A crypto-donation program was run by the Ukrainian government in February 2022 campaignTo support the victims of Russian Invasion. When the nation tried to reward those who had contributed to the fundraiser by sending crypto wallet holders complimentary NFTs, a slew of scammers took advantage of the government’s generosity, causing the operation to cease.
Rug pull scams like this, where cyber criminals drain money from unsuspecting investors, aren’t uncommon in the crypto space, unfortunately. Hackers discovered an insecure Ronin blockchain that was being used by Axie Infinity, a popular platform for play-to earn, shortly after the Ukraine rug pulling. The security breach led to the fraudsters. stealing $165 million from Axie’s parent company, Sky Mavis.
Not only are there rug pulling scams but also the possibility of cryptocurrency exchanges becoming compromised by poor security measures or fraud. Mt. Hackers attacked Gox for years, causing the collapse of Gox’s exchange. By the time the breach was detected, a loss of between $300 million and $480 million of users’ funds had occurred. The theft of $1.5 Billion worth of cryptocurrency from the exchanges has resulted in an estimated loss of approximately $300 million to $480 million.
Blockchain’s utility isn’t limited to just cryptocurrency, though. The shared and immutable ledger’s ability to provide transparency and security allows it to be applied to numerous other sectors, including real estate, supply chains and gambling.
While the technology has been a huge success, problems such as inability to hold rug pullers accountable have prevented the technology from becoming mainstream. Additionally, large demand on blockchains that slow their transaction speed requires improvements to the technology’s ability to scale, a problem that many blockchains have so far struggled to achieve.
Zetrix, a brand newcomer to blockchain, found a solution for issues related to security and transparency in the blockchain. The network can allow smart contracts to be created and protect privacy. Additionally, it can connect with multiple industries so that the process is more transparent. Zetrix’s network also has incredible scaling ability, being able to withstand 10,000 transactions per second.
Zetrix also uses DPoS to protect the blockchain and ensure that transactions are recorded within it. DPoS can be used to implement tech-based democracy. Voting and electionsProtect against centralization Zetrix DPoS is implemented by smart contracts using a Dynamic upgrading mechanism that adjusts to the difficulty level of validating node access as Zetrix’s network expands, which means no matter how vast the network grows, the privacy and security of its users will remain intact. To add, there is the consensus mechanismValidates transactions before adding them to the blockchain.
In a groundbreaking new report by the Institute of Industrial Internet & IoT, China Academy of Information and Communications Technology (CAICT), the blockchain confirmed that it can complete transactions using a significantly low amount of energy compared to other blockchains. Specifically, it only requires 21 super nodes and 100 common nodes to complete a transaction, compared to Bitcoin, which uses 2.2 million super nodes, and Ethereum’s Proof of Work (PoW) blockchain which uses 2.3 million super nodes.
Zetrix’s mission is to connect countries and their governments, businesses, and people to a global blockchain-based economy. Zetrix aims to facilitate cross-chain and native blockchain solutions by providing rapid deployment solutions that have meaningful benefits for users, countries and businesses.
The next-generation layer-1 infrastructure for public blockchain uses Ubiquitous Trust networks to create a new ecosystem that allows value transfer across and between blockchains. This is similar to how information flows freely over the internet. It can also harness digital assets to enable rapid development and deployment of decentralised applications on the network.
Although blockchain technology has seen rapid adoption by many industries in the last decade, mainstream adoption remains difficult due to the numerous issues such as security, transparency and scaling. Zetrix and other newcomers are showing that this technology can finally be used, which is an important step towards a more mainstream adoption.