The depletion of network resources can paralyze the entire blockchain. As more and more people start to rely on blockchain technology and use it in their daily lives, a setback or bottleneck in the system can cause a ripple effect and ultimately shut down the entire blockchain.
This is what happened to a high-performance public network BETA system this year in September. The system was halted for an atrocious 17 hours and locked in $ 11 billion in investor money due to high transaction demand, causing nodes to be in an out of memory (OOM) situation. Attempts to salvage the system included forking, but it has a downside. The new forks failed to accumulate enough verification consensus, invalidating the entire transaction and consequently stalling the transaction. Consequently, the symbolic price of this network fell by 15% after this incident.
Unfortunately, this is not always the fault of the users. The bots can even unleash a coordinated attack on the platform to overload the validators, also known as a distributed denial of service (DDoS) attack. This type of attack forces the blockchain server to use more processing power and ends up losing connectivity with all exchanges, crypto wallets and all connected applications. The attackers can then gain access to the exchange. Therefore, being able to keep the entire network up and running during these attacks can protect the chain, but also its users.
A blockchain system that can handle a large number of simultaneous transactions and adapt / scale to increased load is the solution to resource depletion. Kinglory Blockchain can handle 100,000 transactions per second (TPS) and is a scalable and decentralized network.
The technical advantages of Kinglory Blockchain, such as Kate’s commitments, can handle a greater number of transaction requests, stand up to hackers, and consume fewer resources. Kinglory also uses a fault tolerant structure. Therefore, in the event of a massive resource consumption attack, the Kinglory network will be able to digest it through supernodes with high resource allocation to maintain the stability of the entire network and protect the chain of transactions.
Kinglory’s mission to build a trusted IT infrastructure and ecosystem to perform smart contract execution at scale and enable decentralized applications while consuming minimal resources may seem ambitious, but it is possible. Maintaining a secure platform, capable of managing a large number of transactions and meeting the needs of dynamic IT environments.
Kinglory is a new generation of blockchain, which allows global exchange, authenticity proof, storage of different information media (transactions, photos, videos and files). Along with these uses, Kinglory also provides strong encryption to protect user information and assets from hackers and other unauthorized organizations.
Many cryptocurrencies such as Bitcoin and Ethereum consume considerable energy for mining, creating environmental problems and concerns. Kinglory has implemented a highly decentralized, low-cost and low-power mining-specific consensus POS consensus protocol (as shown below).
Kinglory’s low-cost, low-power system, as well as its unique virtual machine (as shown below), support the development of smart contracts in multiple programming languages such as Java, C ++, Rust, etc., which makes the implementation of smart contracts quite feasible.
Created in 2017, the Kinglory team consists of 200 internationally renowned researchers, mathematicians, cryptographers and economists with professional skills, as well as renowned business leaders from global technology companies. Kinglory’s public channel R&D team consists of blockchain experts from Canada, the US, the UK, Russia, Israel, and more. They came together for a common vision.
Internal testing began in 2020 and the testnet will officially launch in November 2021. Then, in December 2021, Kinglory will be listed on major cryptocurrency exchanges. Little by little, Kinglory realizes his mission and builds an integrated blockchain platform.
Kinglory is a large-scale, commercial, high-performance green blockchain platform that uses modern cryptography, communications, distributed computing, and distributed storage technologies to support decentralized business applications in finance, social media, e-commerce, search, and storage. Kinglory is a Canadian high-tech company located in Markham, Ontario. Kinglory’s public channel R&D team includes blockchain experts from Canada, the United States, the United Kingdom, Russia, Israel, and other countries. Learn more at Kinglory.org.