Home » Here’s How Ultrafast & Massively Scalable Blockchain Accumulate Is Revolutionizing Blockchain Industry

Here’s How Ultrafast & Massively Scalable Blockchain Accumulate Is Revolutionizing Blockchain Industry

Guest Author
April 22, 2022
1:03 pm

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With wider adoption of blockchain technology also came the issue of scalability. Then came the question: How to implement blockchain solutions for privacy, scale, and cost-effectiveness without compromising on decentralization?

The answer is Layer-2 solutions: Layer-2 solutions solve the issue of scalability along with other issues such as high gas prices and questionable privacy, at the same time allowing for complete decentralization.

One such amazing Layer-2 solution is Accumulate.

Accumulate is a brand new network created through forking the code of the Factom Protocol in November last year. For the uninitiated, Factom is among the earliest layer-2 solutions that serve as an alternative for the Bitcoin blockchain for managing and organizing the data.

Accumulate is the amalgamation of the features inherited from Factom and its own unique ones. For instance, the brand new layer-2 protocol has adopted the chain of chains’ architecture developed by Factom while it has introduced decentralized digital identifiers which act as the basis for all operations done on the Accumulate network.

The Chief Blockchain Scientist at Inveniam and Defi Devs, Paul Snow is the mind behind the design of the Accumulate network. Paul has also served as the chief architect and CEO of the Factom protocol.

Key Features Of Accumulate Network

Accumulate Digital Identifiers: Contrary to traditional random generated addresses, Accumulate Digital Identifiers or ADIs are human-readable addresses pretty much like the URLs. Individuals, organizations, Devices, pretty much anything, can use them to represent themselves on the blockchain.

By introducing a hierarchy of keys with different levels of security, ADIs offer more flexibility along with the deployment of complex operations. Enterprise-grade security is ensured with Key hierarchies.

Accumulate Architecture: With the help of layer 2 scaling solutions, shards, and sidechains, its modular architecture separates network consensus, the execution process of transaction, and data availability functions of a blockchain into different “specialized components.”

The multi-chain architecture of Accumulates allows for greater throughput. It is one of the fastest protocols with an interconnected network of chains conducting 70,000 transactions per second (TPS).

Data security: Data Security is a factor that is often neglected however is a key component of the scalability trilemma.

Accumulate also has the ability to backup transaction data documented on it to blockchains such as Bitcoin and Ethereum, more decentralized layer 1 blockchains, through a process named ‘Anchoring’

Tokenomics Of Accumulate

ACME is the native token of Accumulate with a maximum supply of 500 million. ACME is distributed among validators and stakers of the Accumulate network.

Credits are generated through the burning of ACME tokens. These Credits can be used to buy ADIs or for leveraging other goods and services. After that burned ACME tokens are transferred into an unissued pool from there they again go back to the network through minting as block rewards.

Stakers and validators are rewarded with a fraction of reissued ACME tokens and the rest are utilized as community development funds along with the funding of new projects on the network.

What Makes Accumulate Unique?

There are various other protocols than what’s different in Accumulate? Short answer: “An ultra-fast and massively scalable Blockchain.” (as per its official website)

In addition, Accumulate helps other protocols with greater speed & scalability and can also integrate with any Layer 1 protocol.

Here is a comparison table for a better understanding: