One of the latest revolutions in the technology sector is the blockchain revolution. This revolution is one that a whole lot of people did not see coming and as a result are very astonished. Although we are not disputing the fact that blockchain technology is truly amazing and is a technology that can really make its users stand in awe, its common knowledge to people that understand how blockchain technology functions that this technology has some flaws. Topping the list of flaws that are associated with blockchain technology is the issue of poor scalability. Scalability is indeed a problem; however, there are already some proposed solutions to the problem of scalability. One of them is state channels. In this article, we will go through a list of state channel projects that can be used to tackle problems of poor scalability. Before doing that, however, it is important we know these state channel projects;
What is a State Channel Project
A state Channel Project is a process in which interactions that will normally be done on the blockchain platform are off blockchain. This has the effect of bringing about an increase in speed and reduction of cost.
Below are state channel projects that every blockchain developer should know about.
This is one of the state channel projects. Raiden network is quite similar to lightening network. The only pronounced difference is; Raiden network was built to function with the blockchain. Raiden network comes with features such as privacy, speed, and low fees. It is a scaling solution that perfectly complements the Ethereum blockchain. In addition to this, it is capable of working with a token that is compatible with ERC20. At the moment, the Raiden network is still being worked on with the aim of defining protocols.
The lightning network is one of the antidotes to the issues of scalability that is associated with blockchain technology. It comes with some features that are perfectly suitable to make this happen. Some of these features are scalability, immediate payment, low transaction costs, etc.
In addressing the issue of scalability that is associated with blockchain technology, lightening network has the ability to carry out billions of transactions in just one second. In addition to having the ability to enable up to a billion transactions in one second, this blockchain scalability solution also ensures a low cost of transaction.
Machinomy functions in a way that is very similar to its name. It is a blockchain scalability solution that helps in making transactions between devices possible. With machinomy, your devices can make, as well as receive payments. Machinomy features simple API and instant payments. It is also compatible with virtually any device and charges infinitesimal fees.