The arrival of the blockchain technology introduced many advantages to the world making its potential huge.
It allowed many computers to take part in a network, distributing the computing power, which helped reduce the risk in any tampering, fraud or cyber-crime. Furthermore, it allowed different parties to believe that transactions between them are indeed real and valuable. With immutable records of transactions this also ensured a possibility for a massive range of digital transactions to happen without any central authority. With significant reduction of monopolies or middle men, this also removed a lot of costs from the equation. Blockchain also ensured immutability, as any transaction can be confirmed and shared across the distributed network, while almost impossible to undo.
The problem
All of these are great advantages offered by blockchain and today we can see many projects trying to leverage them the best way they can. However, in recent years blockchain technology proved to have significant problems. Among them is a huge environmental cost in the way blockchain is being used today. One of the most famous examples of this is Bitcoin that uses computing power that consumes as much energy as used by 159 of the world’s nations. Another major shortcoming is that Blockchain is slow and takes much longer time to process any transaction when compared to let’s say “traditional” payment systems such as cash or debit cards. For example, bitcoin transactions can take a few hours to finalize which is truly unsatisfactory and significantly limits the potential for bitcoin as a payment mechanism. Another shortcoming is the DApps which, while having a huge potential, failed to revolutionise the market to this point.
These shortcomings inspired the founders of Tolar HashNET to provide a solution that solves these major shortcomings of blockchain technology, while maintaining all of its advantages.
Tolar
