The Exciting Possibilities Of Blockchain Tech

by Marvin Dumont

America leads the world in number of blockchain developers at nearly 27,800 as of Sept. 2018, followed by India at 12,500 according to software firm Dappros. Moreover, blockchain programming is now the second most in-demand skill after robotics and automation, according to Glassdoor.

Are there other measures of the growing industry? Yes.

U.S. blockchain job openings have grown 300% since last year.

Use Cases of Blockchain

There are exciting use cases of distributed ledger technology (DLT). One of them is the ability of users to create and grow avatars and virtual personas, which can be bought and sold on the internet. Welcome to Web 3.0 economy.

Developers of decentralized applications (dApps) saw this first hand over the past year with CryptoKitties, an Ethereum-based game considered the most successful dApp of all time. The dApp lets users spend ETH tokens to raise and breed unique kittens who “live” on Ethereum network. Users can also buy and sell the virtual furballs.

However, the viral game revealed scalability challenges in peer-to-peer, open source networks. CryptoKitties at times clogged the Ethereum network — taking up to 25% of traffic during peak times. Similar to what’s needed in traditional industries, scalability and speed are important when it comes to blockchain applications.

Apollo Foundation is focusing on financial uses cases for blockchain. We’re building an unregulatable and untraceable cryptocurrency, Apollo (APL), that can perform any blockchain-related task on a single platform. What’s exciting about Hermes Blockchain is that it will feature lightning fast speed and extremely robust privacy.

Hermes will reduce 10- to 30-second transactions to a mere 2–3 seconds by leveraging the latest innovations in DLT. Settlements that fast can enable mass adoption of Apollo, since merchants and consumers can pay and get paid near-instantly.

Being one of the fastest cryptos in the market will enable users to conduct microtransactions (such as retail transactions). Speed is key to opening the possibilities of decentralized banking and payment services.

Then there’s the benefit of privacy.

Hermes Blockchain will incorporate Encrypted Messaging which will allow Apollo users to communicate in complete privacy. Users will be able to send and receive untraceable messages as well as data files from one account to another. Combined with Olympus Protocol, the user’s internet protocol (IP) address and the transaction carrying the message will be invisible to outside parties.

Blockchain’s limits are bound only by imagination.