Whitepaper in a Nutshell: Tech
In this series we will be breaking down our whitepaper into bite-sized pieces.
In recent days we have seen some crazy high speeds and an extremely clogged network on Ethereum. LGCY Network is designed to fix all of these problems by forking TRON’s innovative tech and implementing a better government system to give power to the people. In this article we will highlight some of the areas where LGCY Network will outperform Ethereum.
The biggest difference between Ethereum and LGCY Network is our approach to the scalability trilemma. The scalability trilemma is essentially, how to balance scalability, security, and decentralization. It means that, out of the three, you can only choose two options while sacrificing a third. TRON’s main selling point is their far superior capacity and ability to scale when compared to Ethereum.
This is demonstrated in TRON’s ability to handle 10,000 Transactions Per Second (TPS) compared to Ethereum’s 15–20. They are far more user-friendly for the public who has grow accustomed to using applications with fast speed.
The essential argument from most Ethereum supporters is that TRON has chosen scalability and security at the expense of decentralization, while Ethereum has chosen security and decentralization at the expense of scalability.
We agree with this assessment, which is why we have chosen to use TRON’s code as a base to build on. However, by building into our roadmap a plan to release control to the community, and by separating the governance power into three balanced branches, we believe that we have solved crypto’s scalability trilemma. LGCY Network will provide scalability, security, and decentralization!
As previously mentioned, speed is a major concern with Ethereum. Only able to handle 15–20 TPS, Ethereum is practically useless in a growing space. LGCY Network will already be able to handle 10,000 TPS at the beginning, with plans to increase speed as the network demands.
If a project is truly going to be a decentralized internet, it will have to accommodate billions of users and as many Transactions Per Day as possible.
One major concern with both Ethereum and TRON is the lack of decentralization in the networks’ government.
Since Ethereum is PoW (Proof of Work) like Bitcoin, it operates on a mining system (ETH 2.0 is planned to be PoS rather than PoW). PoW has a number of issues itself, but one major issue with Ethereum is the number of pre-mined tokens in the ecosystem. As such, Ethereum’s leadership controls the network in an unnaturally unbalanced way.
TRON, claiming to have fixed the lack of decentralization with Ethereum has, in fact, only perpetuated the problem. TRON uses a representative system (called SRs) for its government model where stakers are able to vote for which node is in power. Unfortunately the 27 SRs are largely centralized to the TRON Foundation.
LGCY Network is fixing these decentralization problems by splitting up the 27 SRs into 3 groups of Governing Branches (GBs). These will be known at the Executive, Judicial, and Legislative Branches.
The Legislative will be responsible for proposing changes to the network, the Executive will be able to veto passed proposals by the Legislative, and the Judicial will rule on vetoed proposals.
By splitting up the GBs, power will be more evenly distributed among the government, and it will be much more difficult for one entity to gain control.
The biggest factor for LGCY Network will be the community of active developers. Because of Ethereum’s high cost per transaction and scalability problem, developers have been actively leaving for other blockchains.
TRON has not placed a big emphasis on developing user friendly tools for their chain. In fact, most developers continue to use Ethereum’s development tools even on other chains.
As such, LGCY Network will be dedicated not only to onboarding and supporting dApps that would be interested in coming to our chain, but also developing new user-friendly tools.
In addition to this, by use of our Developer Fund, LGCY Network is doing everything we can to make this the best blockchain for developers and users alike.