Emerging alternatives to layer-1 blockchains boast higher speeds and lower fees than their predecessors. Ultron, a new layer-1 blockchain ecosystem, is about to dominate the decentralized finance industry.
The most popular blockchain networks on the market, such as Ethereum, offer a wide range of potential applications, but they are expensive to trade. This is especially true for low-value trades, where the fees can outweigh the value of the transaction.
Emerging alternatives to layer-1 blockchains boast higher speeds and lower fees than their predecessors. Ultron, a new layer-1 blockchain ecosystem is about to dominate the decentralized finance industry.
An Introduction to Ultron
Ultron is a Layer-1 blockchain with advanced functionality. To understand Ultron’s technological prowess, one must consider the “blockchain trilemma.” The blockchain trilemma is the tripart issue of establishing security, scale, and decentralization.
Most major blockchains are struggling to implement the third pillar: decentralisation. Ethereum is secure and decentralised, but gas fees prevent scalability. Solana is secure and scalable, but not decentralised (they keep getting taken down by DDOS attacks).
Now, we have Ultron. Ultron claims that their consensus mechanism has solved the blockchain trilemma. A consensus mechanism is what allows blockchains to function. In a decentralised system, this is what brings all of the blockchain’s individual nodes together (what allows them to agree on the state of the network). In practise, this can take the form of simple “majority rules” voting, taking turns being the “leader” of a block, or any of a number of other mechanisms.
Ultron’s Consensus Algorithm
Ultron employs a asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake consensus mechanism. There are many technical details involved in aBFT consensus mechanisms (which you can read about on Ultron’s website), but the TL;DR is that less data is passed between nodes and they reach a consensus faster, while maintaining network security and decentralization.
In addition, Ultron boasts the quickest time-to-finality (TTF) at approximately one second. Time-to-finality is the duration between the transmission of a transaction and its “completion” (meaning uit is impossible to be reverted). This is effectively a measurement of a blockchain’s latency, and in some circumstances, it is the determining factor for the sustainability of a project on a blockchain. Bitcoin’s TTF, for reference, is sixty minutes. Imagine waiting an hour for Starbucks to approve your credit card.
The Ultron project was designed to be interoperable with the Ethereum Virtual Machine (EVM), which means that anything developed for Ethereum may be readily integrated into Ultron. It is one of the first large-scale layer-1 chains to be universally cross-chain compatible. Most other layer-1s disregard blockchains that are incompatible with EVM, such as Solana, because they make integration difficult.
Integration with Solana-based projects, such as Serum, will allow Ultron to directly benefit from the effort put into developing highly scalable automated market makers, which has permitted the rapid expansion of the Solana ecosystem. Momentum is undeniably important in the world of DeFi and cryptocurrency, and Ultron certainly has that. For more information on the Ultron project, you can visit its website at: ultron.foundation.