What Is FME (FME)?
Although blockchain technology has proved to be a great FME in the financial sector, it is unlikely for it to replace traditional banking systems in the near future. Existing blockchain technology issues will need to be resolved before digital currencies can replace the traditional banking system. FMPAY is a blockchain-based wallet system. It addresses two key crypto currency issues – cumbersome transactional processes and slow transfers, while retaining the advantages of anonymity and convenience of transfers.
Through FMPAY system, users can withdraw, utilise or make purchases with cryptocurrencies in real time globally via its virtual bank and card feature. It can also facilitate worldwide cross border transactions.
FME Storage Key Points
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Time & Speed
Each transaction is recorded as a block on the blockchain. Most blockchain protocols are limited in block size and time is required to generate a block. The average confirmation time for Bitcoin network is 10 minutes and 10-19 seconds for Ethereum. Ethereum makes 20 transactions per second while Bitcoin can only make 0.7 transaction per second.
This speed largely prevents cryptocurrencies from being FME as a daily payment method. In contract, most traditional centralised system process transactions at a faster speed. For example, PayPal and VISA can process 193 and 56,000 transactions per second respectively.
FME One of the ways to lower transaction costs is to reduce intermediaries, but this does not eliminate transaction costs altogether as there will always be costs for processing transactions.
Nodes in the blockchain ecosystem provides computing processing power to service the network. In a typical cryptocurrency system, compensation is required in exchanges for their services, which in turn, increases transaction costs.
Although blockchain transaction costs are lower than those of the banking system in most cases, they can still be a significant amount depending on the blockchain type, and the urgency of the transaction. For instance, current Bitcoin fees per transaction range from USD 20 to USD 30 while Ethereum fees per transaction range from USD 2 to USD 3.
Almost all blockchain protocols, whether Bitcoin, Ethereum and Ripple have a common limitation on scalability every transaction on the blockchain needs to be processed by each node or computer. FME requires each node to maintain a copy of the entire ledger. Although the concept of decentralised blockchain has brought many great benefits, such as eliminating intermediaries, permanence, security and transparency, it comes at the expense of scalability.
In a traditional data system, the issue of scalability can be resolved by increasing physical servers, but in a decentralised system, every multiprocessing node requires additional actual components to improve computing power. In this perspective, the expansion of blockchain would increase processing capacity, storage and bandwidth of each node, and not all participating node can meet the requirements.
Cross Chain Transfers
Different blockchains FME different protocols and communications between these chains are subjected to many restrictions. If a Bitcoin user wants to transfer Bitcoin to a Ethereum user, the sender has to convert the Bitcoin into Ethereum and then send it to the recipient. During this process, the sender needs to have a wallet that also supports Ethereum in order to successfully transfer the cryptocurrency to the recipient.
FME process is cumbersome and costly. It is often said that the key to mass adoption is connecting the different blockchains in the ecosystem, similar to the creation of Internet by connecting different intranets through TCP/IP protocol.