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The following article was published in our article directory on December 11, 2018.
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How BlocPal Resolves Blockchain's Long term Scalability Issue

Article Category: Business

Author Name: Dennis Lewis

Since its inception, cryptocurrency has been praised for its chance to promptly and tightly send funds to anyone, anywhere in the world. What's more, with the push for mainstream adoption, there's been a developing need for blockchain payment handling networks that allow users to buy and sell real-world items using cryptocurrency.

Historically, there's been a level of skepticism associated with blockchain-based payments. After all, it was just one year ago when Bitcoin had an average confirmation time of 78 minutes. There's no rejecting that blockchain technology has a scalability issue, but the Vancouver-based startup, BlocPal, intends on changing that by reviewing the way transactions are processed.

By the end of 2019, BlocPal fully expects its platform to be capable of processing more than 1,000 real-time transactions per second, and they plan on attaining this thanks to a new and innovative feature: dynamic block overall sizes.

Scalability no longer a challenge
With BlocPal, block overall sizes are uncapped and expand based on the transaction quantity of previous blocks. This means that a block can flourish from 1MB to 2MB, from 2MB to 4MB, and so on. As blocks develop in overall size, more data is allowed to be stored within each block. This converts to more transactions being added to the distributed ledger at one single time. In other words, BlocPal's scalability means that more users are able to be accommodated as demand rises.

But BlocPal doesn't just develop with quantity, it also shrinks progressively as transactions lessen. By doing so, the blockchain is protected against excessive bloat, ensuring that transaction times are always at their fastest.

How BlocPal works
With BlocPal, blocks are formed on average every 2.5 minutes. Not unlike Bitcoin, each 1MB block is able to support an average of 2,020 transactions for BlocPal's BPX tokens. When executing multi-currency transactions on the BlocPal blockchain, there is an additional payload involved in the transaction so therefore a 1MB block on the BlocPal blockchain can support on average a total of 1,010 multi-currency transactions. However, an exciting attribute of BlocPal's option is the chance to group transactions so they are executed in bulk batches. As a result, BlocPal's architecture is able to compile multiple simultaneous multi-currency transactions from BlocPal wallets into a single bulk transaction recorded on the block, boosting scalability and making it much simpler to process multiple payments at once.

While a single 1MB block may process on average 1,010 multi-currency payload transactions, when these multi-currency transactions are organized, that number multiples. For example, when 10 wallet transactions are grouped on a 1MB block, a total of 10,100 transactions within a 2.5-minute period (10 X 1,010 = 10,100) may be obtained.

Combined with the benefits of variable block overall sizes, the possibilities boost enormously.

If the block size enhances to 4MB, the number of transactions processed within 2.5 minutes doubles to 20,200. In addition, if the overall size of a block grows to 32MB, BlocPal will be processing around 320,000 multi-currency transactions every 2.5 minutes. That's more than 2,000 multi-currency transactions per second, which is already higher than the average amount of transactions VisaNet has reported at 1700 transactions per second! With the capacity to expand past 32MB blocks, the BlocPal blockchain has truly been set to scale for the future.

How has BlocPal executed thus far?
The BlocPal team has proficiently helped with approximately $30 billion in transactions over gaming programs. Furthermore, BlocPal recently consolidated this back-office payment remedy for gaming transactions and has fully individualized it, giving users with complementary companies to the BlocPal blockchain, including:

- KYC/AML compliance
- Wallet authentication
- Amalgamations to multiple crypto and fiat currency exchange services
- Integrations to global fiat payment networks
- BlocPal offers the next generation in online payment options, providing users with a smarter, quicker, and more safe way to take care of their digital assets.

Always increasing, BlocPal currently supports USD and CAD, as well as Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, and Litecoin-- with more currencies on the way. Visit the official website today to learn more about BlocPal and how you can use it to send and receive cryptocurrency safer and more effectively.

Keywords: blockchain payments, fintech, blockchain, cryptocurrency wallet, blocpal

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