Blockchains Bottleneck: Decentralized Scalings Race To Infinity
Blockchain technology holds immense promise, revolutionizing industries from finance to supply chain management. However, one critical hurdle stands in the way of its widespread adoption: scalability. The ability to handle a large volume of transactions quickly and efficiently is crucial for blockchain to compete with traditional systems like Visa or Mastercard. This blog post delves into the complex world of blockchain scaling, exploring different approaches, their benefits, and the challenges they present.
Understanding the Blockchain Scaling Problem
Transaction Throughput and Network Congestion
At its core, the blockchain scaling problem revolves around the limited transaction throughput of many existing blockchain networks. Bitcoin, for instance, can only process around 7 transactions ...