Before seeing how Devvio solved blockchain’s biggest challenges, let’s take a look at the drawbacks concerning current blockchain technology:
Current Prevailing Blockchain Issues
Blockchain Technology has been kept at heights as they are the most Revolutionary and destructive technological advances of this century. There are many products which are based on blockchain like the cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc. Blockchain to find applications in various industries such as trade Finance, healthcare, cloud storage, cyber security and many more. Though it is benefiting many verticals of society, there, too remain some drawbacks which hold back the system from truly achieving widespread adoption.
The following are the most common problems experienced while using current-existing blockchain technology:
Frequent issues of current blockchain protocols include administration, growth, modifications, and control. For the mandatory process of validation using Proof-of-work, Miners are required. We depend on them who themselves are independent. This creates a huge restraint in the growth of the protocol. It becomes difficult even to make a small change to the protocol
Along with the Governance issues, Scalability adds oil to the fire. There does remain limitations over to the level of transactions per second in the current blockchain technology. Situations worsen with the decentralized application (DApp) platforms when scalability is considered.
Price of the cryptocurrencies keeps on having huge shifts between the extremes. When the price goes up, the buyers stay away from complaining that they are expensive. When the price goes down, the people who have held it before, feel their crypto value is deteriorating and they book losses fearing more losses may happen. Stability in the cryptocurrency is a must need today.
Blockchain basic versions do not support Smart Contracts and hence they cheaper than those which provide such a facility. Smart Contract providing protocols are heavily expensive. This creates an imaginary void between the customers.
The traditional blockchain allows the access to the network to all the people in the network who do a transaction. This sounds good in the case of Bitcoin and other cryptocurrencies. However, for governments and cooperation, this develops a lot of trouble. The data which is relevant to government and cooperation are highly sensitive and restrict access to the data for various reasons. Blockchain can hardly work in such a sensitive data environment. But we can rather customize the blockchain too, like making access only to some parts of the blockchain network which is required for a particular task by that person.
In order to ensure that a blockchain transaction has really happened most of the browsing solutions require a lot of time. Hence there is a need for a system that can assure transactions in less than a second.
Traditional blockchain systems require Miners to validate and verify transactions. For this to happen, Miners do need higher computational power and complicated mathematical logic. All these consume in heavy loads of electricity. Hence Networks which utilizes lower energy levels needs to come into existence.
Fraud, Theft & Loss
One of the Most common blockchain problem persisting is the fear of fraud, theft, and loss. It is not that long since the Inception of blockchain Technology and cryptocurrencies. People are gradually cementing their trust for these “crypto-assets”. There have been a huge number of well-documented security breaches that have led to billions of dollars of stolen cryptocurrencies.
Issues Fixed by Devv Protocol
Devv protocol was designed by solving all the shortcomings and problems caused by traditional blockchain technology. It is based on its own consensus built concept called “Proof-of-Validation”. The biggest highlighting feature of Devv is its Efficiency and Cost Savings. It was built with an aim also to allow the Third-party Developers to implement blockchain solutions in real time rather than using DApp-based Blockchains.
Here are the improvements and significant changes made by Devv Protocol over the traditional blockchain technology protocol at the same maintaining the robustness and functions of the system:
Devv protocol can be scaled to perform millions of transactions per second on Multi-tier blockchain approach. This is the key feature of the Devv protocol and they achieve this by Sharding( using shards). Shards are used in any network to make it more efficient and flawless. Here, at each block (instead of a node in the network) we get independent blockchain networks improving the overall efficiency of the system. This helps the scalability of Kevv to elevate relative to the traditional structure.
Cost is one of the key factors to be considered while delving into production or sale or anything. Lowering cost helps to withstand the competition too. Devv has made a point to observe lower costs driving lower prices, making affordable for the customers.
As we revive the key features of Devv, we recollect that it was basically and primarily built/designed to help the Third-party Developers to create and upload their blockchain solutions with less difficulty. They will be provided the necessary tools like Smart Contracts, Scalability, Fraud& Theft protection and many more from Devv at a lower and cheaper cost compared with the Market Price.
Protection from Fraud, Theft & Loss
While considering a normal cryptocurrency wallet, the biggest problem faced by its users are the attacks from Frauds & Thefts. If such a wallet is stolen or the private key is stolen then the thief can intrude into the wallet account and drain out the money/cryptocurrency. If the private key is lost then the owner can also not login to the account. This is completely a deadlock situation. In such cases, Devv provides with DevvProtect Wallets built on an on-chain escrow system that safeguards against Fraud, Theft & Loss. In case of owner’s death, Devv Cryptocurrencies can be recovered by beneficiaries of the beholder.
In a Nutshell…
Secret Ingredient behind the Problem Solving
Devv follows a technical approach designed to build scalable architecture along with easy to use oracles for creating custom blockchain solutions. Use-case specific implementation is easily produced by Directed Acyclic Graph (DAG) which is composed by Oracles and Smart Coins. The main consensus mechanism of “Proof-of-Validation” is used by Devv to produce massive scalability and high performance via multi-tier sharding.
Blockchain Stocks has not been paid to mention any stock /company within this article nor do we own any stock in any company mentioned in this article. More information about our full disclosure can be found here – Full Disclaimer.