Last week, we announced our plans to unveil the 5 latest features being added to Komodo Platform. Each of the 5 features will improve one important attribute of Komodo’s tech: security, scalability, interoperability, privacy, and simplicity. This post will discuss Komodo’s new blockchain scalability features.
The Blockchain Scalability Problem
Before we get to our new scalability tech, let’s talk about why blockchain scalability is so important in the first place. To sum it up briefly: if a cryptocurrency can’t scale, then it will never become widely adopted. For blockchain tech to realize its full potential, the issue of scalability must be resolved. In fact, a lack of scalability is arguably the biggest problem facing the blockchain industry today.
So what does the blockchain scalability problem look like in practice? Here’s a prime example: most blockchain platforms cannot and do not provide independent chains to projects launched on those platforms. Instead, all of the projects on a platform must share a single blockchain. Shared infrastructure causes congestion, slow transaction speeds, and high fees.
An analogy might help to make this clear. Imagine that a blockchain is a high-speed internet connection. Other blockchain platforms claim to provide smaller projects with their very own internet connection. However, in reality, other platforms are just sharing their password and letting everyone else connect to their personal WiFi network.
As more people join a platform, the WiFi becomes congested and slow. The platform is making money because they’re charging each project to connect to the internet, but the internet has become unusable for many of the people paying to get online.
These circumstances are obviously not scalable. As the time and fees required to execute a transaction increase, the feasibility of using blockchain technology in the real world vanishes. It’s simply not practical to pay a high fee for every transaction and wait twenty minutes for that transaction to be processed.
To use a different analogy, consider what it would be like to use crypto to pay for your lunch. For many coins and tokens, you would buy a $10 sandwich but need to pay an extra dollar in transaction fees and then wait 20 minutes for the transaction to be processed before you could eat. It’s an absurd scenario that everyone agrees presents a roadblock for blockchain.
Komodo’s Current Scalability Features
Komodo already addresses the blockchain scalability problem in one important respect. All projects that launch a blockchain on Komodo Platform receive a native and independent blockchain. What happens on one chain does not affect the rest of the chains in the ecosystem. At the same time, all blockchains built in our ecosystem are endowed with all of the same privacy and security features as the KMD main chain.
To revert back to the analogy, we give every single project their own high-speed internet connection with their own modem and their own router. There is no shared infrastructure. No matter how many videos your neighbor streams, your internet won’t be slowed down at all. The same is true with blockchains launched on Komodo Platform. Your chain’s performance will never be held back by activity on other chains in the ecosystem.
This sets Komodo apart from every other blockchain platform in existence. No other blockchain service provider offers both this level of scalability and top-notch security. Some blockchain platforms can provide security, although you’re forced to share infrastructure with other projects. This increases congestion and transaction fees, thus limiting scalability.
Other blockchain platforms offer independent blockchains but leave you to your own devices when it comes to security. This is especially troublesome if you’re using a Proof of Work (PoW) consensus mechanism, since smaller projects generally do not have a high enough hashrate to protect themselves from 51% attacks and other hacks. Without security, scalability seems rather irrelevant.
Komodo is the only blockchain platform that offers both security and scalability solutions to every project that builds on the platform.
Komodo’s New Scaling Solution
In addition to all of the existing blockchain scalability benefits Komodo currently offers, we’ve developed a new feature called Cross-Chain Smart Contracts that allows projects within the Komodo ecosystem to scale even further. With this new tech, multiple blockchains can work in unison to function as a single chain.
This means that any project on Komodo Platform can launch multiple blockchains and have all of them working together to process transactions. If one blockchain is no longer providing the performance you need, simply add another chain. If two isn’t sufficient, add a third. With Komodo Platform, every project can scale on demand to keep up with the the needs of their business.
On top of all that, Komodo Platform has developed a new scaling technology, called Federated Multi-Chain Syncing, that practically resolves the blockchain scalability problem altogether. It makes extensive use of Merkle Trees to notarize transactions that take place on one chain onto every other chain in the Komodo ecosystem.
This allows every blockchain on Komodo Platform to quickly and efficiently verify transactions that have taken place on any chain in the ecosystem. Since every chain processes transactions independently, but all chains work in unison with one another, Komodo Platform can handle an extremely high volume of activity without congestion.
Currently, Komodo’s blockchain scalability solution is processing over 20,000 transactions per second in test trials. Although this technology is still in development, we are working to expand our infrastructure even further to allow as many as 1 million transactions per second.
At that rate, Komodo Platform could process a transaction for every person in Europe in the space of 13 minutes— which is approximately the same amount of time it takes some other blockchain projects to process just a small handful of transactions.
It’s easy to see the huge implications of this new technology. We’ve created a unified, scalable platform that can outperform any other blockchain platform on the planet. If you’re interested in learning more about how our scalability technology works, read this post for all the technical details.
Join us as we continue to innovate solutions to the blockchain industry’s most pressing problems.