Subsequently, a user created a subreddit seeking for this financial aid and got the /bitcoin Reddit community funding and tipping $btc to help suffering people at least live a normal life. This and a lot of other examples explains the power of the blockchain which cryptocurrency is its biggest industry even now.
However, this is not without its own unique problem. Bitcoin and Ethereum have low transaction speed compared to legacy companies like MasterCard and Visa card. This has imposed a huge problem to adoption in the following ways.
- Slow Block Generation Speed: Blocks are generated per transaction during blockchain operation each block in the blockchain contains its previous block’s hash, which helps to connect the adjacent blocks, consensus can only be achieved one block at a time with only limited transaction stored. This is a slow process as there is a need for even much more efficient consensus process.
- Low Processing and Storage Capacity: As more network and mainnet use up the blocks, the storage capacity intended to store hash becomes filled up causing each node to store all data and process-related transaction slower. This is good for security but slow for scalability.
- High Fees: During the peak time of blockchain protocol usage. The speed of transaction is mainly determined by a high fee for each transaction execution. As more dapps are created and more users use the protocol, blockchain nodes are required to process a greater volume of transactions and store more large data.
The solution to this problem is SHARDING: Sharding is regarded as a powerful blockchain scalability
solution. There are two kinds of sharding methods, which are state sharding and transaction processing
sharding. This splits up the load into different shards and ensures there is not much load carried on each shard. This is a very efficient process as it ensures that large data are split into smaller easily executed data.
Consequently, Ontology Sharding application offers solutions to the problems currently faced in the blockchain today. Ontology network is implemented with smart contracts and surprisingly uses smart contract as the basic sharding unit will implement both state sharding and transaction process sharding for much more efficient scalability process for transactions and operations.
