With the current block chain ecosystem, different projects are currently competing with one another for resources and hashing power so that each individual chain will have enough security. This causes a massive inflation of hashing power and confirming a transaction becomes even more expensive.
A good example of this is Bitcoin. A standard intel i7 would take about a couple million years to even verify one block. Yet even with all this wasted computing power, the Bitcoin network can still only handle about 8 transactions per second at full capacity. This might sound like a lot, but when compared to the Visa network that handles about 20,000 transactions per second. This puts things into perspective on the issue of scalability.
This is due largely in part to Bitcoin’s 10 minute block time, where the difficulty to ‘mine’ or verify a block adjusts itself according to the amount of computing power there is currently on the network. This adjustment happens periodically in order keep the block creation time at 10 minutes. Reducing this block time has been considered but this will result in a lot more orphaned blocks and forks at the current computing power that Bitcoin is currently at.
Wise’s solution to this is by using the Internet of Things (IoT), where everday appliances contribute hashing power to compute the ever growing chain of transactions happening.
Wise proposes an intermediary network, or a layer of fast networks, not unlike the lightning network that is currently implemented in Bitcoin. The main chain would be used to settle transactions, where this side chain will be used to perform quick and seamless transactions. The difference being in that, Wise aims to unite the current block chains in an interconnecting mesh using Wise as the settlement layer. By doing this, using the wise interface and adding the throughput of the other block chains together, Wise hopes to solve the issue of scalability that is currently plaguing the block chain ecosystem.
This can potentially be done by means of IPFS. Traditionally, each node stores the whole chain of transactions. There are a couple of downsides to this approach. The first being that, the total throughput of the network is actually limited to one node being able to confirm a block. Another is being wasted space. As it currently stands, the Bitcoin block chain is currently at 197 giga bytes of space.
By using IPFS, the blockchain itself isn’t stored in each individual node, yet store off chain somewhere in another storage chain. The network will then work together working on different parts of the chain and come up with a hash that will verify the current block. The mesh network will act as a mediator and point each individual node at the area of the block they will be working on. This solution resolves many of the problems being faced by the block chain economy. The computing power necessary to further verify transactions isn’t limited to one node, which will result in much more efficient use of computing power due to parallelization of the task being handle. This will also save storage space since there will only be one copy of the block at any given time.
But does this not mean that the block chain itself is no longer decentralized, since there is only one version of it. This is in fact not the case. The IPFS protocol is a block chain in its own right. This results in the ledger itself being decentralized. In order to update the single ledger in unison, the nodes of the network will have to reach a consensus, and this has is then given to the IPFS chain which will then update the block. This solution will result in true decentralization. The solution presented is applicable to multiple arrays of different block chains. Resulting in a combine and very scalable network, where and increased number of nodes and computing power will also increase the total throughput of the chain.
Thank you for reading this article, however there are many more information in the link below:
Website: https://wise.cr/
Whitepaper: https://wise.cr/docs/Wise-Network-Whitepaper.pdf
Twitter: https://twitter.com/network_wise
Facebook: https://www.facebook.com/wisen3twork/
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