Here’s How Layer-2 Blockchain Accumulate Is Transforming The World Of Blockchain Technology
Accumulate (formerly Factom Protocol), a high-performance Layer 2 universal blockchain for decentralized finance (DeFi) and more, is quietly bringing a paradigm shift in the world of distributed ledger technology (DLT), through its revolutionary data system , tokens, identity management, etc.
Accumulate the paradigm shift
While there are hundreds, if not thousands of projects that claim to be the high-speed distributed ledger that would finally help the world overcome the serious issue of blockchain scalability, only a handful of ledger tech networks distributed that currently exist are really what they claim to be.
With Decentralized Finance (DeFi) gradually gaining ground, as more companies begin to realize the enormous possibilities of DeFi, it is now more relevant than ever for the world to have truly robust blockchain networks. and high performance that meet the DeFi needs of businesses and individuals.
Launched in 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 fuel the digital economy through Layer-1 interoperability, blockchains, integration with enterprise technology stacks, and interfacing with the World Wide Web.
Accumulate is a fast and scalable high performance blockchain with a new, very unique configuration designed to power innovative DeFi solutions.
The benefit of the Accumulate protocol
With 70,000 transactions per second (TPS), Accumulate is one of the fastest blockchains in the world. Accumulate solves the long-standing issue of security, scalability, and decentralization by building its network entirely around Accumulate Digital Identifiers (ADIs) and adding validation to each layer.
In his light paper, Accumuler explains that Identifiers are not defined by tokens but by:
âKey hierarchies, which support more complex operations than possible with the simple and constrained smart contract-based frameworks of other blockchain networks. Using digital identities as the basis of the blockchain also provides greater flexibility over key management and enables the creation of independent chains that are processed and validated in parallel on the Accumulate network.
For those who don’t know, the Accumulate Protocol blockchain project started out as Factom, a data publishing layer atop major distributed ledgers. At the time, the main goal of the Factom project was to bridge the gap between decentralized data solutions at the enterprise level.
However, following a hugely successful Series A funding round that generated $ 8 million from notable names like Tim Draper and Medici Ventures, Factom Inc. decided to expand the scope of the project by establishing its organization. blockchain-as-a-service.
The team claims that the name Accumulate is derived from the Validator Accumulator distributed architecture that the network uses. In this system, hashes are accumulated over time as transactions take place across a network and a set of identities. The validation is then distributed among the identities and hashes accumulate in the network summary every second, the team explains.
âAccumulate Protocol is more than just a blockchain; fundamentally reinvents the way blockchains should be organized and organization matters. Accumule will promote the adoption of DeFi by offering innovative solutions. In this regard, Accumulate will become âthe bridge to the digital economy,â the team added.
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