Ethereum is still struggling to bear the weight of growing crypto adoption; Is Gather Network blockchain’s most undervalued Layer 1 solution?
2021 has been a year of explosive growth for blockchain technology and cryptocurrencies. The emergence of NFTs and DeFi has added generous helpings of rocket fuel to the fire of a rapidly growing industry, with the total cryptocurrency market cap reaching an all-time high of $3 trillion in November.
But the industry’s second-biggest blockchain, Ethereum, is yet to follow through with scalability promises and continued spikes in transaction fees and increased transaction finality on it’s network have seen both user and developer attention trickling this year into Layer 2 improvements. What’s more, players such as Solana entered the Layer 1 ring in a big way in 2021, looking to knock Ethereum off it’s throne as the next best blockchain.
But there is another blockchain that may well have gone under the radar when it comes to low fees, rapid transaction finality and locktight security guarantees. Gather Network raised $960k in a 25x oversubscribed private sale back in September 2020 and the team behind the project have been building non-stop ever since; today Gather boasts a fully functioning proof-of-work blockchain that is poised to welcome a world of blockchain developers and dApp builders into its ecosystem.
The Swiss Army Knife of Blockchains
As a multi-layered platform, Gather looks to disrupt industries such as Cloud Computing and Digital Advertising, enabling publishers to monetize without intrusive digital ads and simultaneously giving both businesses and developers access to reliable and affordable processing power. But the Gather blockchain, which forms an integral part of the Gather ecosystem, is also more than capable of supporting the flurry of developers looking for an affordable solution when looking to tokenize a business model or create the next big dApp.
With smart contract support, EVM and RPC compatibility, the Gather blockchain welcomes those with Ethereum development experience, opening the gates for fresh innovation away from stifling project deployment fees. The Gather team recently announced plans to launch a DEX (decentralized exchange) as the first of many dApps on the platform and other future developments include deploying a layer 2 side chain that is powered by Gather Masternodes alongside the main Gather chain.
No More Gas Guzzling
Ethereum has long been a popular blockchain for the world’s new age developers to build on, but it continues to struggle with capacity limitations. As user numbers balloon, so do the numbers associated with delayed transaction times and sky-high fees; a recent effort to buy a rare copy of the US Constitution at Sotheby’s auction house saw a failed transaction cost the collective buyers more than $1.5 million in Gas fees, highlighting the painful result of using a blockchain that’s often running at near full capacity.
The Gather blockchain looks to climb the ranks as a viable alternative in 2022 and beyond, offering fast, cost-effective and sustainable transaction and deployment experiences for both developers and users. Secured via proof-of-work algorithm GTHash, working on the Gather blockchain also means lower power consumption and a lighter carbon footprint; both are important to Gather CEO Raghav “Reggie” Jerath, who discussed green Bitcoin mining and the importance of minimizing overall energy consumption related to blockchain technology in a recent interview with e-cryptonews.com.
Photo by Paul Felberbauer on Unsplash