The blockchain is designed as a decentralized database that functions as a distributed ledger. The creation of Blockchain technology has brought many advantages in many industries, providing high security features. However, its decentralized nature also brings some disadvantages. For example, when compared to traditional databases, its effectiveness is limited due to scaling issue and storage capacity is low. Besides, adoption is also one of the main challenges for any blockchain projects out there since no killer decentralized applications were really launched. Understanding all those challenges, RiveX was born to resolve all the issues listed above.
According to their website, “RiveX is an interoperable and scalable layer-2 on-chain and off-chain solution built on Wanchain and private chains”. It means that all intensive computations will be handled by side chain, which will not need the help of parent chain. The solutions of RiveX project will help to create a powerful scalable blockchain that will be helpful in creating decentralized applications, decentralized Finance and offer a wide range of enterprise solutions.
As previously stated, RiveX is using side chain to maximize the computation and break all the current limitations of blockchain which are unscalable and inconsistency. So what is side chain? Let’s find out more about this innovative solution. Firstly, there are two concepts we should understand here which are main chain and side chain. Let’s imagine main chain will act like a main highway where all vehicles can run on and there are also other secondary highways besides where vehicles can run faster and they can move to the main highway anytime they want. Therefore, side chain should be interpreted as a separated blockchain link to the main blockchain via two-way gate. The function of these extra chains creates considerable potential, enriching the capabilities of existing blockchains. With many advantages of side chain, RiveX team decided to use this state-of-the-art technology of modern blockchain to increase security and privacy of the network, thus, giving enterprises and developers more assurance and faith on what they are working on.
Because side chain independently operate so that all intensive computations can all be processed off-chain and main chain will not need to do any further complicated computations that may cause network congestion as well as high cost. Furthermore, this solution will help to insulate complex computations from the details of specific blockchains, offering immutability, stability and security to the whole blockchain.
The best thing of side-chain is that it completely independent from the main chain. In other words, side-chain’s security is protected by itself. Moreover, all the problems on side-chain can be controlled without affecting the main chain. In the same manner, what happen on main chain related to security issue will not affect side-chain as well.
Decentralized Finance (DeFi) is a term that has been mentioned a lot along with the token-economy, especially from early 2019 until now. Many people may think that DeFi is a blockchain-based lending service, but actually, DeFi is much bigger than that. Firstly, let’s talk a little bit about traditional finance or CeFi (Centralized Finance). CeFi is centralized finance, in which participants such as organizations, trading markets or financial tools are centrally managed. The term “custodial” or trustee, meaning that assets, products and services in finance field will be entrusted to some organization, always accompanies centralized finance. The major barrier of traditional finance is centralization of power. DeFi is the greatest solution for this. DeFi leverages the power of Blockchain to be decentralized and transparent to create an open financial platform. In particular, everyone can access and use it at anywhere, anytime and not governed by any centralized individual or organization. In addition, three main characteristics of DeFi that make RiveX decides to develop on this aspect are permissionless, trustless and transparency. Besides, RiveX will not only offer real use-cases such as DEX (Decentralized Exchange) derivatives products and other DeFi products but also develop a DeFi-focused platform to offer anyone who are interested in this field and want to make their own DeFi applications with an ease.
The groundbreaking developments of blockchain technology over the past few years are undeniable, with tremendous progress in transaction processing performance and the emergence of more decentralized applications addressing the practical requirements in life. However, when the trend of the world is towards integration and globalization, blockchain is facing limitations in the ability to link and interact between different blockchain systems, leading to not being widely adopted. An urgent requirement for today's blockchain ecosystem is the connection between individual blockchains, which allows any blockchain to interact with each other. RiveX will provide users with the ability to connect different blockchains together like Bitcoin or other altcoins and its owners can send data to RiveX’s users for verification. Consequently, all the issues like high-cost, waste of time and possible risks, which previously caused by intermediaries, will be significantly reduced thanks to the advantages of interoperability.
If you are a true crypto enthusiast, you must hear about exchange hack that happen more recently, this happens with not only small exchanges but also big and reputable exchanges. Some even disappeared leaving users with assets-lost. Actually, investors have no idea what really happen behind since crypto market was just booming from 2017 and there are many scams and frauds in this space. Besides, liquidity is also one of the main challenges of centralized exchanges, especially small exchanges usually perform wash trading to attract users then go away with investor’s money. For reasons above, WRDEX (RiveX Decentralized Exchange) is built with the purpose of giving more power for users as well as more transparent to this space. Specifically, WRDEX will allow users to trade cryptocurrencies without relying on any intermediary. WRDEX does not control investor’s money as well. Instead, every transaction takes place directly between traders through an automated process. More interestingly, other than Rivex wallet or browser (browser wallet and WanMask extensions supported), WRDEX is also accessible via integrated wallet that supports Ethereum and ERC-20 tokens, making them feel the most convenience and comfortable when choosing to use WRDEX.
Taking everything into consideration, RiveX deserves attention with qualified team and good products in the field of blockchain. The objectives of this project are clearly explained with reasonable fact that is to build a high-throughput blockchain to serve customer in both crypto and non-crypto space. If anyone is looking for a transparency blockchain project with dedicated support from team; excellent and unique platform with good UX/UI; RiveX has no competitors. Having professional and well-experienced teams to back up the project, it is going to go far beyond our expectation and this amazing project will definitely take the leading place among its peers.
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
