Given the rise in use of decentralized blockchains, there has been a number of new
coins created to where now there are many coins to choose from, instead of the
‘traditional’ choices of Bitcoin or Ethereum. Due to this growth in the digital currency
market, there is a necessity to include a higher level of distributed ledger technology,
which is able to handle the high volumes without lag.
lceChain has created a system which can handle large amount of transactions.
lceChain is an innovative digital platform that is scalable and which provides secure,
decentralized technology. This guarantees the high level of security, leveraging
permissionless mining and transactions secured by at least 50% hash power at one
time sent to the head chain to prevent double spending. The platform can also issue
cross transactions and be confirmed in a few minutes. The number of cross transactions
at any one time will act to increase the response speed.
Since Bitcoin first arrived on the global stage, the area of blockchain has advanced
quite considerably. Ethereum was the second generation and allows for blockchains to
run smart contracts. The industry has moved on yet again, to be a proof of stake style
platform which is a step up from the proof of work technology.
Under the lceChain platform there will be an ability to issue block rewards and use less
hash power overall. Block rewards will be issued on a proportionate basis which will
decrease the overall energy needed for mining and make the platform economically
efficient. This builds on from where the last generation of digital currency platforms left
off and will allow lceChain to have a dominant level in the industry. In the future, the old
way of transacting will become obsolete as customers will choose the service which
allows them to facilitate their transactions at the cheapest cost in the fastest time with
the highest level of security. The scaling is a major problem for traditional blockchains
at present. Under the lceChain system, this will be eliminated and the platform will have
the ability to scale as appropriate to allow for any number of users to make transactions
at the same time.