Top-5 Expected Blockchain Tech Advancements in 2018

Top-5 Expected Blockchain Tech Advancements in 2018

From the economic point of view, 2017 has been pretty beneficial for bitcoin. The most known cryptocurrency grew by around 1,400% last year as well as it experienced the all-time surge up to $20,000. However, bitcoin’s scalability issue has not been solved yet. Some experts consider bitcoin as a clumsy cryptocurrency due to its overloaded, blockchain, which leads to high transaction fees and extended transaction confirmation time. So here are top-5 most perspective innovations in 2018 that may carry the bitcoin blockchain technology forward.

1. Goodbye High Transaction Fees With SegWit

In May 2018 the Bitcoin Core 0.16 is expected to allow customers of the wallet to conduct SegWit transactions. Moreover, such giant bitcoin services as Coinbase are also looking forward to modernizing to this soft fork as well.

SegWit (Segregated Witness) has been one of the most prominent bitcoin’s protocols update until today. Firstly, it was activated back in August 2017 and was aimed at solving the scalability bug. It corrected some malleability issues and substituted Bitcoin’s block size limit with a block weight limit. This way, the number of transactions has grown in the space of the net. Hence transaction fees decreased. Nevertheless, bitcoin community remains quite skeptical about SegWit’s adoption, but it has a lot of perspectives in 2018.

2. The Lightning Network to Solve Bitcoin’s Problems

Sure enough, SegWit is expected to lower transaction fees and validation time, but indeed the long-term scalability problem could be solved by the adoption of the Lightning Network. Developers have been working on this solution for the past two years. There was some advancement in 2017, but LN is more likely to be launched within 2018.

Representatives of Lightning, a second-layer solution on top of the blockchain, have claimed that some wallets and exchanges are already planning the testing and adoption of the solution. Once they have achieved this goal, lots of bitcoin enthusiasts will enjoy almost free of charge transactions as well as immediate operations confirmations alongside with the high level of security.


3. TumbleBit and ZeroLink to Fight For Privacy

Though it may sound awkward, currently bitcoin isn’t as private as it could be. The open blockchain allows anybody to see the transactions added to it, so the leaks of secret information can occur. However, the issue could be fixed in 2018. By March the blockchain platform Stratis plans to launch the TumbleBit technology in its developing Breeze wallet.

TumbleBit is a protocol that exploits unique cryptographic stunts make sure that the tumbler doesn’t link different users with each other. Payment channels between users are created with the tumbler in a single paddling session.

The cheaper solution to bitcoin’s privacy problem is ZeroLink. Not like TumbleBit, it creates only one transaction between all users, and it uses the central server to link them with each other. This solution is anticipated to be implemented within a few months.

4. Bitcoin to Compete With Altcoins With More Sidechains

Participants can efficiently sort of move bitcoins to chains that function under entirely otherwise rules. These are sidechains – alternative chains with coins connected with particular bitcoins. They can provide users with more speedy verifications, a higher level of privacy, broader smart contracts opportunities or anything else that nowadays can offer altcoins.

There are some sidechains, which will soon be released. For example, Liquid chain is right now in beta, but the 1.0 launch is possible in 2018. Another side chain – RSK – could make bitcoin as flexible as ethereum. It is also in closed beta currently, but the public release may happen very soon.

5. Fewer Problems Thanks to Schnorr Signature

Another solution to bitcoin’s scalability problem could be the Schnorr signature algorithm. It allows various signatures to combine into one signature. This means that a single crypto signature can prove the ownership of numerous bitcoin addresses. Schnorr signatures are fast to confirm, they don’t suffer from ductility and are profoundly correct.

A specific bitcoin advancement offer for Schnorr signatures is also anticipated in 2018. However, it remains unclear whether such signatures will be utilized on bitcoin’s blockchain. The problem with it is that it will be necessary to update soft fork protocol. Furthermore, a lot will be at stake when it comes to testing and peer review.

Canada Reports Blockchain To Be Amongst Its Highest Paying Industries
A report recently published by the Canadian Digital Chamber of Commerce proves that the money involved in the blockchain industry of the nation is at...
KodakONE Blockchain Beta Test Generated $1 mln in Content Licensing Claims
More than $1 million — this how much in licensing claims KodakONE, a dev of DLT-based image rights platform, has generated. Certified by the American...
UNICEF Funds Six DLT Startups to Solve Global Issues
UNICEF is both crypto- and blockchain friendly. A few months ago the French leg of UNICEF said it was accepting donations in nine types of...
Facebook Has Opened 5 Blockchain-Related Vacancies
More than half a year ago social media titan Facebook set up a blockchain group to explore how to employ this technology to the maximum advantage of...
Seven Southern European Countries Agreed to Promote Blockchain
Seven countries of Southern Europe signed a declaration in which they commit themselves to promote blockchain. These countries are Cyprus, France...
Amazon Embraces Blockchain Despite The Dip on Crypto-Market
Even as crypto-market plunged from nearly $830 billion in January to $121.5 billion this week, the leading e-commerce company sees an opportunity in...
Microsoft Releases Dev Kit to Connect Users to Blockchain
The American technological titan Microsoft has finally introduced its development kit dubbed Azure. Azure functions without a server and is powered...
JPMorgan: Investors Should Keep an Eye on These DLT-Friendly Companies
If you are an investor, it might still be challenging for you to get exposed to DLT, unless, for sure, you are purchasing bitcoin. To ease the life...
Blockchain Engineers Make As Much As AI Specialists
Engineers working in the blockchain domain are as demanded as those who work on artificial intelligence. Such a conclusion can be made from the...
Blockchain Market Could Be $7 bln and Boost Amazon, Microsoft, BofA Says
Novel estimates from one of the most influential investment banks in the world — Bank of America — showcase unalterable ledger spread will be of use...