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Blockchain technology was first introduced in 2008 by the anonymous creator of Bitcoin, Satoshi Nakamoto. The original goal was to create a decentralized digital currency that could operate without a central authority. The first blockchain-based digital currency, Bitcoin, gained popularity as a new form of currency, and its blockchain became a model for other cryptocurrencies.
However, as the usage of blockchain technology has expanded, its limitations have become more evident. One of the main issues is the scalability problem. Blockchains operate in blocks, and it takes time to calculate each block. Furthermore, each block can only fit a limited number of transactions. When the number of transactions exceeds the capacity of a block, miners have to choose which transactions to process first, and they often prioritize those with higher fees. As a result, other transactions may need to wait for a long time to be processed, leading to slow transaction times and high fees.
The problem of scalability is particularly pressing when it comes to the global economy. Most existing blockchains are unable to handle the high volume of transactions required for widespread adoption in the world's financial systems. This is where Bronos comes in, offering a multichain solution that allows for horizontal scaling and interoperability between different blockchains. With its ability to handle a large number of transactions and provide fast confirmation times, Bronos is well positioned to meet the demands of the global economy while maintaining the security and decentralization that blockchain technology promises.
IOTA is a feeless Layer 1 blockchain primarily designed for IOT (Internet of Things) applications. IOTA network uses Tangle which is a distributed ledger. Tangle uses DAG (Directed Acyclic Graph) structure representation for consensus, a system of nodes that is not sequential. Thus, each node can be connected to multiple other nodes in a Tangle. But they are connected only in a particular direction, meaning that a node cannot refer back to itself. A standard blockchain is also a DAG because it is a sequential linked list. But IOTA's Tangle is a parallel system in which transactions can be processed simultaneously instead of sequentially. As more systems are attached to it, the Tangle becomes more secure and efficient at processing transactions. Full node miners are not required in Tangle. Each new transaction is confirmed by referencing two previous transactions, reducing the amount of time and memory needed to verify a transaction.
Assembly uses IOTA Smart Contract as its underlying Protocol which uses a two layer model. Layer 1 is IOTA Tangle and Layer 2 is IOTA smart contract chain. Each chain has its own state where state update (going from one block to another block) is hashed and published to the tangle which moves the state anchor on Layer 1. Layer 2 does bulk of the work and Layer 1 is used for communication and protection.
- Zero-fee transactions: IOTA's feeless model is particularly attractive for microtransactions, making it ideal for IoT use cases.
- Low resource requirements: Due to its unique consensus mechanism, IOTA requires less computational power compared to other blockchains, making it more energy-efficient.
- EVM compatible: Assembly Chain supports Ethereum Virtual Machine (EVM) which allows developers to write smart contracts in Solidity and deploy them on the IOTA network.
- High throughput: IOTA can process up to 1000 transactions per second, which is a significant improvement over other blockchains.
- Centralization: IOTA is heavily centralized around one master "coordinator" run by the IOTA Foundation, which decides the priority of messages and serves as a single point of failure.
- Unproven technology: Tangle is a relatively new and untested technology, and IOTA has been hacked in the past, causing the network to shut down for two months.
- No incentives for validators: IOTA lacks a clear incentive mechanism for validators, which can discourage network participation and lead to centralization.
- Limited interoperability: Assembly Chain is not compatible with non-EVM blockchains, limiting its ability to communicate and interact with other blockchain networks.
- Limited customizability: Assembly Chain does not provide full flexibility to chain owners to customize the genesis block and other key parameters, which can limit its applicability in some use cases.