each copy of the database has to be paid instead of those costs paid only once in a centralized traditional database. Moreover, blockchain technology is still in its early phase. It may make cryptography more popular, but this needs to be deeply study to fully understand about it.
Bandwidth issue
Each node needs to contact the other nodes to receive the transaction, verify the transaction and publish the results of the transaction check. These tasks consume network bandwidth, which can greatly affect the whole network.
How RiveX's Solution Can Solve Blockchain Issues
RiveX, which is a hybrid chain built on Wanchain’s public and private chain known as Lanchain, create with the intention of solving all of the issues raised above of current blockchain. More general, RiveX will take advantages of Wanchain’s public chain (onchain), which run on Galaxy consensus, and Lanchain private chain, which run on Istanbul Byzantine Fault Tolerant (IBFT), to allow all decentralized apps created on RiveX can smoothly cross-chain communicate with any public blockchain out there no matter it is Wanchain or Bitcoin. This will make the whole RiveX’s blockchain become interoperability and flexible.
Next, as mentioned above, scalability is a headache issue of the whole blockchain industry in the past many years. Nevertheless, with RiveX’s solution, which leverage the beneficial of side chain to handle all intensive computations without the need of parent chain, will help to efficiently reduce workload of the main chain and achieve faster processing speed. As a consequence, end-users will be the one who get the most beneficial, which they have never experience before with other blockchains, when using RiveX’s blockchain. Besides, they can also play an important role in RiveX’s ecosystem with other participants such as developers or enterprises in order to protect RiveX’s network and make it undefeatable thanks to RiveX’s privacy features. This also highlights the powerful of blockchain technology, which does not need any accredited middle-entities to interfere our business, and anyone can be a vital role in the network. Thirdly, although blockchain technology has a huge potential, however, there are not too much developers joining this space because of knowledge barrier. More particular, because this cryptography field is still new, developers will need time to adapt everything, making very less killer decentralized app appear. An illustration of this is except Cryptokitties become worldwide popular mostly thanks to the booming of crypto market in 2017, no other decentralized apps can be compared as that dApp. Understanding the issues developers are facing, RiveX provide them a software development kit (SDK), which is built on web3, equipped a great variety of libraries and necessary tools. Besides, this SDK also support all popular OS like Linux, Windows, iOS, Android and OSX, hence, developers can work in decentralization space with what they are already familiar with. With RiveX’s SKD, building decentralized app is never easier than this and it will help developers maximize their creativity to exceed the limit. Last but not least, RiveX will help to provide solutions to enterprises at higher level. Particularly, there are many blockchain project out there also has the same vision, nevertheless, they lacks of experience and clearly understand enterprise in order to satisfy their need. More clearly, they cannot provide enterprise private solution while most of them are public blockchain. RiveX, with its hybrid blockchain, will enable both public and private part for any enterprises that need to smoothly integrate blockchain technology into their business, the team at RiveX called this solution as Blockchain as a Service (BaaS), a cutting-edge decentralized version of Software as a Service (SaaS).
RiveX Products
RiveX’s main vision is to serve a wide range of customers from enterprises to regular users, hence, the team created many a rich collection of products that can be applied for real use-cases. For instance, a decentralized financial app will help to resolve real problems of centralized finance market or project’s own DEX called WRDEX will be launched alleviate the dependence on centralized exchange and give more power to end-users, nevertheless, this part will mention about EROX which satisfies the needs of enterprises. In overall, EROX is a super solution for enterprises that combines of RiveX’s BaaS (Blockchain as a Service) Model, xOffice, xSign, xBNS and RIVEX.TV. Among of them, RiveX’s BaaS model will play the most important role in RiveX’s revenue model as it is a higher level of Service as a Service (SaaS), which can help enterprises get risk-free of being hacked or data breached when choosing SaaS like the present. In addition, it can also help blockchain technology widely adopted by mainstream users. Next, xOffice is a decentralized version of Microsoft Office that support all of office file formats, and if you need a professional and high-class digital signature application for sensitive files, xSign can meet all of your requirements. Lastly, xBNS and RIVEX.TV will perform like a blockchain-based domain name service and a decentralized protocol for storing and sharing hypermedia like Torrent respectively. Besides, end-users can be beneficial for cost-saving when using EROX as it allows them to modify their subscription fee later in order to be suitable with their needs.
Conclusion
All things considered, RiveX is a team of skilled individuals with years of knowledge and precise vision in blockchain and fintech, providing solutions of bringing the best enterprise solution. Pioneered the effective application of both the technical and basic strategy to cryptocurrencies, RiveX also has an important advantage which is a close partnership with one of blockchain project leaders that is Wanchain to support in technology, strategies and market perspectives. With these activities and preparations, RiveX aims to become a new unicorn in blockchain space.
Reference
Website: https://www.rivex.io/
Whitepaper: https://www.rivex.io/white-paper
Commercial Paper 2.0: https://873e20f8-4fb4-49e0-ba85-23057dad206b.filesusr.com/ugd/865cfb_086aacee7143472e80d5a7df2af26ab8.pdf
Medium: https://medium.com/@RiveXOfficial
Twitter: https://twitter.com/RiveXFoundation
Author's Telegram Username: @leader2704
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