Features of Ignite Blockchain

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Features of Ignite Blockchain
As blockchain protocols first came into usage, there were a few significant problems. The first of which has been described as the blockchain trilemma. It has been the common understanding that a blockchain could not achieve security, decentralization and scalability all at once–that one of those three would have to be sacrificed in pursuit of the other two. Many blockchains have thus sacrificed scalability, settling for low throughput and slow confirmation speeds.
Ignite Blockchain believes that our consensus protocol is the best of the Proof-of-Stake (defined below) protocols in that we have resolved the trilemma. Our consensus protocol–described in this document–permits an open, permissionless network to achieve over 2,000 transactions per second and one second confirmation time. As a public permissionless blockchain, our consensus mechanism allows any token holder to become a proposer or a voter and contribute to security and decentralization of the chain.
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The best part of Ignite Blockchain is that once a user crosses 10,000 transactions, they are eligible to get upto 40% transaction fees back on each transaction they initiate on Ignite Blockchain. This protocol will encourage users to do more and more transaction to reach the threshold to get eligible for transaction fees back on each transaction.
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As stated above, blockchains can be permissioned or permissionless. That said, Ignite Blockchain believes strongly that permissionless (open participation for everyone, also known as public) is the best way to maximize the value of the blockchain technology.
Another way to look at a blockchain is as an innovative, technology enabled socioeconomic system. Thus we believe that a permissionless system is the only way to achieve the true benefits of a blockchain. No gate-keeper should be responsible for vetting whether or not individuals should have access to services, benefits and financial tools enabled by technological progress. In addition, it is easy to reason, as a platform for the transfer of value, that open access is a fundamental tenet to ensure a healthy growth cycle. This system is better protected through a higher level of decentralization. By deploying a permissionless blockchain network, the level of decentralization increases thereby improving the overall security of the network.
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When Ignite Blockchain was being designed, over 200,000 developers had been trained to program on Ethereum. This was a talent pool too rich to pass up. Therefore Ignite Blockchain is made to be fully EVM (Ethereum Virtual Machine) compatible. This means that any application, smart contract or tool built on Ethereum can operate on Ignite Blockchain. Developers can easily migrate their decentralized apps (DApps) in minutes and enjoy an immediate boost in performance, experience, and affordability.
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The ThunderCore Proof-of-Stake blockchain relies on the Ignite consensus protocol to drive consensus. Consensus is the process upon which the network agrees on a single canonical and immutable chain of blocks containing user transactions and is the core of any blockchain protocol. The Ignite consensus protocol is the most performant, efficient and simple of its class and has rigorously proven security properties. It is the cutting edge technology that enables our fast and scalable public blockchain.
Ignite Blockchain Technology Overview
Why Ignite Blockchain?
Last modified 3mo ago
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