The decentralized technology, blockchain, has catered to a myriad of obstacles that were in the way of many of the fields. Transaction support, Supply Chain management, government operation are just a few of the many fields that have been completely revolutionized, however, blockchain with all of its much dotted advantages has a few downsides.
The first one being that it does not hold the ability to carry out a lot of transactions at an unmatchable speed. Granted, it does ensure that the transaction is secure and are conducted without any intrusions from third parties, but a lot of traffic on the network can compromise its speed. This features makes scaling blockchain close to impossible. Moreover, to date, no blockchain is 100% decentralized owing to the fact that all these are constituted of consensus protocols, none of which ensure 100% decentralization of the network.
Nearly in every one of these protocols there exists a fragment of centralized authority. If we consider the PoW, that has been incorporated in Bitcoin as the consensus mechanism, it relies on the fact that the more electric power you can accumulate to mine bitcoins, the greater chances of unlocking a block. There are numerous variations of the technology but the dilemma prevails.
When Bitcoin was first released, many were in awe of the underlying technology, but there were a handful that determined early on how difficult it would be to scale the technology. This shortcoming of blockchain was pre seen by an individual who proceeded to download Satoshi Nakamoto’s(the creator of Bitcoin), white paper and run the source code. Along the way he tried to exploit the weaknesses of the code, to conclude that the code was flawed in the sense that as more blocks were mined the transaction rate became slower. So he took the initiative to form an improved variation inspired by Satoshi’s formula.
This gentleman is named Dan Hughes who claims to have built a new and improved version of blockchain over a period of six years that is capable of carrying out transactions at much higher rate than blockchain. Previously Hughes had been known for helping build the software for the NFC mobile payments. Radix is the product of his relentless hard work that boasts such amazing features which could potentially render blockchain obsolete.
The feature that makes Radix unique and better than blockchain as claimed by its creator is that it uses shards, a decentralized structure split into 18 quintillion pieces so that transactions can be carried out with ease. These shards can be tracked down with the help of a key that holds its location. Theoretically Radix can carry out hundreds of millions of transactions with ease. Without doubt, Hughes was inspired by the code behind Bitcoin, but it is entirely different and has not inherited a single line of code from Bitcoin. Rather its constituent underlying technology is called Tempo.
Radix is now in its Alpha Testing phase and a few projects have also been incorporating it to test it functionality. Metalyfe, an encrypted web browsing application and Pillar, who is planning to build apps on Radix. Radix has also received a very generous funding of $1 million from a leading European venture capitalist. Radix is all set be launched in March this year.
Hughes, from the very beginning of developing radix has kept a very low profile, and immersed himself completely in the development of Radix. If it does exhibit true decentralization, with no masternodes, no incentivization, no stakes and no humongous consumption of energy then it is a better alternative to blockchain and could be followed by the complete restructuring of the Internet. But until that is truly verified, whether blockchain will be rendered obsolete by Radix remains to be seen.