Mango Research has repeatedly stated that 2018 will be the year of scalability and mass adoption. And Radix DLT seems to be leading the charge in both of these aspects.
The world is beginning to take notice of the potential of blockchain technology. Enterprises and governments want to take advantage of what distributed ledger technology and its token economics can offer. However, Bitcoin and Ethereum – the two mainstream giants – are currently both plagued with scalability issues. Other solutions that purport scalability, like dPoS, do so at the cost of security and increased centralization. Furthermore, with the instability of prices – vendors/merchants are extremely unlikely to fully adopt current solutions.
We fiercely need a technology that allows for transactional speed & scalability while still being secure and efficient. We need all of these criteria to be fulfilled. Enter Radix DLT.
One of the major limitations of current blockchain solutions is the fact that every node must process every transaction in the network. This severely prohibits scalability. As a result, most blockchain consensus models have to make the tradeoff between throughput and decentralization.
Radix, however, achieves high throughput, scalability and security using its patented consensus model – Tempo (a more detailed post on Tempo soon). Furthermore, Radix DLT has linear scalability. This means that the more nodes added to the network, the more it will scale. Contrary to current solutions, each node that is added increases the throughput of the Radix network.
In their most recent tests, Radix averaged 20162 transactions per second (t/s) with only ~10 nodes. This is a massive improvement compared to existing solutions. Ethereum currently peaks at 7 transactions per second and Bitcoin peaks at 5 transactions per second! You can view the live tests yourself.
In order to achieve mass adoption, we will need more merchants to accept crypto currencies at their Point of Sale devices. Existing solutions do not provide a true decentralized & independent form of payment solutions for merchants. They are reliant on partnerships with existing payment providers (such as Visa) to conduct the transaction.
If Visa pulls out of the partnership, the solution breaks. We are already seeing cases of partnerships failing with Visa. Radix, however, allows for debit cards that are completely independent of any payment provider. In fact, anyone can make a Radix debit card at home with ease and low cost! (check out the video below)
Furthermore, most of the current solutions in blockchain require merchants to adopt new hardware. Radix, however, can be enabled on the standard everyday Point Of Sale solutions that merchants currently use! These features reduce the friction to adoption drastically! Combine this with the Radix’s stable-value feature (see next point) and we have a win-win solution for merchants!
Radix uses a standard EMV Card to broadcast transactions to the Radix Public Network (or your bank). The transaction is then verified & validated on the Radix Network just like any other transaction would be! It’s as simple as that – and already working! Here is a video demonstration of it in action:
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One of the major reasons that merchants/vendors hesitate to adopt cryptocurrencies is due to the extreme volatility. Radix, however, safeguards price stability of its token while still giving token holders massive upside as adoption grows.
Radix DLT will safeguard against violent price swings using an elastic-supply. Traditional tokens have violent swings in price. But the Radix cryptocurrency will remain stable. Instead, its supply will fluctuate. So, when demand of Radix increases – instead of your Radix token increasing in value, you will be supplied with more Radix tokens. When demand decreases, Radix will decrease supply of the overall tokens. (Don't worry, tokens will not be removed from holder wallets. A more detailed post on the economics will follow)
This will allow for mass adoption since Vendors won’t have to worry about their Radix tokens decreasing in value after an item has been paid for.
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Unlike mining Bitcoin, the Radix network will allow even resource-restricted devices to participate as nodes in the network. A node on Radix can be run on a device with as little as 16MB ram and a 100Mhz processor. This will further ensure the ideology of decentralization.
Furthermore, the Radix network ensures inclusivity and trustless collaboration between/of nodes. It rewards nodes fairly by distributing rewards based on resource availability of each node. This means that everyone can run a node on the radix network and will receive rewards fairly.
Radix is already Smart Contract enabled. Developers build dApps using Scrypto – a decentralized application development language by Radix.
Scrypto is based on JavaScript/TypeScript – so the learning curve is almost non-existent. Furthermore, it has its own debugging tools and can be used on existing IDEs for JavaScript. Essentially – if you know JavaScript, you are ready to develop applications on Radix!
Radix DLT is an all-in-one platform solution. It has a decentralized exchange and the ability to create your own tokens/assets. Furthermore, developers have the ability to create turing complete decentralized applications on-top of the Radix platform. With its limitless scalability and adoption-value, Radix is poised to be a leader in the industry.
This post was a brief overview on what Radix DLT has to offer. In upcoming posts, I will dive deeper into their Consensus & Economic models! Stay tuned!
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