Apr 29, 2020

Libonomy: Globalization in the World of Blockchain Technolog

Bizclik Editor
4 min
LONDON, April 28, 2020 /PRNewswire/ -- One of the most ambit...

LONDON, April 28, 2020 /PRNewswire/ -- One of the most ambitious projects in the world of blockchain technologies - Libonomy, which is creating a universal and functionally compatible ecosystem with various blockchains, reported on important upcoming events. The company has announced the launch of the exchange, which is scheduled for May 4. And the first launch of the Libonomy testnet is being prepared by developers for May 15th. In connection with this news, Libonomy decided to talk about a project that could revolutionize the world of blockchain technologies.

The many existing blockchain projects are, of course, an indicator of the demand for this technology in the modern world. Entrepreneurs, developers and researchers appreciated the benefits of a decentralized registry, and massively began using ready-made blockchain solutions.

But, the emergence of new blockchains that worked on different protocols, used different consensus algorithms and used different tokens for operations, played not only as a positive factor, but also led to one problem. The fact is, different blockchains cannot interact with each other. Projects created using one technology can never simultaneously support another.

The main problem, in this case, arises at a time when two objects that operate in different applications have to interact with each other. For example, conduct a transaction, launch a smart contract developed according to another protocol, or transfer assets to another blockchain. The problem is deeper than it looks, because in the era of versatility, interchangeability, and common interfaces, it is a serious limitation.

To solve this and many other problems of modern blockchain solutions, Libonomy was created. The talented team behind idea author of the project Fredrik Johansson and company co-founders Richard Haverinen and Therese Berglund has created a universal, safe and interoperable blockchain ecosystem. Clearly, Libonomy is not the first blockchain to enable public an option to write smart contracts or create different kinds of DAPPs, but they sure have learned from the previous ones. Improved scalability, easier accessibility, higher security are few of the improved blockchains traits.

It would be logical to have a concern that such a solution is likely to be very complicated, due to which operating speed might have been sacrificed and transaction fees increased. But the revolutionary idea that developers have implemented in their project lies in the skillful use of Artificial Intelligence technology.

Consensus protocol is an algorithm that ensures authenticity of data in a decentralized network, in Libonomy it is ensured by the work of artificial intelligence. Thanks to it, it has been possible for Libonomy to combine the advantages of existing algorithms, but without their drawbacks. So, higher speed, greater scalability and better security has been reached with lower energy usage, reduced fees and all around fairer distribution of rewards.

Computing power of nodes is directly tied with the performance of Libonomy's network. If better nodes join the network it becomes even faster. In addition, the size of the data block, which usually would be a constant figure, remains adaptive in the case of Libonomy. What does this mean? Artificial intelligence determines what block size is ideal for the network to operate and dynamically adjusts it. Thus, the developers solved two of the main problems of the blockchain technology - scalability and speed. At Libonomy, the initial indicator of the number of transactions per second is 6000, but is expected to increase in the future.

A great tool of Libonomy for a regular crypto enthusiast who does not plan to create applications, or use smart contracts, will be the interoperable wallet. Interoperability is very difficult to create, but Libonomy team managed to develop such a wallet that can be used to interact with other cryptocurrencies on a single platform. It's hard to imagine that now there will be no need to use dozens of applications, and everything can be accessed on one convenient platform.

In the immediate plans of the developers is the launch of the first truly decentralized exchange. The interoperability features of the Libonomy blockchain are ideal for the functioning of DEX. Using the provided SDK and integrated APIs, all interested developers will be able to create DAPPs like DEX using the revolutionary Libonomy technology, and not worry about the problems of scalability, security and speed of their projects.

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