With the continuous downfall of Bitcoin and other cryptocurrencies dependent on it, new and slightly unfamiliar cryptocurrencies are making inroads in the market. Bitcoin, despite having the greatest market capitalization as well as being the most popular cryptocurrency to date, is losing the confidence of many traders across the globe due to its capricious nature. Also, there are many alternatives available at the moment offering a very convenient blockchain platform along with a faster and cheaper transaction system than that of Bitcoin. Manifestly, the center of interest among the traders is gradually shifting towards other Altcoins with ingenious new features.
To survive in this highly competitive market with a decent price and market cap, a digital coin has to offer something absolutely Sui generis feature which cannot be found in any other currencies. Nowadays, the blockchain technology is making its mark in diverse industries including sports, entertainment, business, etc. and True Chain (TRUE) is no exception. This cryptocurrency was introduced to the market in order to offer their users a blockchain technology that can be helpful to numerous business communities by supporting a commercial application that demands quality performance. Here, a few aspects of this currency would be discussed to elucidate why TRUE holders can expect a lucrative 2018.
True Chain’s Technical Architecture:
True Chain began its journey as a legitimate cryptocurrency token on January 23rd of this year. Since then, it has been grabbing the attention of myriads of crypto-traders and connoisseurs across the globe because of its technology. True Chain has a very efficient development team that makes upgrades continuously for making the blockchain system even more effective and convenient. Roughly, the technical architecture of this currency can be divided into:
- Hybrid Consensus Mechanism: The consensus mechanism separates the public chain from the private and alliance chain. The mechanism must be decentralized and fast to ensure efficacy as well as security. True Chain developers use a combined mechanism of Bitcoin’s proof of work (PoW) and PBFT (Practical Byzantine Fault Tolerance). This hybrid ecosystem has made the mutual transformations among these three types of chains possible. Both PoW and PBFT mechanisms help in strengthening the backbone nodes of this cryptocurrency.
- Smart Contract: The smart contract is a very popular technology that is used by several cryptocurrencies including big guns like Ethereum. In case of True Chain, the smart contract is implemented by following the EVM (Ethereum Virtual Machine) architecture along with launching TVM on PBFT. The TVM is implanted into each backbone node enabling them to process various requests depending on individual desiderata.
- Contract Abstraction Layer: This layer helps the developers to create complex smart contracts in a relatively easier and simplified manner. This layer abstracts the basic business logic in the abstracted smart contracts.
The Key Features of True Chain:
Because of its ingenious technology, True Chain is capable of offering several advantageous features to their holders. Some of them include:
- Support for Infinite Nodes: As mentioned earlier, True Chain is a combination of both Proof of Work and Practical Byzantine Fault Tolerance mechanisms. The proof of work is capable of supporting an infinite number of nodes. As a result, commercial applications like instant messaging software programs, bilateral trading platforms, e-commerce websites, etc. are able to successfully run their application on this public chain.
- Security: Because of the PBFT mechanism, all members of True Chain can actively participate in decision making. The PBFT offers a completely decentralized blockchain platform that can be accessed and maneuvered across the globe by the community members. Therefore, the chances of data tampering become very low due to incessant monitoring. Also, the PBFT members are re-elected after a certain period of time to maintain blockchain integrity.
- Incredible Speed: The PBFT mechanism can support a vast range of transactions (10000- 100000 TPS) per second. The smart contract enables the ledger to record each of those transactions chronologically and accurately. Hence, there is no doubt about the quality performance of this blockchain ecosystem.
- Free Service: True Chain offers a free transaction service to all of their users across the globe which makes it one of the least expensive blockchain payment methods of the world.
True Chain in Various Applications:
True Chain has been accepted in several professional areas for its high scalability and efficiency. Some of these areas include:
- Medical care
- Digital advertising industry
- Online gaming
- Value transmission
- Digital copyright
- Security of assets
- Public welfare and many more
Current Condition of True Chain:
Despite a slow start, both of True Chain’s price and market capitalization are going up at a brisk pace. At the moment its price is equivalent to $3.21 along with a market cap of nearly 150 billion USD (as of 15th May 2018). It currently holds the 116th position on Coinmarketcap.
If we closely study the price trend of True Chain, we would see that this cryptocurrency has made tremendous progress in the past few weeks. Their efficient development team is also making new updates indefatigably. If this indicates the future of this digital coin, the True Chain holders can be hopeful about making a considerable profit by the end of this year.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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