World-changing ideas sometimes involve tweaking of already existing technologies. Blockchain is one technology that needs to be tweaked ever so often until its peak performance can be realized.
Over the years that it has been in existence, a number of improvements have been made to blockchain. Different eras of blockchain have been experienced with blockchain 4.0 being the latest attempt to help make this technology globally acceptable and practical. MOAC’s new multi-layered architecture aims to push decentralization beyond the scope of what Ethereum and EOS have to offer and be the new revolutionary blockchain that the world now awaits.
MOAC’s (Mother Of All Blockchain) take on blockchain and how to improve its performance may prove to be the remedy that blockchain requires. MOAC’s platform is all about enhancing the performance of blockchain. MOAC’s construction may prove to be the most practical application of blockchain yet. MOAC is using a multi-layered blockchain architecture which will enhance smart contracting thus making its platform performance better by a significant margin compared to already existing platforms.
Why Do We Need Blockchain?
Blockchain’s importance spans wider than just cryptocurrency. Its influence in networks could provide solutions to some of the challenges centralized platforms have been facing.
➽**Security**
A number of hacks have been recorded in recent times. In 2017 alone, there were more than 40 notable hacks that took place. Equifax, Cellebrite and the Swedish Transport Agency were among the companies that had their data and that of their clients compromised. For Equifax, over 143,000,000 American consumers had their personal information exposed as a result of the hack. All vehicle data in Sweden held by the Swedish Transport Authority may have been compromised after access to the data was given to unscreened IT workers. The repercussions have not yet been felt or identified. However, the fact still remains that about 3,000,000 people have their data compromised and the ramifications may have yet truly be felt. Cellebrite lost 900GB of its data in another hacking attempt. Their case got worse after the hackers also had their systems hacked making it even harder for the company to truly estimate the extent of the damage that may have been caused by the security compromise.
The extents of the damage of these hacks are largely as a result of the centralized nature of data storage. It is easier for hackers to get access to a vast pool of data once they breach these systems. Centralized platforms will generally have their classified information in one central system; as such one hack risks having all their data compromised. Furthermore, they are also attractive to cybercriminals as they offer handsome rewards once the system has been breached.
➽**Privacy**
If security can be compromised, then privacy is also breached. Data that is meant for specific parties usually end up in wrong hands. Such scenarios upset users in all platforms. The most notable frustration and disappointment for users came from Facebook, a platform with over one billion users. The CEO and founder of Facebook, Mark Zuckerberg had to explain, in the United States Congress and in the European Union parliament, why third-party applications hosted on their platform were allowed to collect user data. This was after the Cambridge Analytica exposé that Channel 4 News ran showing how user data can be used to manipulate the voting patterns of people.
This awakened the need for having privacy even within online platforms. Regulations on data privacy were implemented by concerned bodies, especially in the European Union. Consequently, companies have been updating their privacy policies to meet the regulations set. However, as long as user data is collected, the data remains at risk especially when stored in a centralized manner as is the case with most platforms.
➽**Immutability**
When a centralized platform crashes, there is a high likelihood that all the transactions made through the platform could be lost. Hypothetically, if this was to happen to a bank or a hospital, a lot of lives could be at risk, thus magnifying the need for immutable platforms. Data stored on blockchain can be distributed across the network, such that a failure of one component of the network will not affect the rest of the network, the same way a centralized platform may feel, thus preserving data and transaction records stored.
Just like how vehicles, mobiles, TV’s and computers changed public way of life in the 21st century, the time is now for blockchain to make that same kind of impact | Source
The Need For An Efficient Blockchain Platform
Blockchain has mostly been recognized for its influence within the cryptocurrency sector, however, its strongest potential is arguably the ability to improve and make efficient the systems that we currently have in place. These systems may need to be disrupted in order to achieve a stable foundation and a smooth-running platform. Efforts have been made to provide a blockchain that can support such changes.
Blockchain has been viewed as the disruptive technology that will bring about positive changes in the world. However, it hasn’t reached the level of operation that is expected from a world-leading technology. It has been improving with each era but it is yet to hit the desired operational stats or adoption. Ethereum provided one of the most significant improvements, the smart contract, which allowed developers to start creating decentralized applications based on blockchain technology. Applications like Ethlance and CryptoKitties are a result of the assimilation of pre-determined factors provided by Ethereum and blockchain.
