In contrast to Visa’s peak of 47,000 transactions per second, Tencent’s average 600 million daily transactions (according to data as of December 2016) and Ant Financial’s 80 million per day (according to data as of January 2017), the maximum number of transactions the bitcoin network can process is quite “small” with theoretical maximum capacity sitting between 3.3 to 7 transactions per second. It is a consequence of the fact that blocks in the blockchain are limited to one megabyte in size.
When it comes to the bitcoin scalability problem, it always brings about heated discussions. Among these, Zhao Dong, a well-known Bitcoin whale in China, posted a weibo at Christmas.
Why we cannot rely on OnChain scaling? OnChain transaction is unfit for micropayment. Assuming you have to realize micropayment on the blockchain, take Alipay and WeChat for example, if you want the daily transactions up to 600 million, it is necessary to deal with 6,944 transactions (600 billion / 86400 sec) per second, which is obviously...
http://news.8btc.com/zhao-dong-4-2g-blocksize-is-the-reason-why-we-cannot-rely-on-onchain-scaling
Topic: [2017-12-27] Zhao Dong: 4.2G Blocksize Is The Reason Why We Cannot Rely On OnCha (Read 84 times)
December 27, 2017, 04:55:22 AM
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