Scalability is a project's ability to take into account the upsurge in consumers, transactions within its network, as well as expansion to better cater a larger array of audiences, regardless of common barriers like distance.
It is also not unbeknownst to us that cryptocurrency gets flak on how it pollutes our environment. Most environmentalists note of the cryptocurrency industry's operations that as of now is still largely dependent on non-renewable resources as "environmentally-detrimental". So the solution of some cryptocurrency projects in the market is to switch to a different consensus mechanism, from the usual proof-of-work that is not only time-consuming, but is also detrimental to the environment in a sense that the longer a transaction takes to process, the more energy it requires to operate, to the new and improved proof-of-stake. Recently Ethereum became one of these cryptocurrencies who switched to a different mechanism, allowing not only for better operability within the Ethereum Network, but also for better scalability, since a faster network could always support larger bases of operation without issues.
With cryptocurrency rising on the preface of technology, I think it's high time that we start creating projects that not only takes into account the future of the project itself, but more importantly the world it is being built upon.
It is also not unbeknownst to us that cryptocurrency gets flak on how it pollutes our environment. Most environmentalists note of the cryptocurrency industry's operations that as of now is still largely dependent on non-renewable resources as "environmentally-detrimental". So the solution of some cryptocurrency projects in the market is to switch to a different consensus mechanism, from the usual proof-of-work that is not only time-consuming, but is also detrimental to the environment in a sense that the longer a transaction takes to process, the more energy it requires to operate, to the new and improved proof-of-stake. Recently Ethereum became one of these cryptocurrencies who switched to a different mechanism, allowing not only for better operability within the Ethereum Network, but also for better scalability, since a faster network could always support larger bases of operation without issues.
With cryptocurrency rising on the preface of technology, I think it's high time that we start creating projects that not only takes into account the future of the project itself, but more importantly the world it is being built upon.
At the root of the problem lies the idea that we already have payment networks like Visa, Banking or even Paypal that exist just via simple databases with an API on top of those for secure communication. For cryptocurrency to be able to truly say it is better than these existing networks, it needs to be able to calculate both at the same speed and also with the same level of energy usage as these existing platforms. It is a difficult challenge set down and it might be able to carry a tiny excess since it is decentralized in nature, but essentially it is still quite far away from being able to call itself as energy efficient as existing networks - so it will continue to get flak on this front for a while to come.
