Blockchain technology has come a long way and has attracted mainstream attention and experienced adoption at a large degree. The current blockchain domain has a lot of key challenges that need to be addressed. Issues such as simplifying the user interface for non-technical users, or lack of transparent and predictable fee structures has been plaguing this space for a long time.
Then there are issues like the fair distribution of rewards for validators to prevent centralization. Most blockchain projects do not think beyond token investments, failing to explore other monetization strategies to attract more users. Lastly, high transaction fees, complex user experiences and scalability issues have hindered the emergence of new blockchain solutions.
Luckily for us, there is a savior, in the form of Graphite Network. This newly launched platform has recently announced its PoA Polymer 2.0 Layer-1 blockchain. The purpose? - to solve these issues and make the blockchain space better.
Graphite stands out as a one-of-a-kind platform. There are several reasons for this - the entry-point (transport) node income generation, a privacy-focused KYC system, a reputation-based model and last but not the least enhanced capacity for handling transactions. The main aim of this platform is to improve user accessibility, all the while bridging the gap between traditional finance and Web3.
Graphite Network stands out because of its steadfast mission to address the plaguing issues of the current blockchain system. Here are some of the salient features of Graphite Network that make it attractive.
With Graphite Network, it is possible for entry-point nodes to earn income. This is radically different from other blockchain projects. When users start a transaction using transport nodes, their operators receive 50% of the transaction fees. This enhances incentives for participating without investing any heavy resources.
The reputation-centric approach makes Graphite Network different from all others. As a result, interactions are more trust-based.
This remarkable feature will allow address owners to create tagged addresses in the blockchain. This tagging option enables address owners to associate their addresses with specific entities or purposes. For example, an address owner can mark their charitable address as such, ensuring that funds sent to it are tagged as charity donations. This feature helps in transparency and prevents misuse, such as ensuring that funds meant for charity are not used for activities like gambling. Smart contracts can also block transactions from shady addresses for accountability, security and trust.
Graphite Network's new ticker system (@G) has been introduced for its wrapped tokens. For example, USD@G is a stablecoin affiliated with the Graphite network. This is done mainly to enhance clarity and asset integration in the Graphite Network ecosystem.
As mentioned before, Graphite Network is on a mission to address scalability issues in the blockchain domain and wants to make things faster. With an impressive throughput of 1400 TPS, it is now one of the fastest EVM-compatible L1 blockchains available. A clear and predictable fee structure makes everything easy to understand for traders. It also ensures that transaction fees don't fluctuate wildly.
Graphite Network has also added compatibility to the Ethereum Virtual Machine. This allows developers to easily transition their existing Solidity-based dApps to Graphite's network.
When compared to Graphite Network, Ethereum, which is widely used in dApps, struggles with scalability issues. This results in high gas fees and slow transaction times during periods of high-volume usage.
Cardano, which is known for its research-driven approach, does not fare any better against Graphite Network. While Cardano offers scalability and security, its TPS is substantially lower than Graphite Network.
There are two main types of nodes on the Graphite Network - entry-point (transport) nodes and authorized nodes.
The Graphite Foundation maintains and manages its own set of entry-point and authorized nodes to ensure the network remains operational, even if all other nodes are down or unable to process transactions for any reason.
The Graphite Network has many elements that make up its ecosystem.
Blockchain developers and integrators can have a field day when using Graphite Network for the reasons listed below.
Graphite Network can help users personalize their experience, such as allowing them to choose which accounts to engage with, based on KYC levels. Future plans include introducing a jurisdictional filtering option that can be used by businesses facing regional regulatory constraints.