This article is reproduced and translated from Hackeroon
It turns out that scalability is the biggest obstacle to the adoption of blockchain technology in the mainstream world today. While Bitcoin is impeccable in terms of security and decentralization, it falls short when it comes to scalability (measured in TPS, or transactions per second) – on par with Visa’s1700 TPSIn contrast, Bitcoin can only achieve4 TPS。
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asDeloitteAs noted in a report from the 2019 Blockchain Network, “How to solve the slow transaction speed of the blockchain is a major concern for enterprises, which rely heavily on the high performance of traditional transaction processing systems.”
In 2017, the blockchain showed the world its unlimited potential in the future, but soon after, it warned us of our lack of technology. Limitations of Ethereum's PoW (Proof of Work) Consensus Algorithm, December 2017Cryptokitty eventis an immediate wake-up call. To make matters worse,FCoinThe problems with listing in 2018 once again questioned the robustness of Ethereum’s performance.
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Ethereum 2.0 – the long-awaited savior
Although Bitcoin is the pioneer of blockchain technology, Ethereum enjoys the mostdecentralized supercomputerreputation. DApp developers around the world regularly deploy new applications on Ethereum.
Ethereum promotesDeFiThe development of the field of (decentralized finance) in which blockchains, digital assets, and smart contracts are used to provide monetary services instead of traditional financial instruments.
breakthroughbreakthrough$1 billion mark!
Needless to say, the entire cryptocurrency community has been carefully following updates from the Ethereum development team on their next big move, ChristenedEth 2.0, the upgrade promises higher transaction throughput and a new security model, as well as a shift to a PoS (Proof of Stake) consensus mechanism.
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Sharding in the blockchain
FragmentationFragmentation, which is a popular technique used in centralized databases to slice the entire data into smaller shards.
In a blockchain network, sharding is used to divide transactions into shards and distribute them throughout the network, so each network node does not have to download and save the entire blockchain state. By operating in parallel, sharding enables higher transaction processing speeds.
andZilliqa、Cardano，HarmonyandElrondOther projects, such as , have been working to integrate sharding into blockchain technology.
July 2020July 2020。
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Other Blockchain Scalability Solutions
state channelstate channelidea. A state channel is a two-way communication channel between network participants, enabling them to conduct transactions outside of the blockchain and then broadcast the final state of the transaction onto the chain.
lightning networklightning networkandRaidenandCeler networkIt is some projects that are deeply cultivated in this field.
DAG(Directed Acyclic Graph) is another concept popular among blockchain developers looking for scalability solutions. In a DAG, each transaction is linked to multiple transactions.
Compared with the traditional blockchain, there are no transaction blocks in the DAG network. Individual transactions are mutually verified.
andIota、NanoandCOTIimage description
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recent development
Last month (February 2020),HarmonyLaunched its mainnet and announced the transition from ERC-20 (Ethereum) and BEP-2 (Binance Chain) tokens to mainnet ONE (Harmony) tokenstoken exchange。
FirstFirstThe project that makes PoS sharded blockchains a reality.
Harmony has 8 second block fixity for 4 active shards per blockchain explorer.
This development is important for other PoS projects such as Eth 2.0 and Cardano that are also looking to implement sharding. Long before harmony, PoS consensus and sharding were considered pureOn paper。
Harmony’s achievement not only showed that the idea could be put into practice, but also paved the way for Ethereum to implement sharding and PoS-enabled blockchains, convincing blockchain enthusiasts that Eth 2.0 may soon be a reality.
The Lightning Network, the ultra-fast payments layer on top of the bitcoin blockchain that allows users to send and receive BTC quickly and cheaply, has also made significant progress over the past few months.
The second-tier expansion project reached its peak in the fourth quarter of 201910,000 nodes. Last December (2019), their development team announced that it will soon be possible to send large Bitcoin payments using the network.
The success of the Lightning Network is expected to drastically reduce Bitcoin’s confirmation time, making it easier for merchants to accept as a payment method.
In terms of DAG, COTI has launched the token issuance protocol MultiDAG and integrated it into its mainnet node.
MultiDAG is the first DAG-based protocol that allows token issuance on top of a DAG-based infrastructure.
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glorious future
Since 2017, we have been thinking about leveraging faster blockchain transactions to lead to greater adoption and more real-world use cases. DeFi has grown into a large sector in the blockchain space.
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supply chainandlogistics industryIt is also expected to benefit greatly from the advancement of blockchain technology.identity managementIt is another area where the blockchain can gradually flex its muscles.
A more scalable solution should facilitate the further application of blockchain in our day-to-day production. Needless to say, this is just a part of all possible applications of blockchain technology.
And with the continuous advancement of scaling solutions, let us be more confident that the blockchain will eventually change the world!
