Can Blockchain Solve Its Scalability Problem?



Can blockchain solve its scalability problem? Foreseeable transaction loads threaten to overwhelm the processing capacity of blockchains. This video discusses what’s driving transaction loads, estimates potential loads, and discusses proposed solutions to enable greater blockchain scalability. The video discusses scalability approaches by Bitcoin, Hyperledger, Ethereum, Ripple, and R3.

Also, the video features a cameo appearance by our cat Star!

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farshidcryptocurrency

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35 Comments

  • what if we work on increasing the communication throughput of nodes and make storage devices more economical.
    I mean solving the problem from a hardware perspective is this a stupid idea please reply.

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  • Great video, you did a very rational and deep analisis, explain with ease and seem to know and have though of everything you say. Thanks a lot Bernard

  • Good videos Bernard. Would like to see more content!

  • Well Digibyte can handle those transactions, it is fully decenteralized and open just like bitcoin but way better.

  • Check out Achain. They say they figured out scaling with there forking theory. Tell me what you think

  • I wish you knew about Digibyte then all these question would have been solved.

  • I'm responsible for an LOB app where I work, and our relatively basic little app does thousands of transactions a second, and our DB is about 2 TB. I've never understood how in the world all financial transactions on earth could be residing in 'distributed ledgers' that are all kept in sync. It simply doesn't make any logical sense from anyone who understands scalability issues. I remain super-skeptical on the 'distributed ledger' portion of blockchain.

  • Could you please explain, how blockchain pruning impacts on scalability?

  • Would you say that blockchain is a bad technology? I have a hard time seeing it working. Also, I don't see the business models working for decentralized businesses. Will there ever be a time where people go back to paying for services in the future (paid wiki access) and if these business go public and require constant growth are the owners of these business going to hike up the cost of subscriptions/transactions to please the investors? Maybe they will go back to selling data and then we have all the bad parts of modern day internet and all the bad parts of blockchain. Access to those who can pay, personal data sale running wild, garbage technology that is neither efficient or fast and on top of that a public ledger which to my knowledge could be reversed engineered if you have enough personal data from a user. Meaning google, facebook, amazon and any world power can see what each user is doing and what their sentiment is towards whatever idea.

  • And so will the cryptocurrencies fall.

  • feline at 15:25

  • Great analysis adding some objectivity and caveats to the overall hyped-up topic

  • Hi Bernard, great video. I've subscribed. I was wondering if you have any updated thoughts half a year later. Any new scaling initiatives or developments that have caught your attention?

  • Hashgraph has received quite a bit of publicity since you made this video so I would be interested to hear your opinions on that.

  • What about Ripple? No blockchain — no scalability limitations!

  • Thanks for great video. Bernard, do you think that only by increasing block size blockchain could achieve Visa's throughput?

  • In other words, Gen 1/ Gen 2 blockchain is woefully inadequate at scale. Gen 3 is the way to go looking forward – see Cardano, IOTA and EOS

  • as of now the solution is simple to the block chain size. Per transaction, update the blockchain(ledger) that each node has or basically a central ledger/node that keeps the block chain up to date. Problem with decentralization(and always has been) IS IT'S EXTREMELY INEFFICIENT.

  • Bernard, what do you think about block size increase? Some people believe that increasing the block size as means of scaling may reduce decentralization of the network, for example if a blockchain currency like Bitcoin or Bcash does become mainstream and gets adopted more and more, the amount of nodes that can verify the ledger will decrease because the storage capacity and internet connection speed required will increase dramatically.

  • Thank you so much for this video!!!

  • I like the cat. 😸

  • lightning network will make things MUCH quicker on the Bitcoin blockchain

  • Bitcoins destiny will mainly be as a store of value. Internet Gold.

  • Have you considered The Tangle network? Its off the blockchain and solves all of these issues. And its quantum computer proof.

  • Great breakdown. At a base level it makes all the issues/drawbacks vs benefits/potentials much more clearly defined, using this thought process. 👌 Keep it up, sharing knowledge is critical, so its people like yourself that are important to helping enable a move towards better financial options for everyone!! Thankyou!!

  • great video! should be seen by much more people

  • Thanx, these are reasonable things, many people forget about them.

  • As I watch, I see that it continues to be a phenomenal video! Great work, and great person you are too nice to your cat despite the distraction 🙂 Just a minor correction on 16:52 you mention SegWit which enables Lightning Network which can do a lot more than twice more, but to your point earlier in the video, it'll be off-chain, so back to square one 🙂

  • Fantastic Video, thank you! In fact, around June 16, and still all the way through until August 1st 2017 The cost per transaction is a lot more than the fees you stated. The cost must include the miners rewards that burns energy as much as the country of Cyprus for Ethereum and more than Iceland for Bitcoin. Those miners, are not some altruistic folks doing work for fun. The net/net cost per transaction can be calculated by adding to the explicit fees, the implicit added reward every block divided by the amount of transactions. So you get the net/net cost to humanity in the range $12 to $18 per transaction. Sure folks can hide the cost while currency is appreciating, but $4B estimated cost per year will not hide for long.

  • Great video!

  • Excellent analysis. Great video. I'd love to hear your thoughts on the first applications of blockchain technology. What are the low hanging fruit?

  • Thank you!

  • Thanks for sharing your knowledge!

  • Nice video! Keep it up!

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