The new blockchain network is said to be a much cheaper alternative to Ethereum and reduces the cost of decentralized financial applications.
The transaction fee paid by Ethereum users recently hit a record high and the network congestion rose to an average of $ 15 in early September.
However, Lightstreams said the same application on the blockchain can run for a small price and still provide 12 months of oil-free transactions for projects that change the way.
Constant problem
Despite concerns about scalability But there are still many DeFi protocols that rely on the Ethereum blockchain in preparation for blockchain workloads. There are multiple delays, the Ethereum 2.0 phase 0 has just begun. But will be released in January 2020
The Lightstreams team says Ethereum 2.0 urgently needs a one or two year solution. More and more people are concerned that the current congestion rate could hinder the development of the DeFi industry.
Blockchain Lightstreams have been in the works for a year now, and the compatibility with the Ethereum virtual machine means that all Ethereum applications can run smoothly on the Lightstreams network. The team has conducted multiple audits to verify their reliability of infrastructure
The company argues that compared to the 2-minute wait on the Ethereum blockchain, it is 25 times faster and that transactions can be transacted almost immediately. Ease of use is also an advantage. With Lightstreams' gas broadcasting service, users don't need to top up their account to start using Lightstreams. Centralized apps, on the other hand, can choose to pay a transaction fee on behalf of their customers until they are ready to pay directly to use.
Finally, the blockchain provides a "unique privacy layer" for DeFi applications to enable secure data sharing and monetization.
Court leveling
Estonia-listed Lightstreams were established in 2018. It could be said that the life of the company could not have been any better, as no one could have predicted the incredible growth rate that the DeFi division will experience and the impact it would have on the Ethereum network.
The company's vision is to expand the competitive edge of the financial markets through peer-to-peer technology that can promote more democratic, fair and cost-effective products and services.
Lightstreams founder Michael Smolenski is an award-winning blockchain expert who is highly positioned in the competition between ConsenSys, Santander and Citibank.Before joining blockchain, he worked as a software engineer and solution architect at Goldman Sachs, which means he has Specialize in financial services.
Ethereum's light flow and chain may have the least performance difference. Ethereum is capable of performing 24 transactions and 600 Lightstream per second. The settlement time of the world's second largest block is usually around 1 minute 30 seconds, but with this new network it can be removed in less than 3 seconds and has a price to pay. Ethereum's cost is variable, but according to recent calculations, Ethereum's complex transaction cost is $ 10.07, while the same Lightstreams transaction cost is $ 0.0008.
Lightstreams stated that the technology in operation would mean that any exchangeable tokens could be transferred between the blockchain and Ethereum. These could create a faster user experience in the 21st century customer expectations.
Lightstreams blockchain was built using Tendermint's consensus on an application proof mechanism to achieve fast factor and high transaction volumes.
