High transaction fees and slow transaction processing are some of the issues facing the cryptocurrency economy. These issues affect how cryptocurrency works and the whole transaction process of cryptocurrency. LightChain is a double-layer blockchain that aims to solve the performance issues and lead the blockchain technology into a new transaction era. The platform offers to fix the issues facing the cryptocurrency economy by introducing a new architecture that will solve the issues of high fees and slow transaction process. The team behind the platform believes the technology will allow for a millisecond transaction era.
Features of LightChain
Double layer chain: the network is designed as the first double layer chain. The Light network comprises of numerous Sub-chains and one prime chain.
Scalability: LIGHT allows for a transparent, immutable and decentralized system to everyone worldwide. The network is one of the essentials for the social improvement for mankind and allows scalability and economic basis for the first time in the history of cryptocurrency.
Performance: LIGHT’s double layer structure keeps transparent and immutable super-ledger benefits at the same time provide a performance level of 100k query per second. This is suitable for all applications.
Proof-of-machine: LightChain uses the Proof-of-machine (PoM) to validate sub-chain transactions. It brings the concept of PoM to validate all transaction executed on the sub-chain. The performance of the Sub-chains is enhanced using an in-memory database cache.
In-memory caching system: the in-memory caching system is used to increase data in memory and significantly reduce the need to get data from database queries. The prime-chain or mother chain is the one that preserves the attributes on the blockchain and the sub-chains use PoM for validation purposes.
As the white paper explains, “Sub-chain is independent of each other, and the number of sub-chain can be extended when necessary. Prime-chain is decentralized and distributed network that is immutable transparent to the public. Sub-chain based on PoM (Proof of Machine) validation model, combined with an In-Memory database, to achieve substantial performance improvement.”
Who is behind LightChain?
The Lightchain team is led by Jason Jia, a principal scientist of Baidu VP of Shengda innovation Institutions and Kristina Bliadze, a blockchain engineer with over 6 years of experience in blockchain and 12 years of experience in Microsoft. Other important figures on the network are Franklin Weldon, a graduate of MIT and expert of Blockchain and cryptocurrency technology and Steven Erh also an expert of cryptocurrency and blockchain among others.