An underlying issue with blockchain that has been ever-present since its popularity started growing is the increasing inefficiency where protocols have to process a large number of transaction requests. This was seen during the CryptoKitties launch in Ethereum which caused a slowdown in transaction processing. The number of CryptoKitties at that time was close 40,000, for technology that is expected to be adopted by the majority, if handling 40,000+ was tough, imagine how the platform would struggle to operate when handling 100 million+ users.
More decentralized application projects and ideas are coming up with various uses across all sectors of the economy. However, they are still yet to perform as envisioned by their developers due to the inadequacy experienced in the protocols on which these applications are based on. Third-generation protocols such as EOS and COSMOS provide encouragement, but the required progress has yet to be realized.
With an efficient blockchain, there is a lot that can be accomplished through this technology. Only once the efficiency of blockchain increase to acceptable speeds, it will truly realize the potential and capability that blockchain is able to showcase.
The MOAC Approach
MOAC aims to have a platform that perfectly balances scalability, security, and decentralization; the famed ‘trifecta’ of blockchain. Current blockchain protocols lack an implementation that can provide these three in tandem. MOAC aims to become more than just average; it wants to deliver the ultimate blockchain experience right from developers to users of decentralized applications hosted on its platform. The MOAC solution is a multi-blockchain platform that enhances scalability and therefore performance, improves security and decentralization. The architectural approach selected for MOAC’s platform allows it to distribute tasks within various components of its platform. The result is a highly efficient and effective platform that can serve any form of application regardless of its technical demands.
This distribution of tasks allows MOAC to function 100X faster than Ethereum and even more effective as it is built to accommodate a myriad of decentralized application types. These are the components of the MOAC platform and how they aim to improve current user solutions:
➽The Motherchain: Proof of Work Blockchain
The Motherchain handles data storage and computer processing for Smart contracts and DApp’s in MOAC. The Motherchain is a Proof of Work blockchain that works across different systems. The use of Proof of Work is important as the incentives required prevent exploitation and abuse by third-parties. Attacks such as DDoS are thwarted by the Proof of Work mechanism. Within the MOAC ecosystem, the Motherchain is a public blockchain layer which has defined functions such as blockchain operations, balance transfers, consensus and data access. It also assists other consensus models that use MicroChains.
➽Smart Contracts as MicroChains
This is arguably the most innovative idea in the MAOC project. Each DApp usually has its own unique needs that may not be fully supported by the protocol on which it is based on. Fintech Dapps have different needs compared to those focused on health or education. The transaction request from a diverse group of DApp’s may each take a unique toll on the network. To help reduce stress on the MOAC platform, MOAC implements MicroChains for each individual Smart contract. This would free up Smart contracts allowing them to work with any type of consensus protocols.
Apart from freeing up Smart contracts, developers would also have the freedom to select the consensus algorithm that would best work with their applications. MOAC, therefore, becomes the most suitable platform for any type of DApp. For example, the Proof of Stake mechanism is great when it comes to scalability especially at enterprise-level. Business and Fintech apps can, therefore, select Proof of Stake over Proof of Work for a faster and more efficient decentralized application. Furthermore, the number of nodes suitable for a particular Smart contract will also be determined, while the MicroChain will also save all states of the Smart contracts which can also be written on the Motherchain.
➽Blockchain Sharding
Sharding is a key component in ensuring that the MOAC platforms stay fast and efficient at all times. Sharding simply partitions large pieces of data and information into smaller and more easily manageable shards that are faster at processing transaction requests made. This method is node dependent. More nodes on the MOAC network translate to better efficiency and TPS rates for MOAC. Top level security is still maintained even after sharding, thus parallel transactions can be handled by MOAC securely.
➽Cross Chain Capabilities
MOAC is cross-chain ready. This means that it can easily link up with other blockchains within the system as well as external blockchains and even cryptocurrencies. It also has the ability to swap blocks between blockchains and use atomic swap based cross-chains. The easy interaction MOAC has with other blockchains both internally and externally allows it to create an ecosystem where DApp’s can easily exchange data providing a myriad of service all under one roof. Such easy interactions may lead to industry-changing partnerships.
These and other features such as API, Event Handling and how the Mining process works with MOAC are all explained in detail here.
