Are Cryptocurrencies Disaster-Ready?
The past few years have been relatively prosperous for the cryptocurrency industry, with a steady improvement in market cap and numerous technologies to support its growth.
At the same time, the continuous depletion of resources and the environment’s integrity had to lead to powerful forces of nature to ravage the lands in retaliation, stronger typhoons and hurricanes, tsunamis, and the likes have been ravaging the face of the planet for a while now, with most environmentalists and scientists arguing that if we were to disregard these signs, worse effects will come up sooner in the future.
And since there are no signs of human activity and negligence ever stopping, the question has to be asked, is our current technology, specifically the ones in use for cryptocurrency processes. ready for such undesirable events?
The answer is a flat-out no as of the moment. As we have no surefire way of detecting such calamities from happening, and we have no ways of really dissipating such weather phenomena to a manageable degree. But what we can do however is create fail-safe procedures that will ensure that Cryptocurrencies still survive
I believe this is indirectly solved by the project CUDOS. as they are going for a Proof-of-Stake approach in facilitating cryptocurrency transactions, which, unlike Proof-of-Work which takes a huge dedicated chunk for the facilitation of transactions within their blockchain, uses sharding of blocks that are manned by multiple people across the planet and is pooled over the cloud.
The thing about this concept is that if this was to be implemented on a larger scale, It could act not only as a surefire way for faster and cheaper transactions over the cryptocurrency world, but also as a great way to ensure that if a calamity were to threaten the integrity of the internet, the sharded manner at which the transaction block is situated in will ensure that pooling will still be possible almost immediately, and it will not hamper the process of transaction in any way whatsoever. Unlike in the case of Proof-of-Work that not only is much inferior in terms of handling large volumes of transactions but is also at great risk if such eventualities come up.
I’d like to imagine that this is something the CUDOS team thought of in hindsight, but whether they did think of it or not, no one can deny how bright the service that they are promising for the future of cryptocurrency is.
