Is Coinweb The King Of Blockchain Interoperability, Scalability, and Security? Skip to main content

Is Coinweb The King Of Blockchain Interoperability, Scalability, and Security?

Coinweb is the king of blockchain interoperability, scalability, and security. It sits and works on top of various major layer 1 blockchains like Bitcoin, Ethereum, Litecoin, Cardano, and many others. Thus, Coinweb is a layer 2 platform where you can build your own dApps that interact, migrate and/or communicate with all the blockchains it sits on. 

According to their website, "Coinweb is unifying blockchains, closing the gaps between solutions and integrating new technical advancements to the space."

What is scalability?

In cryptography, scalability is the ability of a platform to properly handle a growing amount of work and number of users without slowing down or failing. When CryptoKitties was introduced to the Ethereum network, it exposed the lack of scalability in the Ethereum blockchain. 

This forced developers of the Ethereum platform to make some huge changes to it so that it could handle large amounts of work at a higher speed without failing. 

Because Coinweb sits on many different blockchains, if the blockchain your dApp is using becomes slow or expensive, your dApp can be automatically or manually moved to a fast and cheap blockchain immediately without the users noticing or knowing about it.

What is interoperability?

In cryptography, interoperability is the ability of blockchains to share, exchange, and make use of information. Since a blockchain is a ledger, the current situation as of now in September 2022 is that the information on the Bitcoin ledger cannot be shared with Ethereum and the information on the Ethereum ledger cannot be exchanged and used on the Cardano blockchain.

Some crypto projects tried to introduce interoperability by building bridges. The bridges were not secure and hackers got in and stole a lot of money and ran away. Bridges are not safe.

Coinweb is not a bridge. It is a "cross-chain computation platform. It's a secure, fast, reliable connected solution to the biggest issues facing blockchains today."  

Instead of building a bridge between blockchains, they use a unique in-chain architecture which is secure, fast, scalable, and reliable.

What is security?

In cryptography, security is that state of being free from dangers and threats especially from hackers, artificial intelligence, malware, viruses, and quantum computers in the hands of bad people.

The bridges you read about everyday losing money to hackers and scammers, are not secure. 

Being secure does not mean that bad people never try to hack or damage. They try every second all over the world but they fail because the network is secure and has no bugs in it. 

The Coinweb team started building it in 2017 and up to now in September 2022 they are still building. They plan to release the main net of the project to the public in the early months of 2023. They are taking their time to make sure the platform is highly secure.

Conclusion:

Although there are so many crypto projects these days, some of which are trying to do the same things or competing against each other, Coinweb will be on top of them all because it solves the biggest problems facing the blockchain and crypto industry today.

DISCLAIMER

(1) All content found in my articles, including text, images, audio, or other formats were created for informational purposes only and is not financial advice.  The Content is not intended to be a substitute for professional financial advice. 

(2) Some of the links on my blog are affiliate links, and at no additional cost to you, I will earn a small commission if you decide to make a purchase. Please understand that I have experience with all of the companies, and I recommend them because they are extremely helpful. By using my affiliate links, you are helping me keep this blog up and running.

Comments

  1. I just wanted to say this is an elegantly composed article as we have seen here. I got some knowledge from your article and also it is a significant article for us Provenance Blockchain Technology Thanks for sharing an article like this.

    ReplyDelete

Post a Comment

Popular posts from this blog

How To Build A Landing Page That Always Converts

A landing page is a web page that is designed to convert visitors into customers or leads. It is typically the first page that a potential customer will see when they click on a link from an advertisement, search engine results page, or social media post. The goal of a landing page is to persuade the visitor to take a specific action, such as filling out a form, making a purchase, or signing up for a newsletter. In order to be effective, a landing page needs to be well-designed and optimized for conversion. The first step in creating a landing page is to determine the goal of the page. This will depend on the type of business or product being promoted, as well as the target audience. For example, a landing page for a B2B software company might have a goal of generating leads by having visitors fill out a form, while a landing page for an e-commerce site might have a goal of making sales by having visitors make a purchase. The video below shows you how you can build and publish your own

How Do I Get My Credit Score Up 100 Points In One Month?

To get your credit score up 100 points in one month, you should prove where you live, build your credit history, make regular payments on time, keep your credit utilization low, get an instant score boost, check for errors and mistakes on your credit report and report them, monitor your credit file for fraudulent activity, avoid moving home a lot, show long credit history, and get a credit builder credit card. There are many factors that go into determining one's credit score. It can be difficult to see a 100-point increase in only a week or two, but there are ways to help you improve your score over time. To improve your score, make sure all of the bills you mail arrive on time. Bills that are returned by the post office will create late payments on your credit report. Pay off old debts or clear them from collections before they show up on your report. Use online banking to pay all of your monthly bills directly rather than letting marketing companies send dunning notices for one

What Is A Good Credit Score For My Age?

  A good credit score for your age depends on how old you are. If you are above the age of 21, your credit score should fall between 600-750. The older you get, the less power potential lenders will see in you as an applicant because lenders take into account many years, not just one year like they would for someone who is 20 years old.  If having a credit score of 750  is not possible, you should aim for at least 620. Having a  Fair Isaac Corporation  (FICO) score of 620 or above will mean you are typically offered the best available rates on loans and other types of credit. It also means that your probability of being approved for unsecured consumer credit is high, around 80%. Furthermore, the likelihood that you will be missing payments in the coming 12 months is less than 2%. In some countries, credit scores range from 300 to 850 (although some credit scores may go as high as 900), and the exact number for a person depends on his or her specific situation. If an individual has a F