Blockchain is a new buzzword in the FinTech Industry in recent years. The concept of blockchain has brought about massive changes and energized the global financial services industry.
No one needs an introduction as to what tokens are. A token is designed to represent something, which in most cases, something of value.
Cryptocurrency enthusiasts are well aware of how a lot of tokens are issued on the Ethereum blockchain. A lot of tokens are being issued which adhere to the ERC-20 token standard. However, a lot of people remain unaware of alternative blockchain such as the ARESBLOCK, what it is all about and how it will make a difference compared to the current situation where most tokens issued are predominantly based on the ERC-20 standard. Let’s take a look at what makes ARESBLOCK so special.
Revolutionary Blockchain Technology
What makes the ARESBLOCK unique is that it is a whole-new blockchain that is based upon the novel 3Is (Inclusive, Integrated and Intelligent) concept. This innovative concept is what sets the ARESBLOCK apart from all other blockchain and allows it to solve real-world problems that the digital asset industry is currently facing.
Solving Real-World Problems that are impeding mainstream adoption of Cryptocurrencies
Long transaction times and higher transaction fees due to network congestion is one of the major barriers to the widespread adoption of cryptocurrencies and even major cryptocurrencies such as Bitcoin and Ethereum have not been spared.
The ARESBLOCK overcomes this obstacle by adopting a technique known as sharding. ARESBLOCK divides the nodes into groups that are called shards, if each shard processes information at 10 transactions per second, then all nodes together can be 10 times more efficient. With an increase in network size, the transactions per second increases, hence being a scalable blockchain in the long run.
The ARESBLOCK will have a new smart contract that is able to integrate itself with the use of sharding, bringing a whole new world of efficiency and effectiveness. In addition, the ARESBLOCK, which is able to link existing external blockchains to provide seamless transactions (Integrated) and the incorporation of artificial intelligence (AI) into the blockchain itself to grow the blockchain constantly (Intelligent), would allow the seamless and prompt execution of transactions at low cost. These use of such innovative techniques and technologies would go a long way in encouraging mainstream adoption of cryptocurrencies and even allow cryptocurrencies created on the ARESBLOCK to rival other established payment processors such as Visa Inc. and PayPal Holdings Inc.
An Inclusive Blockchain and complete Ecosystem
An inclusive blockchain that enables the easy creation of tokens on the ARESBLOCK will prove beneficial to the creation and growth of a digital asset ecosystem as a whole. In addition, the ARESX Exchange and ARESPAY payment wallet will complement the entire ecosystem by ensuring that tokens created on the ARESBLOCK can be used across a multitude of platforms, thereby enhancing utility.
In conclusion, the ARESBLOCK is an innovative and intriguing blockchain that could very well be the next step forward in the evolution of blockchain technology.