A purely peer-to-peer version of electronic cash scalable and friendly to use would allow online payments to be sent directly from one party to another without going through a financial institution. We propose a solution to the scaling problem using the Stellar Consensus Protocol (SCP). The network itself requires too minimal structure and everyone without the needing of mining infrastructure can participate and contribute to the network.
Blockchain offers an innovative solution for safe and decentralized payment transfers. The cryptocurrencies developed with the aid of blockchain technology have fairly revolutionized the way we have been making transactions and has infused a level of security and transparency which otherwise is regulated and controlled. Ethereum, goes beyond being just a platform for peer to peer digital currency transfer and offers greater flexibility and wider application of the blockchain technology through smart contracts. This has made it one of the most popular blockchain and has led to exponentially increased traffic in recent years on its blockchain. With smart contract several other cryptocurrencies have been developed on top of Ethereum’s blockchain and a lot of businesses rely on this technology for their business transactions and day to day transfers.The major issue with these developments is that it has adversely affected the transaction processing speed of the Ethereum blockchain which in turn poses a viable that to the scalability of this technology.