Bringing BlockChain To The Next Generation - ArcBlock

Over the course of 2017, we have seen all over the news about how Ethereum is the blockchain that will change the world as it will enable distributed applications, ranging from banking, insurance, legal etc, to run on this distributed public blockchain network. As a result, the price of Ethereum increase 5700% in 2017.  

Ethereum is not the only blockchain that is able to run distributed applications. There is NEO, Cardano, EOS, Qtum and many others. However all these blockchains are facing the challenges which is preventing mainstream adoption.  

For distributed applications to become as synonymous as the applications we are familiar with in our Apple App Store or Google Play Store, applications need to be able to run just as fast with 1 user as well as with 100million users. Distributed applications (DApp) needs to become simpler to install and use.  

At this moment, only the more tech savvy amongst us are familiar with Metamask to be able to use DApps; the most famous DApp being CryptoKitties.

Even though CryptoKitties slowed the Ethereum blockchain to a crawl during its height, the potential of the blockchain and smart contract was demonstrated to the world. Everyone knew that the blockchain and the ability to deploy smart contracts and DApps is the future.  

The price of Ethereum and various smart contract blockchains boom.

But problems still loom.

The blockchains in its current state is not fast enough for mainstream adoption. It cannot handle enough transactions fast enough to support the kind of user base like a Visa or Mastercard network yet. Speed is a problem blockchain developers are trying fervently to solve.

Like I mentioned above, ease of use is another critical issue with existing blockchains. Most of the users of DApps are people who are familiar with the crypto space and these are the early adopters who do not mind the technical hurdle to just deploy the DApps. For mainstream adoption, users from all walks of life must be able to install and use DApps; even my 80 year old grandmother must be able to click “install” and play.  

Transaction cost is another issue with existing blockchain. Users transferring bitcoins are paying exorbitant fees to transfer their coins, and this has been leading to the question whether bitcoin can be a real transfer of value or payment service. Even on the Ethereum network, users are paying fees just to play CryptoKitties. Mainstream users are familiar with the freemium model and will be hesitant to pay fees.  

There are plenty of challenges for the blockchain but it is still a space that has a lot of potential and many smart brains are at work to solve these challenges and break into the mainstream consciousness. With time we will definitely be able to bring our current blockchains to mainstream use.  

Even with all the above challenges, all of us in the crypto space can recognize the potential of Ethereum, Cardano NEO, Cardano, EOS and Qtum. Look at the prices of these smart contract blockchains on coinmarketcap.com and you can see what is the value we peg to their potential; billions! In 2017, all these smart contract blockchain have risen in value to billions in their market capitalization.  

Now in 2018, we have ArcBlock.  

A platform developed from the start which addresses all the above issues. Not burdened with existing smart contracts and DApps running on the network, a developer team to create the next generation of blockchain service as a platform with the primary motive to break into the mainstream world. A platform that will serve as the gateway between applications to all other blockchains.

This developer team will create a platform that will bring mainstream users in droves into the crypto space. ArcBlock has identified the challenges that is preventing mainstream adoption of users and is designing their blockchain precisely to address that.  

ArcBlock is the next generation blockchain 3.0, which is essentially a blockchain platform that will not only be able to run distributed applications, it will be faster and free for consumers using the distributed applications!  

ArcBlock aims to be able to achieve 100,000 tx/s which will allow a wide range of applications to run without slowing the network. This will allow the growth of distributed applications and greater adoption of users.

ArcBlock is also designed for application developers to pay for the transaction costs for their users. Developers will pay for the overall transaction costs on a monthly basis, making it much smoother for mainstream adoption of application users.  

Furthermore users will be able to run ArcBlock applications from their browsers or download a mobile app from the app store. This will drive rapid mainstream adoption.

With all the above attributes, what will the value of ArcBlock be?  

I am quite sure it wont be far behind Ethereum. 2018 will be an exciting year for everyone involved in the blockchain space.