Jalan Sukses: KyptoPal: Empower Worldwide With The Latest Blockchain Technology

Blockchain technology has enormous potential in creating trustless decentralized applications. Decentralized exchanges, prediction markets, and asset management platforms are just a few of the exciting applications. The success of Blockchain has moved the technology to a very wide range which ultimately provided a huge amount of convenience to the organization’s but on the other hand, if the technology has pros, it has its cons too.

Some of the disadvantages of blockchain technology include in:

Limitations of Mobile and IoT Devices

Blockchain services cannot inherently make arbitrary network requests to access data outside the network. This single characteristic currently prevents the use of blockchains on mobile or IoT devices.

Transaction Overhead

There are several ways a user can currently transact in cryptocurrency:

Full/Archive Node: A full node, is a device connected to a blockchain that contains the entire transaction history and current state of the blockchain. In this instance, the overhead is the actual storage capacity requirements. The problem is that each application requires the consumer to have access to this large storage capacity for each blockchain.
Light/ Embedded Node: A light client allows minimal overhead for a reasonable amount of security (with approx. 1 KB of data bandwidth required per second). In a light client, or “partially light client”, a node is required to download the latest block headers as a minimum requirement for basic functionalities. But, the client is still required to be able to stay in sync with the latest blockchain state so there is still some bandwidth or storage capacity required to interact with each blockchain.
Broadcasting: It allows clients to sign and hand off a transaction to any party without the risk of revealing information about their private key. As a result, clients can implement this with minimal overhead requirements. The problem is not in storage or bandwidth capacity, but in having an all-encompassing platform to manage these unique functional requirements.

Independent Fee Variables

There is a transaction fee associated with all transactions, and this fee is governed by the blockchain’s governing protocol. This creates a predicament for users transacting in an underlying token that exists within a blockchain ledger. When a user wants to send tokens or interact with a smart contract, they must also consume the blockchain’s native currency (Ether in the case of Ethereum). However, the variation of the value of the native currency is completely independent to the token that the user wishes to transact with. This means that every time a user sends a token, they are charged a fee that has a value independent of the transaction that they are making.

Different Blockchain, Different Overhead

The overhead mentioned in the previous section only covers the overhead of a single blockchain; to enable cryptocurrency transactions on multiple blockchains, additional and unique overhead is required for each additional currency implementation.

Latency and Confirmation Time Restrictions

Blockchain consensus mechanism is used for verifying a blockchain’s inherent cryptocurrency transactions (such as Ether). Although this mechanism is necessary to provide full security against double spend attacks, it sometimes operates independent of an underlying token’s functionality. This means that consumers are subject to a timeframe in which the rest of the blockchain must come to consensus and affirm a transaction as valid.

Blockchains are having trouble effectively supporting a large number of users on the network. Both Bitcoin and Ethereum, the leading blockchain networks, have experienced slowed transaction speeds and higher fees charged per transaction as a result of a substantial increase in users.

This is where the KryptoPal comes into play. A blockchain-based platform which can be integrated with many applications for performance of various transactions with cryptocurrencies worldwide. KryptoPal addresses the problems restricting widespread adoption of blockchain and cryptocurrency technology by creating an all-encompassing platform that integrates best in class solutions into a single toolset and framework that developers can learn to use intuitively.

When KryptoPal is integrated with any existing application: the application is instantly connected to Ethereum blockchain, the application is interconnected with other applications in global network, and users of applications can interact with each other for performance of the transactions connected with cryptocurrency. The KryptoPal features allow application developers to work efficiently on new decentralized programs and services. The KryptoPal platform can be linked with any program, Internet explorer or device to integrate blockchain properties: encryption of transactions, smart contracts, familiarization with the blockchain conditions and their storage.

The blockchain startup offers several solutions to kick the problems of restricting widespread adoption of blockchain and cryptocurrency technology above. The solutions are include in:

Reducing barriers to use blockchains

Deploy and connect nodes to the blockchain within minutes, reducing costs, and development resources needed for the adoption of blockchain technology.

Solving cryptocurrency latency issues

KryptoPal-Powered applications can open a revolutionary off-chain payment channel that will use the cutting edge uRaiden (an extension of Ethereum) network to provide real-time, zero fee transactions.

Interconnecting applications globally

Providing a new connective fabric for different applications to transact with one another. This fabric is a set of endpoints that are abstracted to use application protocols and trigger blockchain functions.

Smart contract interactions

Any smart contract based application can be integrated into an existing application by abstracting the communication between the blockchain and a client, pivoting it towards a decentralized architecture.

Unified identity management

The global and local identity endpoint that allows for reading from the provider or user registries. This can be used to allow for address book functionalities or application-to-application interactions.

Integrative and expandable

KryptoPal platform will be integrated with uRaiden, Civic, IPFS and Plasma solutions. It is simple, safe and secure to use. Cross application integration would give access to consumers to transact globally.

Recently, KryptoPal announced its partnership with Swiss NGO Help2Kids to develop efficient and transparent infrastructure for charitable donations in rural African communities.

For more information about KryptoPal, feel free to visit the company important links below: