BlockDAG presents innovative approaches to solving critical issues related to slow transaction processing and mining centralization within blockchain systems.
Issues with Standard Blockchain
Standard blockchains often face a number of issues including slow transaction speeds and a high degree of centralization in the mining process. These challenges limit new user adoption and make traditional systems less attractive to a broader audience.
BlockDAG Technology
BlockDAG is built on a powerful Layer 1 foundation using a unique Proof-of-Work design called Directed Acyclic Graph (DAG). This method allows it to process multiple blocks simultaneously, resulting in higher transaction speeds of up to 10 blocks per second, aiming to exceed 100. This approach also ensures fairness by welcoming smaller miners and preventing dominance by large groups.
Mining and Future Prospects
One of the significant breakthroughs of BlockDAG is the X1 Miner App, enabling users to mine BDAG using regular smartphones. This innovation significantly expands the user base. Over $346 million was raised during the presale, confirming the interest in this technology and its potential in an unpredictable market.
BlockDAG represents an exciting development in blockchain technology with its unique approach to transactions and mining, creating opportunities for fairer and more accessible cryptocurrency use.
