Genesis Accelerates Blockchain Industry Development
Blockchain provides a distributed, decentralized, transparent, traceable and tamper-evident architecture for recording transactions. Blockchain technology offers higher transaction accuracy and security than traditional databases, as well as the ability to conduct more efficient financial activities without the need for third-party intermediaries.
Despite the rapid development of the blockchain industry, it still faces many problems on how to land in the real economy.
Information Silo
Nowadays, all major public blockchains have their own ecosystems, but the assets and data are not well connected, which is similar to the lack of traffic between well-developed cities, thus forming a state in which major cities are well-developed but isolated from each other, and the whole blockchain industry is currently composed of large and small information silos.
Just like in the real world, only open trade can usher in great economic prosperity, the future of blockchain must not be a world composed of different information silos, but a big network that can link all. And that is exactly where Genesis strives for.
Genesis is designed from the beginning to be compatible and carry other protocols as the primary consideration. Genesis is compatible with data transmission between crypto assets, smart contracts and blockchain under different standards through its self-developed cross-chain bridge. Chain-to-chain interactions can be securely implemented in blockchains with different protocols, rules and governance models.
Genesis is compatible with crypto assets and smart contracts running on any blockchain. For example, when the flow of assets on BTC or ETH is congested or smart contracts are running slowly, Genesis cross-chain bridge technology can help to achieve high-speed asset flow and smart contract operation. The infrastructure of Genesis can be linked to all blockchains.
Limited Performance Scalability
TPS (Transactions Per Second), which is the number of things processed per second, represents the number of transactions that can be processed per second by a public blockchain. The larger the TPS, the more technical transactions the system completes per second. Therefore, TPS is usually used as the evaluation of the processing capacity of the system per unit time.
Genesis has proposed its own solution - "Heterogeneous Composite Chain Architecture" - on how to improve TPS when facing large demand. When Genesis main chain is overloaded with assets in circulation or smart contract operations, it will replicate a side chain with the same performance and use cross-chain bridge to interact, thus enabling unlimited expansion of Genesis.
At the same time, Genesis is written by the most efficient Rust language, and the underlying design allows Genesis TPS to reach 5000, which is 300 times faster than ETH, the representative of blockchain 2.0 era, and Genesis does not only stop there, but with the development of ecosystem demand TPS can be expanded to tens of thousands of TPS later. Such a whole set of logic makes Genesis more convenient and efficient to use, and provides developers with a robust and secure system that can be rapidly iterated.
Ecosystem Development Issues
In the previous blockchain design process, the development team needs to design a blockchain application first, and this process alone requires not only a team with expertise in various fields such as cryptography, distributed systems, and consensus mechanism, but also a certain amount of time and cost to polish and develop, but the emergence of Genesis brings a revolution to the blockchain ecosystem.
The solid underlying foundation of Genensis well solves the problems of project upgrade due to market changes and product demands, and will not lead to weakness of underlying support due to the explosion of ecosystem. Deployment on Genesis not only significantly reduces the time cost of development, capital cost and the difficulty of R&D, but also makes the process of a project from 0 to 1 easier and highly visible.
In the fast-changing blockchain field, "interconnection", "velocity" and "stability" are very important for the development of the ecosystem, which is also a very important step for the whole ecosystem to flourish. The solid underlying foundation of Genensis solves many problems caused by asymmetric information, product demand and market changes, and brings a good method to accelerate the development of blockchain industry.
Genesis explores a feasible path for the integration of technology and business ecosystem on the basis of solving traditional problems, which will have a positive impact on the development of the global blockchain industry on the ground.