While the block chain ecosystem has evolved a lot in the past few years, however, widespread adoption of existing public block chain systems is facing multiple challenges.
Ethereum, the widely used general-purpose block chain can process less than 20 transactions per second on the core chain (Visa network processes around 45,000 transactions per second. This limitation, coupled with the popularity of the network, leads to higher cost, and long confirmation times. Low throughput, high prices, and high latency all make Ethereum unsuitable to run scalable services.
An Indian startup FESS - 'Future of Electronic Settlement System' is trying to provide the solution to the scalability issue, but the FESS tokens also offer true versatility when it comes to utility. FESS is the first project in the crypto space introducing Proof-of-Proof mechanism based on the familiar Proof of Work (PoW) consensus, combining with artificial intelligence and basic features of sharding.
The data in the fess' blockchain process data in fragments that too in the sidechain. While other companies charge several dollars, fesschain cost comes around $0.10 for every GB of data processed. Apart from multiple security layering, fesschain uses a privacy tool to prevent access of FESS users by any hacker or ransomware.
In a recent interview, Durga Prasad Tripathi, Global CEO, Fesschain shared details about Fesschain
What should we know about Durga Prasad Tripathi?
I belong to a very small town of state Uttar Pradesh in India. While family conditions were difficult, my grandfather wanted me to do something noteworthy in life. After completing my schooling from Lucknow, I moved to Delhi to pursue Law. Since childhood, I had a keen interest in exploring and experimenting. During my college days, I started trading in the share markets and achieved great success with my market Analysis start-up.
What is Fesschain? How did it happen?
Speed, scalability, and safety are key fundamental issues currently faced by the block chain, especially, when combined together. With Fesschain, we are building a sustainable ecosystem capable of keeping the shortcomings in check. Apart from our multiple offerings, we are giving facility to the developer to build their products on Fess ecosystem.
While most of the popular block chains technologies are struggling with the sluggish nature of the transaction speed on a scale, thanks to the Neutrino Framework, Fesschain transaction speed increases instead of getting slowed down.
I first came into touch with Crypto currencies in 2017, when it was getting popularity in India due to soaring prices. While I initially entered this space with the aim of trading, I also got interested in technology, and its mechanism which led me to the conclusion that Block chain is going to be the future.
What kind of services/applications can be empowered by Fesschain?
Fesschain is developing a DApps platform, where individuals and enterprises with an idea can build a product quickly with the use of FESS fast and safe platform. Services such as education, health, supply chain, social and publishing, are being developed with the help of FESS.
What is the commercial implication of Fesschain?
Fesschain is designed to provide featured safety to record off-chain data, and supply chain mechanics to benefit both the organized and unorganized sectors. Additionally, Participants on our block chain would be able to execute multiple smart contacts simultaneously, thus making it extremely feasible for business operations.
How can the Crypto community reap benefits from Fesschain?
Fesschain capabilities are not limited to fund transactions, we aim to align all those real use case possibilities within a single frame and become beneficial for everyone, whether an individual or a commercial entity. Apart from transacting in a safe environment, from small dispute redressal system to running giant data fraud management Fesschain has answers of everything.
With Fesschain people can literally accomplish their day-to-day tasks performed online without leaving our platform. What can we expect from Fesschain in future? Through Fesschain, we are committed to spread the benefits of block chain into the mainstream world. Additionally, we want to use, 'Barter System', one of the building blocks of Fesschain to enable people to take advantage of a versatile native token across multiple services available on Fesschain platform.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)