While many blockchains have attempted to tackle the trifecta, the fact remains none have substantially made progress without compromising one of the pillars | Source
Catalyst For Major Change
Blockchain was set to disrupt the status quo in economic sectors in the world. However, the setbacks protocols have experienced slow the pace for blockchain to showcase its true ability. With the introduction of MOAC into the blockchain sphere, these disruptions may finally occur on a global scale. The following are some of the areas where MOAC may provide excellent service:
➽**Fintech Solutions**
One of the main reasons why Fintech is not growing as expected, according to Forbes, is the strategic contradiction between tech and finance which can be attributed to the difference in growth rates for these two entities. The technology of fintech is fast-paced as new innovations are introduced frequently. It can also be as a result of the difference in vision between the developer of a fintech app and the originator of the idea. Existing blockchain fintech solutions are facing a major scalability challenge.
With MOAC, the immediate scalability issue will be solved. Any fintech app hosted on MOAC will handle as many transactions as its users can manage. MOAC also targets to be developer friendly hence it may be easier for developers to produce a DApp that is as close to the original idea. With the added advantage of security from blockchain, users may be attracted to DApp’s based on MOAC. MOAC’s architecture allows it to keep up with the ever-changing technological scene. Its cross-chain capabilities and scalability approach will keep it relevant when newer DApp’s are introduced based on newer generations of blockchain. The other hindrance that may be overcome by the entry of MOAC in the fintech space is the actual change that it will bring. Unwillingness to change by the hierarchical executives has dragged the growth and development of fintech. MOAC’s platform may very well be the stepping stone that decentralized fintech apps needed.
➽**Healthcare Solutions**
Hospitals and other supportive components of the healthcare sector are sensitive as they directly affect the quality of human life. They require systems that can provide the care needed by the sick efficiently and reliably. Hospitals have a number of issues, more predominantly administrative and security. MOAC’s capability allows developers to develop an entire healthcare ecosystem within the MOAC’s platform that will do away with most of these challenges.
The healthcare ecosystem can have a recruitment DApp, a patient database app, a hospital finance DApp and any other innovative hospital solution DApp’s. This could help in the administrative part of hospital management. Recruiting of healthcare workers becomes easier if they all have their data stored in a secure, decentralized database hosted by MOAC, while efficiently managing all patient records and treatments, thus reducing the likelihood of administrative actions.
Managing healthcare cover in order to provide universal coverage for all can also be done using the MOAC platform. It has the capacity to handle the transaction demands that hospitals experience daily. Proper financial management may also be realized through the use of efficient decentralized applications which may help save hospitals vast amounts of resources.
MOAC could prepare hospitals for the coming technological feature where cryptocurrency may be the preferred currency of choice for most people. Being based on a platform that supports cross chain transactions would help during such an era. Developing countries would benefit greatly from the MOAC platform as such innovations can help these countries attain their development goals at a faster rate.
MOAC’s architecture is built for such optimization. The partitions made while executing transactions within its platform allows it to handle the massive demands that the health sector can conjure up. With MOAC, the limit is the imagination each developer has.
➽**Higher Learning**
Developing countries and very often many developed countries are always in need of some sort of support or improvement in the education sector. The states of most higher learning institutions in these countries are still greatly behind established higher learning institutions in other continents. Fundraising events may be done through the MOAC platform to support the development of existing institutions and the building of new ones. Administration of these institutions can be done using DApp’s that will be based on MOAC. The platform may also exploit the creative minds in higher learning institutions that may come up with innovative ideas for the platform itself and even other ideas that may be implemented using DApp’s.
Steps can be taken through the connection MOAC provides to link up higher learning institutions with industry players. This could help prepare students for the actual jobs they are studying for and it could also help employers have confidence in graduates. Records kept by higher learning institutions via the MOAC platform can be also used as reference points for attestation decentralized applications. An overall improvement of candidate qualities in the job market would mark a certain level of growth in these countries.
Blockchain technology has the potential to universally reshape the way business transacts across nearly every industry in the global economy | Source
MOAC has the capacity to create a decentralized ecosystem that can support the vast majority of functions that take place daily within the various economic sectors the world participates in. With a TPS rate that is likely to be 100x more than that of Ethereum or even greater, MOAC can deliver the disruption that is expected from blockchain.
MOAC supports smooth operations of decentralized applications, it supports cryptocurrency operations and promotes the decentralization future that blockchain aims to deliver. Apart from applications in the education, health and fintech sectors, the hospitality industry, and the advertisement industry, the gaming industry will also find the MOAC platform perfect for their activities!
Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advise in any situation. Please remember to DYOR before making any decisions 🤓
♂️ Hi, my name’s Sal.If you found this article useful and would like to view my other work please be sure to clap and follow me on medium!😎