Column – When it comes to the application of the blockchain, there are a number of things that can act as a barrier. Thus, the scalability of the technology is a challenge. Why is this so important, and how to fix this problem?
Andy Bryant, the company’s Chief Operating Officer, with bitFlyer to Europe, which indicates in the column below have the vision to see the Lightning Network of the bitcoin as a is a step in the right direction if at all possible.
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Bitcoin, blockchain, and scalability
In order to explain why the people from the blockchain is inconvenient, it is in the blockchain trilemma is essential: the interplay between safety and security, decentralisation, and performance.
As soon as there are two of these three elements, priority is given to them at the expense of the third element.
Open the blockchains such as Bitcoin and Ethereum are designed with a focus on decentralization and security. One of the challenges is the low number of transactions per second that bitcoin is on an average of seven items per second is set.
That’s when mastercard and Visa as methods of payment. On the market there are blockchains, such as Keys, that is, higher speeds are achieved, but that in a decentralised power.
Lightning Network, as a bar tab
Due to the decentralized model, it is a real challenge for bitcoin is to upgrade to a new schaalbaarheidsoplossingen. The following terms are important:
a very strong consensus among the participants as to generate a
disagreement as to the cause, which is to be a division lead, also known as a ‘fork’ as they are called, with a new blockchain as a result. There are two blockchains, one with the enhanced features and the other without.
I think that the real salvation is going to come up with the so-called ‘second-layer’ and / or ‘off-chain solutions. A second layer on top of the basal layer of the protocol, the speed of transactions is to be sent.
This leads to less network congestion at the base.
It’s basically like a bar tab, and you can have a series of ongoing transactions, collect and take effect as if the account has been closed, and all at the same time, it is dealt with (such as Lightning Network for Bitcoin, and a Plasma for Ethereum).
Since the introduction of the Lightning network of the Bitcoin has been rapidly growing. The secondary network is close to 2 billion dollars ‘ worth of open invoices’.
The “On-chain” transactions,
Some might argue that the delay in completion of bitcoin transactions is that the benefits of the blockchain as a “real-time” accurate general ledger, either.
I do believe, however, that, as a bartender, not necessarily by the individual drink, wants to pay solutions, such as the Lightning Network, the popularity will continue to grow due to their huge schaalbaarheidsvoordelen, and ease of use.
In the end, the bitcoin blockchain is the backbone and the “on-chain” transactions are only required for key transactions. In the secondary, and possibly tertiary layer, it is to be there for the day to day payments are made in bitcoin, and satoshi (sats).
Assume that the scalability is not an issue anymore, it is blockchaintechnologie has become commonplace in day to day life?
Yes, these public networks are at the greatest long-term betaalverwerkers of this world to overtake, use, and reputation. What is only required is the volume.
More outreach is needed from the blockchain
And, in order to increase the sales volume to create the aaibaarheid of the blockchain is needed.
Thus, there is a resistance by the existing businesses and industries in order to gedisrupt-to-be. We are also seeing the wrong frames are created, and restlessness, with new laws and regulations.
In short, there is still a long way to go in terms of education and knowledge. Also, the viral effect is that which we have seen with the Internet and social media are not yet complete.
However, if you’re a 25-year look back, would we have the same thing have been said for the mass adoption of the internet.
And with every technological progress, people look mostly to the past few years and extrapolating them to a similar scenario in the years to come.
Instead of linear thinking, however, we have the exponential growth to understand it. It’s only a matter of time before the first steps in the direction of the mainstream, and I think that this year will be just like that once, a tipping point might be.
You can also read – bitFlyer add five altcoins to the European cryptobeurs
bitFlyer is a bitcoin and blockchainbedrijf located in Japan. The European office is operating from germany, and manages an exchange platform for European traders, bitcoin buy and sell. Andy Bryant, the company’s Chief Operating Officer and co-head, with bitFlyer Europe.
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