Blockchain and cryptocurrency space is undergoing a massive change that many believe was long overdue. The unabated increase in the price of cryptocurrencies during 2017 and the emergence of many “exit scams” resulted in wider scrutiny of the space. While governments across the world are still finding ways to regulate the space, the 2018 bear markets have ensured that companies without any working product were booted out. There is no denying the fact that investors have lost money during this downward cycle. However, this has led to the focus shifting back on real problems rather than the moon-Lambo talks.
The Real-World Problems
Despite the surge in the prices and media coverage Bitcoin received in 2017, mass-scale adoption still remains a distant dream. This is mainly due to the inherent mechanism of Bitcoin and many other top cryptocurrencies. Bitcoin works on the proof-of-work consensus which results in problems of limited speed, scalability, and cost of maintaining the network. To add to the woes, the recent BCC fiasco and feud between two influential people showed that the decentralised networks could have unique problems. It was evident that both proof-of-work and proof-of-stake algorithms depend on mining companies which may be controlled by a few.
Apart from it, the open nature of the decentralised blockchain can be problematic for organisations that cannot put everything in the public domain. There is a need for hybrid networks that can offer the best of both private and public networks. A hybrid network empowers the organization to put sensitive information like customer data or payment details on a private chain while giving them the liberty to put other aspects of their business on the public blockchain.
Bexam – Hybrid Blockchain
Bexam is technically not a Blockchain, but a Directed Acyclic Graph (DAG) network. You can read more about it here!, but for the purpose of this review, we will refer to it as blockchain. Bexam is built on Proof of Round (PoR) consensus which solves most of the problems described earlier. The nodes participating in the network are divided in a hierarchal annular manner. The network consists of a Root Node (RN), Master Node (MN), Super Node (SN), and Normal Node(NN).
As seen in the diagram above, node structure forms a hierarchy with each node responsible for a particular function. The Root Node is responsible for adding the blocks, whereas the Master Node is in-charge of monitoring the Root Node. The Root Node is selected from the Master Node as per the priority ranking which rotates every second. The Master Nodes will transfer the information to Super Nodes which will then relay it to Normal Nodes. This process eliminates the hash values required in a typical blockchain transaction.
Anyone can participate in the network by acting as a Normal Node. However, Bexam will enforce KYC and BXA Token staking mechanism before anyone can function as Super Node or Master Node. This will avoid bad elements from entering the network and prevent the possibility of an attack on Root Node. The number of nodes can be customised based on the specific requirement. This ensures that Bexam remains scalable and secure.
Benefits Offered By Bexam
DAG network offers several advantages over blockchain, and Bexam’s PoR definitely adds on to these benefits. There is no arithmetic processing while adding the block and this results in reduced transaction time. The block generation time for Bexam is 0.2 seconds. The company has also achieved transaction speeds of 40 million TPS under test conditions.
Scalability has been a significant problem for the likes of Bitcoin and even Ethereum. The node structure in Bexam ensures that the network remains scalable. Addition of more nodes can easily lead to scaling of network and make it capable of handle more data. This is crucial for organisations that handle huge data and are not in a position to wait longer durations for a transaction to go through.
The elimination of PoW or PoS also reduces the operational costs of the network. As we have seen recently, if the prices of cryptocurrencies fall, it becomes impossible to sustain a network without taking huge losses. The Bexam network does not consume a tremendous amount of energy and can run on a minimum specification of 1 GHz single core processor, 512 MB of RAM, and 64 GB of storage. Our everyday smartphones pack more power than the one required to run a node in the Bexam network.
Final Thoughts
It is absolutely clear that Bexam is solving a lot of problems faced by the present blockchain protocols. Implementation of Bexam is also simple and straight forward as mentioned on their website. A comparison of transaction speeds reveals that Bexam is way ahead than any of its competition. Overall, it offers several benefits and eliminates bottlenecks that have prevented other protocols from growing. It is backed by a strong team that comes with both business and technical expertise. The BXA token which will be the fuel of the Bexam can be purchased from their website.
If you have any other query, please feel free to share it in the comments section below. You can use the following links for more information:
Website: https://bexam.io/
Whitepaper: https://bexam.io/pdf/BEXAM_Whitepaper_V4.0_3.pdf
Telegram: https://t.me/joinchat/HSOophGd4wk_jTd1NqC2GQ
Medium: https://medium.com/@BEXAM_official
Twitter: https://twitter.com/BEXAM_official
Facebook: https://www.facebook.com/BEXAMofficial
0x: Cryptosmartbond