Gala has taken significant strides by announcing its new decentralized network, GalaChain, which aims to enhance token value amidst the competitive altcoin landscape. The development comes as various cryptocurrencies are establishing their networks to facilitate reduced transaction fees and strengthen community engagement. GalaChain’s launch signifies a pivotal move for the platform.
What is GalaChain’s Purpose?
GalaChain, in partnership with LF Decentralized Trust, has introduced a whitepaper detailing its decentralization plans. The network focuses on improving security, scalability, and flexibility, setting forth a structured roadmap that unfolds in four distinct phases.
How Will GalaChain Improve Security?
GalaChain will shift from the Raft consensus mechanism to the more robust Byzantine Fault Tolerance (BFT) algorithm, enhancing security and reducing fault tolerance. This transition is vital for fostering a truly decentralized network.
Key takeaways from GalaChain’s development include:
– A commitment to decentralization through collaboration with LF Decentralized Trust.
– The utilization of over 40,000 Gala Founder Nodes to diversify the network.
– Introduction of Improvement Proposals (GIPs) akin to Ethereum’s EIPs to expand capabilities.
– The establishment of a global server distribution to enhance network security.
The trajectory of GalaChain’s success remains to be seen. If the network can achieve its goals of full decentralization and maintain steady development, it may significantly bolster the GALA Coin value.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/galachain-launches-new-decentralized-network