AMEPAY News: Own Blockchain Testnet release
We have already talked about how AMEPAY is moving to its own blockchain! This will make the AME token a fully-functional and independent cryptocurrency, helping us solve such issues as scalability, throughput, transaction cost… But let’s not get ahead of ourselves!
AMEPAY is set to use its own blockchain to store data and organize operations. Blockchain technology, developed by us will exhibit terrific processing capabilities, and will help meet a variety of data requirements and store them in a decentralized, transparent, and append-only format.
Scalability becomes a major issue, given the nodes of the traditional blockchains verify and store only a single block at a time. This subsequently delays the creation of new blocks, and the performance further dips as the number of transactions need to be processed further increases. We are striving to ensure high transaction speed. Our technical experts have developed a system to help us with that: ultra-productive blockchain technology based on DAG. The DAG-based assortment of consensus protocols enables superfast transactions, secure data sharing and virtually zero transaction cost.
The astute implementation of a new protocol called the “Lanchesis Protocol” retains the reliability factor of the blockchain. The protocol is sculptured on a method where a single event block authenticates the previous transaction. The verification process is extensively asynchronous, and the essentiality for verification by miners is eliminated. Unlike other blockchains, our own blockchain manages its data by itself, without the asserting assistance of any external databases.
The work on our own blockchain is in full swing, and we will discuss the details in later posts.