When we think about blockchain, we think of a single interconnected database powered by user contributions in terms of data validation. The idea of blockchain may be one of the single most influential innovations in the past ten years; however, that does not mean improvements cannot be made. One major issue with current blockchain projects is their lack of adaptability. Network congestion and unreasonable transaction fees plague today’s blockchains. Ethereum, the 2nd largest blockchain project by market cap, has a history of difficulties with scalability, especially when highly popular DApps (decentralized applications) run on the Ethereum platform.
At the end of the day, DApps may be key to blockchain adoption around the world. At this point in time, most cryptocurrencies are used as investment vehicles. Their “use” is only thought of in terms of trading on exchanges or mining and staking for profit. DApps allow for the real-world implementation of blockchain technology. Potential DApps may involve decentralized marketplaces, logistics management, and healthcare documentation. Use of cryptocurrencies in everyday life will never be possible unless DApps become easy to implement.
YGGDRASH is a new type of blockchain constructed for multichain implementation. It is the first ready-made blockchain project that can connect multiple blockchains on the same network while reducing the deficiencies of current blockchains such as Ethereum. In addition, the YGGDRASH project focuses on providing accessible tools for blockchain enthusiasts by optimizing UI design in a way that most blockchain projects ignore.
YGGDRASH’s multichain structure allows for DApps (decentralized applications) to exist on the network on their own chains without taking resources from other services on the YGGDRASH platform. This circumvents the CryptoKitties problem faced earlier by the Ethereum blockchain when widespread use of the DApp slowed the Ethereum network to a crawl. With DApps positioned on their own chains, YGGDRASH creates an ecosystem where virtually an infinite amount of DApps can operate.
The native YGGDRASH token, YEED, will be available for trading on Bitfinex and Ethfinex on October 18th, 2018.
Bitfinex, one of the oldest cryptocurrency exchanges in continuous operation to date, is considered one of the top 10 largest exchanges today for trading altcoins (alternative cryptocurrencies). Ethfinex, an Ethereum ecosystem-focused spinoff of Bitfinex, shares the same trading engine and platform as Bitfinex. All Bitfinex users are able to use their Bitfinex account balances to trade on Ethfinex on a shared platform.
The importance of independent DApp chains cannot be understated. A truly decentralized world must include usage of cryptocurrencies at a mass scale. Modern blockchains such as Ethereum may work to a certain extent, but do not have the architecture necessary to be considered forward thinking. In implementing the world’s first multichain blockchain structure, YGGDRASH may very well usher in a new age of efficiency, adoption, and ease-of-use for blockchain solutions.