HONG KONG, December 8, 2020 / PRNewswire / – Bering Waters Tech announced the launch of the SOLAR Bridge to actively push the boundaries of blockchain scalability by building a groundbreaking bridge between Solana’s blockchain and Arweave’s data storage solution, which is an imminent problem for all blockchains as they scale solves to meet the needs of financial networks.
Bering Waters Tech
Since the use of the Solana high-performance blockchain generates an enormous amount of data that is beyond the capacity of current storage technology, the development of the Arweave solution could not be more timely. “If you look at the Solana story, we originally started with our own storage solution for a high-performance blockchain. When you have a chain like Solana that processes a lot of data, it has to go somewhere, and it has to be. ” decentralized. We have seen amazing projects like Arweave that solve this problem in much better ways than we could have done. Arweave is hyper-optimized, censorship resistant, and has some amazing features that make it feel like a decentralized big table from Google. “Elaborated co-founder and CEO of Solana, Anatoly Yakovenko.
Bering Waters Ventures had invested in both companies and was keen to see them succeed in their collaboration. This led to the creation of Bering Waters Tech – a new company focused on solving technical problems for high growth blockchain companies.
The reason for Solana’s rapid growth is obvious: there is a race between blockchains for scalability and large transaction capacity. Solana currently has an average of 80 million transactions per day and can handle as many with average transaction fees in excess of 50 times that $ 0.00001 and settlements every second, making it the fastest blockchain on the market today.
The reason for choosing Arweave to solve the storage problem is also easy to see: The Arweave protocol offers permanent storage as a service and is based on blockchain technology to efficiently store large amounts of data as immutable as the blockchain itself, thus providing crypto-economic incentives create for miners to replicate as much data as possible. Your storage costs are covered in an innovative way with an upfront fee, the accrued interest of which covers the storage costs over time. This puts Arweave ahead of large global companies when it comes to permanent data storage, as these services are not available anywhere else.
Arweave’s technology has influenced many areas of technology and the long-term benefits will continue to evolve over the next few years. “The problem any network will face one day is the unlimited storage of the enormous number of transactions that highly scalable blockchain solutions inevitably generate,” said the founder of Arweave. Sam Williams. “Arweave is a perfect solution to this problem. We are seeing Arweave quickly become the industry standard for scalable chain storage, and we are thrilled that Solana is a leader.”
Bering Waters Tech built the SOLAR bridge, which safely connects the two technologies and turns a cooperation partnership into a practical solution for practice.
“Such a sudden leap forward always poses new challenges to existing technology. Even if fiber optic Internet existed in 1998, there weren’t any computers that could handle this speed. Whenever we have a disruption in a sector, it leads to of a disruption in related sectors to develop solutions to benefit from the advances of other market participants, “he said Ewelina Leszczak, CEO and Founder of Bering Waters Tech. “Arweave and Solana are two technologies that are disruptive at the same time, and we saw an opportunity to make them interoperable.”
A main focus of the SOLAR bridge design was the built-in load capacity in order to meet the strict requirements of the financial sector. It was important to anticipate the needs of future users, including compliance. The challenge was to handle Solana’s high transaction throughput while maintaining cost efficiency in terms of data size and the number of blocks and transactions on Arweave.
Bering Waters Tech has validated its solution against a number of benchmarks, including historical and synthetic datasets, to stress test the technology in both normal and extreme scenarios while maintaining cost and efficiency thresholds.
Disclaimer of liability
Bering Waters Tech and Bering Waters Ventures are separate entities within the Bering Waters Group. The Bering Waters Group has established, administered and enforced policies and procedures that are appropriately designed to identify and effectively manage conflicts of interest related to its activities. Bering Waters Ventures will adhere to a “No Trade Policy” for the assets listed in this press release for a period of 3 days (“No Trade Period”) after its publication. At the time of publication, Bering Waters Ventures holds the tokens Arweave (AR) and Solana (SOL).
About Bering Waters Tech
Bering Waters Tech develops simple and scalable solutions to make blockchain technology practical and accessible in areas such as finance, technology and manufacturing. Bering Waters Tech employs the best talent in distributed ledger technology and delivers cutting edge technology to provide unified solutions to accelerate mass adoption. The team uses its know-how in the areas of tokenization, digital identity, data sovereignty, data protection, decentralized finance, AI, logistics, security and distributed networks to meet the requirements of global organizations such as the UN, US big-tech companies and financial institutions and to meet chain foundations. Bering Waters Tech is part of the trio of companies that make up the Bering Waters Group.
About Solana
Solana is a fast, secure, and censorship-resistant blockchain that provides the open infrastructure required for global adoption. Founded in late 2017 by former Qualcomm, Intel, and Dropbox engineers, Solana is a single-chain proof-of-stake protocol that focuses on providing scalability without sacrificing decentralization or security. Solana can currently handle up to 50,000 TPS with only low transaction costs $ 0.00001.
The core of the Solana scaling solution is a decentralized clock called Proof-of-History (PoH), which was developed to solve the time problem in distributed networks where there is no single trusted time source. By using verifiable delay functions, PoH enables each node to generate timestamps locally using SHA256 calculations. This eliminates the need to transmit timestamps over the network, thereby improving the overall efficiency of the network.
About Arweave
The arweave protocol enables a decentralized, permanent web on which data is permanently and reliably stored. From data storage to app hosting, Arweave is rebuilding the social and technological infrastructure of the web, including the corporate structures behind the production of apps themselves.
This is made possible by Arweave’s economic model, which is based on a foundation that rewards those who store network data. Therefore, those who host their web apps on the Arweave network never have to worry about technical maintenance or ongoing hosting costs. Once your code is provided, it will last forever. This allows developers to create applications that no person or company owns and controls – only their immutable code.
Media contact:
Lisa Loud
Marketing Manager
Bering Waters Group
[email protected]
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SOURCE Bering Waters Tech
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