Moshnake, Solana and Harmony: Crypto projects that address the failings of their Blockchain predecessors

by Arthur · October 12, 2022

Blockchain technology and the cryptocurrency market have shown enormous potential to streamline traditional validation procedures. However, they still face several adoption challenges, including security, low scalability, low interoperability, and high energy consumption.

This article focuses on Moshnake (MSH), Solana (SOL), and Harmony (ONE) and how they address the limitations of their blockchain predecessors.

Table of Contents

Dealing with scalability limits with Solana

Blockchain technology has evolved since bitcoin (BTC) to become more scalable in response to the growing use cases.

The Ethereum blockchain became a step ahead of the BTC network due to its smart contract capabilities. The network was designed to support decentralized apps while handling a significant volume of crypto transactions.

However, both the Bitcoin and Ethereum blockchains experience scalability issues. Nevertheless, the Ethereum blockchain currently enjoys greater popularity among blockchain developers, with over 70% of blockchain projects being Ethereum-based.

The increasing number of projects on the network caused significant scalability challenges, including high gas fees and low transaction speed. The recent launch of Ethereum 2.0 (Merge) is expected to improve scalability by increasing tps (transaction per second). The new upgrade is expected to boost the Ethereum network from 30 tps to over 100,000 tps.

But the high gas fees and slow transaction speeds forced projects and developers to move to more efficient networks like Solana (SOL).

The Solana (SOL) network has become a formidable rival to the Ethereum (ETH) blockchain, surpassing the older cryptographic ledger in some metrics, including the number of transactions executed.

Solana (SOL) is a smart contact-enabled, proof-of-stake (PoS) network that boasts the highest throughput in the blockchain industry with an estimated optimal tps rate of 65,000. It also has lower transaction fees compared to the ETH network.

Developers are even more excited about the Solana network (SOL) because of its support for the Ethereum Virtual Machine (EVM). The ecosystem’s developers used Neon EVM to create a compatibility layer for Ethereum projects on the Solana (SOL) blockchain. This means it supports apps built for ETH, further promoting scalability.

Harmony: Improving interoperability with cross-chain architecture

With the hype surrounding blockchain technology in recent years, expectations have also skyrocketed.

To meet these expectations, blockchain platforms are aiming for a future where they complement each other. If one crypto platform provides better transaction completion, while another provides better privacy, crypto users should be able to take advantage of the best of both worlds.

This introduces the concept of cross-chain interoperability. Cross-chain interoperability refers to a blockchain platform’s ability to share data with other chains. The Harmony (ONE) protocol is one of the potential winners in this situation.

Harmony (ONE) is a decentralized Ethereum-based platform that provides tools and features to develop, host, manage and use DApps with optimal scalability and interoperability. The project provides solutions to solve blockchain’s current limitations, especially in the Ethereum network.

Each blockchain platform contains multiple nodes that manage various tasks, including validating network transactions, maintaining a ledger, consensus management, and much more.

According to Harmony (ONE), allowing these nodes to work in different networks is critical to interoperability. Since it already has validators, Harmony (ONE) solves the interoperability problem by integrating light clients (also known as nodes) from other blockchain platforms into their network.

Moshnake — Eliminating Energy Consumption and Environmental Blockchain Challenges

The Bitcoin (BTC) network is among the most popular blockchain systems. However, it is a proof-of-work network that consumes a lot of energy and relies on cryptomining to validate blocks and transactions. The idea is a little outdated, given how much power it uses.

An estimated 100 terawatt-hours of electricity is consumed annually for BTC mining. This is greater than the energy use in several countries. In addition, its huge carbon footprint is estimated to be approximately 97 tons of CO₂ produced annually.

For regulatory authorities, this has grown to be a serious source of concern. As a result, countries like China have banned crypto mining. This is due to the unnecessary and serious environmental damage that mining activities cause.

These scenarios have prompted some crypto platforms, including new cryptocurrency Moshnake (MSH), to move to more energy-efficient proof-of-stake systems.

Moshnake (MSH) is a BSC-based gaming ecosystem based on games to make money modeled from the legendary snake game and utilizing the proof-of-stake consensus mechanism. Proof-of-stake is a consensus approach that reduces the computational resources needed to run a blockchain project.

This concept is based on the existence of a verifiable stake in the ecosystem rather than performing work as in proof-of-work consensus.

Moshnake (MSH) is not only energy efficient and environmentally friendly, but also allows users to earn tradable NFTs and other exciting in-game rewards. You can also learn about the ecosystem and join the ongoing presale with the link below.

Final thoughts

Although blockchain technology seems to have several challenges, there are many counter-blockchain platforms.

Furthermore, with many companies and organizations eager to develop and adopt the technology and invest a lot of money, it is only a matter of time before we see a more significant transformation of these failures.

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