The next step in the Dropil evolution is already underway! We are pleased to formally announce that Dropil Chain, a Dropil built blockchain that will support a native Drop token, is currently in development. Building and migrating our token is no simple task but it is one we feel best serves the long term interest of all current and future users to deliver the best possible experience in all points of contact and utilization. With the introduction of Dropil Chain there will, of course, be many changes and we will keep the community up to date with all these factors well in advance of any action needing to be taken.
For the past six months, we here at Dropil have been putting significant time into researching and building our own blockchain and moving Drop tokens from an Ethereum based ERC20 token to our own native cryptocurrency coin. Given the extent that our ecosystem, products, and services have grown, we do not want to limit the power of our cryptocurrency to a non-scalable network such as Ethereum with its inherent restrictions. Ethereum’s network can be costly for Dropil’s transactions and thus adds a layer of friction for users to adopt the DROP cryptocurrency worldwide. We want our blockchain/coin to be limitless and infinitely scalable so that DROPs can become a new and developed currency used worldwide, powering not only our ecosystem of services but also serve as a widely used worldwide cryptocurrency.
Here are some of the benefits Dropil Chain will include:
- Infinitely scalable using sharding data technologies
- Fee Free Transactions (No fee for sending DROPS to users)
- 3.1ms average latency for almost instant transactions
- Allow anyone to issue their own Coin/Asset on our blockchain
- A fully distributed public ledger of all transactions and accounts
- 51% attack resistance proof & quantum-proof security
- Username purchasable registered addresses (Register a username on an address such as (drop123gn6j23lmexu0qx5qhmgxgunmjcqsx8g5ueq2)
- Complete API solution to integrate Dropil Chain into any project/solution/app/etc.
- Allow businesses to create immutable databases for B2B blockchain transactions
- Many more future developments planned
As blockchain adoption becomes more mainstream the issues of scalability that have already arisen will continue to be an issue. While there are many smart groups working to solve these issues one agreed method to solve this scalability is to shard the blockchain database across multiple nodes using a consensus engine. Bitcoin, Ethereum and many other cryptocurrencies are experiencing some struggle to scale in certain cases as global use expands every day. A recent example was when EOS was able to achieve a maximum of 4000 transactions per second but not without a notable cost. The cost of having a full history EOS node is currently around $30k USD and the cost will only continue to rise. A truly scalable blockchain, unfortunately, takes a lot of resources to maintain, run, and continue development on. Dropil has decided to tackle this issue and build our own scalable public blockchain for users and businesses to use in an effort to continue pushing innovation.
We have an aggressive goal to have the first version of our testnet for Dropil Chain up and running by the end of Q1 2020. We will continue to release updates of the development and technologies we will be using to achieve our goal of developing a fee free and infinitely scalable blockchain solution. We hope you are as excited as we are about the next big step for making Dropil the best possible platform for the community.
Our website for Dropil Chain will be https://dropilchain.com/ the website is currently under development and will have more information coming soon.