Accumulate (previously Factom Protocol), a high-performance, common layer-2 blockchain for decentralized finance (DeFi) and extra, is quietly bringing a paradigm shift on the earth of distributed ledger know-how (DLT), by way of its revolutionary system of knowledge, tokens, id administration, and extra.
Accumulate Shifting the Paradigm
Whereas there are a whole bunch, if not hundreds of initiatives that declare to be the high-throughput distributed ledger that might lastly assist the world to beat the intense challenge of blockchain scalability, solely a handful of the distributed ledger know-how networks at the moment in existence are really what they declare to be.
With decentralized finance (DeFi) step by step going mainstream, as increasingly enterprises start to achieve consciousness of the huge prospects of DeFi, it has now develop into pertinent greater than ever for the world to have really strong, high-performance blockchain networks that fulfill the DeFi wants of each enterprises and people.
Launched way back to 2015 by Paul Snow, the Chief Blockchain Scientist of Inveniam and Defi Devs, Accumulate Protocol is an identity-based, delegated proof-of-stake (DPoS) distributed ledger designed to energy the digital economic system via interoperability with layer-1 blockchains, integration with enterprise tech stacks, and interfacing with the World Extensive Net.
Accumulate is a quick and scalable, high-performance blockchain with a brand new and extremely distinctive configuration designed to energy progressive DeFi options.
The Accumulate Protocol Benefit
At 70,000 transactions per second (TPS), Accumulate is likely one of the quickest blockchains on the earth. Accumulate solves the agelong downside of safety, scalability, and decentralization by constructing its community solely round Accumulate Digital Identifiers (ADIs) and including validation to each layer.
In its litepaper, Accumulate explains that the Identifiers are usually not outlined by tokens however by:
“Hierarchies of keys, which assist extra advanced operations than are doable with the straightforward and constrained sensible contract-based frameworks of different blockchain networks. The usage of digital identities because the core foundation of blockchain additionally affords higher flexibility over key administration and permits the creation of impartial chains which might be processed and validated in parallel over the Accumulate community.”
For individuals who are unaware, the Accumulate Protocol blockchain mission initially started as Factom, a knowledge publishing layer atop main distributed ledgers. On the time, the first goal of the Factom mission was to bridge the huge hole in enterprise-level decentralized information options.
Nevertheless, following a massively profitable Collection A funding spherical that generated $8 million from notable names like Tim Draper and Medici Ventures, Factom Inc. determined to develop the scope of the mission by constructing its blockchain-as-a-service group.
The staff says the identify Accumulate is derived from the distributed Validator Accumulator structure which the community employs. On this system, hashes are collected over time as transactions happen on a community and set of identities. Validation is then distributed throughout identities and the hashes accumulate into the community abstract each second, explains the staff.
“Accumulate Protocol is extra than simply one other blockchain; basically reimagines how blockchains needs to be organized and group issues. Accumulate will drive DeFi adoption by delivering progressive options. On this respect, Accumulate will develop into ‘the bridge to the digital economic system,” the staff added.
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