The world’s best blockchain technology: Does it really exist?
“The value of innovation doesn’t lie in the idea or utilization but in proper timing…”
Over the years, I have read about several blockchain developments; all of which have promised to bring about “super technologies”. I would divide these projects into three different groups. One group would consist of projects that attempt to attract followers on a theoretical basis by making false promises. The second one would consist of projects that, after realizing practical achievements, offer the kind of future utilization that does not consider the risks associated with the weaknesses of blockchain. Fortunately, there is a third group of projects working on solutions whose practical value and benefits are clearly verifiable.
Before we would get ourselves into the naive, optimistic idea that the blockchain is perfect, let’s look into current blockchain utilization a bit more thoroughly. Yes, the blockchain does have its weaknesses. The weakest point is centered on the idealist value approach we call “decentralization”. Obviously, it does not mean that decentralization is an awful thing, rather it means decentralization isn’t as perfect as it would seem at first glance. Unfortunately, it is only natural that each and every system has some sort of flaws.
Let’s have a look at Bitcoin (BTC): Bitcoin is essentially a decentralized system, but if we examine the potential to access its mining, we can see that not everyone who wants to mine Bitcoin actually can. It can be forked by anyone, which may be both an advantage and a drawback at the same time. More serious updates do require consensus, which may not serve the best interest of everyone. Why won’t the block size of Bitcoin increase? It won’t because it is simply not in the interest of the miners. That’s all. It’s that simple. Currently, Bitcoin is in an absolute winning position on the cryptocurrency market; implying that it does not need to make any changes. Why? Because it is not forced to make any changes.
We can move on with the list and continue with the decentralization of Ethereum. For more than two years, they have not been able to switch to the Proof-of-Stake (PoS) system. Over the past weeks, we have come across news stating that this issue is now going to be resolved. If it really is, at what cost? However, this is not the biggest problem Ethereum is facing. In my opinion, it is the continuous upgrades that most often fail to meet expectations. Vitalik has laid his hands on a good amount of Ether. So, a PoS solution would obviously place him in a good position. But what about the miners that “made Vitalik great”?
No matter what perspective we try to approach decentralization from, we are going to end up with the realization that there are great flaws in the idea of decentralization as a whole. From a practical point of view, decentralization also has its attributes of power, but they are manifested on a different basis as opposed to an already centralized system. I am not trying to say that decentralization is an awful approach. All I wish to remark is that decentralization has yet to reach its flourishing heydays. If we look at most of the current business models, it is evident that the biggest challenge in today’s crypto-market is to attract new users. Even the more significant projects need to face the dominance of Bitcoin, not to mention the successful projects that have smaller communities; such as ILCoin.
The solution can only be found in innovative approaches. We must deliver an irresistible offer to the world; a solution that cannot be overlooked. However, this will require a lot of time and cost a lot of money, and success is still not guaranteed. Most studies show that proper timing contributes to success to a greater extent than an idea and a team combined. In this regard, our strategy is very clear and could perhaps seem pessimistic. Yet, it is still much more viable than those strategies that ignore the hardships of reality. I could also say that we are waiting to play the “big short” card on the blockchain market. In other words, we are anticipating that many projects will fail with their unviable concepts with which they attempt to turn their blockchains into a dominant data storage technology.
We are convinced that, in the long run, it is unfeasible to work with solutions that do not ensure safety/security. Sooner or later, low levels of utilization and limited possibilities will catch up with those huge promises, and that will be the moment when solutions like the RIFT Protocol or the Command Chain Protocol (C2P) are going to become exponentially more valuable. However, this does not imply that we can sit back and relax as if we had done all the work. In fact, it would be very naive to wait for the market to solve everything. Therefore, we are working hard on the Decentralized Cloud Blockchain (DCB) technology and its related Smart Contract System, which will truly be capable of showcasing RIFT’s values to the whole world.