Topic: why scalability is so important for blockchian? (Read 405 times)
Yes it is. It is as important as what futuristic amphibious aircrafts (air, land and sea aircrafts) are to the military and possibly commercial/private pilot. Scalability is to make a Blockchain work on any platform while still maintaining it's decentralization.
Scalability refers to the ability of blockchain to provide a rich experience for independent users and an increasing number of users over time. Therefore, regardless of any time or another challenge, Blockchain still has to provide those experiences to gain mass market acceptance. That's why it's most important problem for a blockchain.
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Scalability represents the capability and compatibility of the dApp, which will be residing in that blockchchain.
If the platform is not compatible to our software, why should we chose that platform?
I think, while checking the criteria to build any dApp on any particular blockchchain, scalability is the first factor to be considered. Next we can think about transparency and security.
If the platform is not compatible to our software, why should we chose that platform?
I think, while checking the criteria to build any dApp on any particular blockchchain, scalability is the first factor to be considered. Next we can think about transparency and security.
It's an obvious fact that cryptocurrency and blockchain awareness has been on the increase lately, several people are joining the industry daily and need to access the same platform used by others, scalability is important to give them the access they need without overloading the structures in place.
scalability on its own is not important at all otherwise a lot of altcoins would have been worth $1 million per coin already!
what matters is scalability alongside decentralization. which happens to be the main reason why those altcoins are failing instead of rising in value.
the importance is that we already have payment systems that can handle thousands of transactions per second. example of which is Visa or Paypal,... but we only have one decentralized solution and it remains that way by having certain limitations because it is a sacrifice. you can't gain decentralization and not give up something else.
You make a good statement. Both scalability and decentralization play a vital role in crypto project success but the decentralization or scalability was not the one reason why altcoin didn't worth $1 million per coin or surpass bitcoin market price because the surge in price and the survive level of a coin in the crypto market are measure by the trust/support the community has in a certain project.what matters is scalability alongside decentralization. which happens to be the main reason why those altcoins are failing instead of rising in value.
the importance is that we already have payment systems that can handle thousands of transactions per second. example of which is Visa or Paypal,... but we only have one decentralized solution and it remains that way by having certain limitations because it is a sacrifice. you can't gain decentralization and not give up something else.
The reason why most altcoin failed is because they are highly manipulated so investors invest most in safe coins and we can glare see that in bitcoin, ETH etc despite all the FUDs the coins still come out strong.
As more people start to incorporate cryptocurrency in their daily lives the more people will be utilizing the network at one time. Imagine how heavy of weight that is on the blockchains to verify the transactions. If the blockchain isnn't ready to take on the amount of work then it will slow down the entire network aka the scalability isn't there yet
I think Scalability is a very important feature of a blockchain because it affects the network speed of the transactions carried out on the blockchain. Blockchain like bitcoin and ethereum are not that scalable as they only process 5 and 15 transactions per second respectively.
hey guys, why do you think scalability is so important for blockchian?
Because scalability affects network speed. The greater the scalability, the more transactions per unit time a network can transmit. That is why many people and investors pay attention to this blockchain indicator before investing.
scalability on its own is not important at all otherwise a lot of altcoins would have been worth $1 million per coin already!
what matters is scalability alongside decentralization. which happens to be the main reason why those altcoins are failing instead of rising in value.
the importance is that we already have payment systems that can handle thousands of transactions per second. example of which is Visa or Paypal,... but we only have one decentralized solution and it remains that way by having certain limitations because it is a sacrifice. you can't gain decentralization and not give up something else.
what matters is scalability alongside decentralization. which happens to be the main reason why those altcoins are failing instead of rising in value.
the importance is that we already have payment systems that can handle thousands of transactions per second. example of which is Visa or Paypal,... but we only have one decentralized solution and it remains that way by having certain limitations because it is a sacrifice. you can't gain decentralization and not give up something else.
Totally agreed! Many crypto projects are compromising the decentralization aspect to follow the scalability hype but those shouldn't be called blockchains at all... Decentralization is the most important characteristic of a blockchain but, on the other hand, scalability is essential for blockchains to achieve mass adoption.
æternity, for instance, succeeds in remaining decentralized while achieving comparably good scalability thanks to the Bitcoin-NG consensus mechanism. Additionally, like many others, we've come to the conclusion that some operations don't need to be executed on-chain. æternity's off-chain solution - the first-ever protocol-integrated state channels - offer the same level of security and privacy as on the chain, plus the possibility to transact with practically no limits or fees.
Best,
The AE Team
hey guys, why do you think scalability is so important for blockchian?
Speed and accuracy is one of the core concepts of technology. Blockchain technology is very important to the financial sector and as such have millions of people willing to learn and transact on it daily, this influx calls for optimum speed to reduce operational drudgery and thus that's the need for high blockchain scalability.
Sometimes when the network get overcrowded and to avoid slow transaction and high fee, scalability is highly needed. This is very essential on blockchain platforms with smart contracts, such as ethereum. Most importantly, ethereum needs to be upgraded and be made scalable.
Yes but there are a lot of options to consider if you need scalability – state channels, plasma, zk-snarks…
Because every blockchain network should be able to operate even with huge amount of users. And I am not seeing this case, because major networks as ETH, BTC, LTC, BCH are sometimes overwhelmed because of the huge amount of users.
Yeah, I've got your point - we saw what happened with cryptokitties.
scalability on its own is not important at all otherwise a lot of altcoins would have been worth $1 million per coin already!
what matters is scalability alongside decentralization. which happens to be the main reason why those altcoins are failing instead of rising in value.
the importance is that we already have payment systems that can handle thousands of transactions per second. example of which is Visa or Paypal,... but we only have one decentralized solution and it remains that way by having certain limitations because it is a sacrifice. you can't gain decentralization and not give up something else.
what matters is scalability alongside decentralization. which happens to be the main reason why those altcoins are failing instead of rising in value.
the importance is that we already have payment systems that can handle thousands of transactions per second. example of which is Visa or Paypal,... but we only have one decentralized solution and it remains that way by having certain limitations because it is a sacrifice. you can't gain decentralization and not give up something else.
Sometimes when the network get overcrowded and to avoid slow transaction and high fee, scalability is highly needed. This is very essential on blockchain platforms with smart contracts, such as ethereum. Most importantly, ethereum needs to be upgraded and be made scalable.
Becasue adoption requires scalability. If a blockchain never becomes fairly scalable, we will never see the adoption. Without doing so, it is impossible to achieve the original goal of Bitcoin and decentralization. We want a transparent, borderless currency without any centralized power. That's why it's important.
One of the reasons why some mainstream businesses are yet to adopt blockchain technology is due to scalability drawbacks. Imagine having a network clog when the business expands, it will for sure lead to negative feedback from clients. Prominent blockchain architectures like EOS have promised to curb this, but sincerely there is more work to be done. Hence it's obvious that scalability is extremely important for blockchain.
Remember crypto kitties on the eth. Eth blockchain almost stopped because of the small app. That is why scalability is very important especially for the blockchains with smart contracts.
Funny thing is that ETH was clogged because of such a useless application. When will we see something really substantial clogging the network? I think scalability, for now, is more than enough. We need to focus on real implementation maybe, rather than scalability that no one needs for now.
Because if you would like to make it adopted for everyday use, you need high TPS (transaction per second rate).
You will not use something that is so slow, right?
You will not use something that is so slow, right?
Why scalability is very important, let me paste this picture to you, do you expect a chair that supports a toddler to support a grown man. If a blockchain projects solve the scalability issue more apps would move to the chain and we are going to have a world adoption and also a cheaper transaction
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