InterValue: Improving on the Ills of the Blockchain Technology
Introduction
The blockchain is essential a peer-to-peer decentralized mechanism to save the duplicate of the transaction details in a transparent situation. It is basically a shared ledger where every transactions are saved on a chain which expands upon the confirmation of new transactions.
Presently, several blockchain platforms keep springing up but the problem is that they are Ethereum-based and are inefficient in performance, usability and largely hosted on unstable chains. Presently, they are at the inchoate stage.
Challenges of Blockchain Technology
Performance is one of the key problems facing blockchain. This relates to the volume of transaction per second that blockchain can handle. Any application that will work in today’s world ought to be capable of processing millions of transactions daily. There are applications that can only be relevant with high throughput technology even as long waiting period is a “no-no' for most users.
Again, the blockchain platform is difficult to use. The blockchain applications are designed for only the technical strata of users who knows about the technical details of using it. Almost every application on blockchain demands a knowledge of blockchain node or a light node. There is need for a simple and user-friendly blockchain interface to capture the attention if larger number of people.
Furthermore, the cost of using blockchain technology is another challenge impeding its adoption in mass market. It equally affects developers that needs the flexibility to develop free services. Blockchain does not support free applications which discourage developers and enterprises from building on the platform.
Transferring applications on blockchain is not easy because it has a restrictive lock-on problem. This dissuades developers from creating valuable contents on the ecosystem as developers want liberty to use and swap between alternatives.
Reduced applicability is yet another problem with blockchain technology. A lot of persons expects so much from blockchain given the rising price of cryptocurrencies. But blockchain is still growing. Majority of the blockchain services are devoid of what will bring people to the system. It is not very useful to the people.
How InterValue Resolves These Challenges
InterValue is coined from ‘Internet of Value'. While the internet allows the free distribution and dissemination of information, the blockchain on the other hand, allows the movement and transfer of the entire information and tangible assets of people easily and this makes it an ‘internet of value'. This will remove the challenges of low applicability of the blockchains in the real world scenarios.
InterValue brings together the internet and blockchain to digitize the human society, achieving information mapping on internet and value mapping on blockchain. InterValue features a string of vital features for value mapping that can be developed to become a facility of Internet of Value.
InterValue seeks to create a digital space where every actions and attitudes of users towards payment, assessment, retainment which determines the validity will be preprogrammed. Users can save virtually every aspect of their life’s actions on the digital space.
InterValue Token
The token for InterValue platform is INVE and it is an ERC20 standard type token which is Ethereum-based. The total volume of INVE token release is 10 billion but up to 6 billion of it is used in compensating miners of the INVE token while the remaining is shared among project promotion, the foundation, private sales and technical team.
Conclusion
The blockchain is beset with a lot of challenges ranging from poor performance to inflexibility and high technicalities in its handling. InterValue introduces the idea of digitizing every component of the human life to make the blockchain more conformed to the demands of the modern business transaction platform.