Place/Date: SINGAPORE - November 25th, 2020 at 7:06 pm UTC · 4 min read
Contact: Tokamak, Source: Tokamak Network
The Tokamak Network is the first Turing Complete Plasma platform on Ethereum that assures decentralization and provides an easy method for building applications. It’s an on-demand layer-2 aggregator that provides a high level of scalability and extendability. Through the Tokamak Network, developers can create new decentralized applications (DApps) off the main chain. The main goals of Tokamak are as follows:
Before we delve into the scalability topic, let’s understand the importance of the Ethereum blockchain. Not only is the protocol exceedingly robust and decentralized, but it also has a very healthy developer community that is continually building numerous products and services on the chain, adding further credence to the chain’s versatility and flexibility. The type of dApps getting built on Ethereum includes DeFi, DAOs (decentralized autonomous organization), and various gambling and gaming apps.
However, this much activity does come at a hefty price. The fact is that the Ethereum blockchain is getting more bloated than ever before. The transactions are taking a lot longer than ever before, plus the gas fees are going through the roof. Anyone who has been involved in this space for a while is well-aware of these scalability issues.
Ethereum, as of now, can only manage a throughput of 15 transactions per second, which is pretty abysmal when compared to mainstream companies like Visa that can do up to 24,000 TPS. The problem with the scalability is that this issue is built into Ethereum’s inherent design.
To understand this, you need to first understand the concept of blockchain trilemma. The theory states that a network can’t be scalable, decentralized, and secure at the same time. It can only be two of three while compromising on the third element. So, when it comes to Ethereum, the network prioritizes decentralization and security over scalability.
As things stand, Ethereum doesn’t have the capacity right now to support a wide variety of applications. Scalability is highly essential for apps since it attracts and allows applications to reach the critical mass required to take operations to the next level. Organizations are either forced to settle for inferior protocols or create their own blockchain frameworks that can get very expensive and time-consuming.
This is why the industry needs right now is a healthy layer-2 platform to sit on top of Ethereum’s protocol. Layer-2 solutions like plasma chains, sidechains, and rollups have existed for quite some time. Tokamak has successfully created a healthy ecosystem surrounding its layer-2 scaling solution.
Tokamak’s on-demand layer-2 platform acts as a bridge between the average user and decentralized applications. Not only has Tokamak successfully created a fully functional plasma protocol, but they have created a fully on-demand layer-2 solution that could be customized as per your needs. By offering tools like Plasma EVM and zk-rollups, organizations will easily integrate the Ethereum blockchain into their operations.
However, the technological advantages are just the tip of the iceberg. What sets Tokamak Network apart is that it also has a robust community of developers, blockchain experts, and associated institutions, among other participants. The goal of this community is twofold:
As previously mentioned, Tokamak Network will adopt a collaboration over competition approach to help create genuine scalability solutions, reducing the time and costs involved. This unique feature separates the Tokamak Network from its peers and other Ethereum scaling solutions.
Tokamak’s on-demand layer-2 aggregator approach greatly levels the playing field and helps build a solution that lowers entry barriers by a considerable amount. The company has received grants from Blocore, Alphain Ventures, Skytale Capital, and Ethereum Foundation Grants, giving them further credibility. The crypto space needs a platform like Tokamak that provides organizations with easy access to blockchain talent and encourages collaborative solution building.